EBK PRINCIPLES OF MARKETING
17th Edition
ISBN: 9780134461427
Author: Armstrong
Publisher: YUZU
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Question
Chapter 5, Problem 5.1DQ
Summary Introduction
To discuss: Consumer market and the four sets of factor which influences the
Expert Solution
Explanation of Solution
Consumer market is the place where households and individuals will purchase the services or goods for the purpose of personal consumption.
The four factors factor which influences the behavior of consumers are as follows:
- Cultural factors which includes culture, social class and subculture,
- Social factors which includes groups, family, status, roles and social networks.
- Personal factors which includes life-cycle stage, age, occupation, lifestyle, economic situation, self-concept and personality.
- Psychological factors which includes perception, motivation, beliefs, attitudes and learning.
Summary Introduction
To discuss: The factor which influences Person X to decide on choosing the school and plans for Saturday night.
Expert Solution
Explanation of Solution
The characteristics influenced the choice of Person X while choosing the school is social factors because most probably the choice of school is decided by the parents and family members. So, social factors are the groups, family, social network, status and roles.
The characteristics influenced the choice of Person X while deciding the plans for Saturday night is personal factor because personal factors involves life cycle stage, economic situation, self-concept, occupation, and age.
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Crest is the item I choose. Instead of trying to maximize profits initially with a high price, as would be done with a "market skimming" strategy, Crest primarily uses a market penetration pricing strategy for its toothpaste products. This means that they set a relatively low price to quickly gain a significant market share and attract a large customer base. Since Crest toothpaste is positioned as a dependable, well-known brand with a solid reputation for cavity prevention, supported by in-depth research and the American Dental Association's (ADA) seal of approval, its pricing typically reflects its perceived value. For many users, the toothpaste's perceived quality and effectiveness make the price point justifiable. A more aggressive price-competitive strategy could potentially capture more market share by attracting price-conscious buyers, but it might also impact brand perception if not carefully managed alongside quality messaging. Crest toothpaste's lower…
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