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How do needs and wants influence consumer behavior?
Answer:
Answer by Student
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Decision-making:
When consumers recognize their needs, such as hunger or thirst, they are more likely to prioritize purchasing essential items like food and water.
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Emotional appeal:
Wants, like the latest toys or trendy gadgets, can evoke strong emotions or desires in consumers, making them want to buy these products even if they are not necessary.
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Budgeting:
Understanding the difference between needs and wants helps consumers create budgets. They can allocate money for needs first and then consider spending on wants with any remaining funds.
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Impulse buying
: Wants can lead to impulse buying, where consumers purchase items on a whim without much thought. Advertisements often play a role in triggering these impulsive purchases.
- Peer influence : Both needs and wants can be influenced by friends and peers. If others have a certain product or want something, it can impact a consumer's behavior and
