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Peer Learning Task
Peer Learning Task
Peer Learning Task
The marketing department's primary role is to comprehend and fulfill consumer needs, wants, and
desires, encompassing aspects of purchase, utility, and disposal of products and services.
Failure to grasp consumer behavior can lead to disastrous consequences, as exemplified by Wal-
Mart's struggles in Latin America, where differences in consumer preferences were overlooked.
Cultural, sub-cultural, and social class factors, along with social forces like family, friends, and peer
groups, significantly shape consumer buying behavior. Individual personality traits, influenced by life
cycle, occupation, and income levels, impact consumer choices.
Psychological factors such as motivation, perception, learning, beliefs, and attitudes play a crucial role
in determining overall buying behavior. Theories like Maslow's hierarchy, Herzberg Theory, and
Freud Theory attempt to explain motivational levels in buying decisions.
Learning from experiences and leveraging pre-conceived beliefs are highlighted as influencers of
consumer behavior. Companies are advised to analyze the entire buying process, considering complex
and habitual buying behavior, and understand consumer expectations at each stage.
The need for marketers to initiate purchase needs through effective programs and ensure readily
available information for decision-making is emphasized. Evaluating alternatives based on brand
perception and belief, the influence of others' perceptions on the final purchase decision, and post-
purchase satisfaction are vital considerations for companies.
Consumer markets are shaped by geographical, social, cultural, psychological, personality, reference
groups, and demographic factors, urging companies to formulate strategies considering these diverse
elements in the complex buying cycle.