Question

Buyer Behaviour Research Must Focus on: Demand:

Answer 1

Buyer Behaviour research focused on demand must consider factors such as tastes and preferences, income, prices of related goods, and population size or composition, as these significantly influence consumer purchasing decisions.

Step-by-step explanation:

Buyer Behaviour research that focuses on demand must consider several key factors that influence a consumer's decision to purchase a product or service. Demand is defined as the amount of some product a consumer is willing and able to purchase at each price. One of the chief factors affecting demand is a consumer's tastes and preferences, indicating their willingness to purchase. A person will not buy a product if they neither need nor want it. Moreover, a consumer's ability to purchase is determined by their income, which dictates what they can afford.

Prices of related goods also play a significant role in determining demand. If the price of one good, like a Honda, is high, it may lead to increased demand for another, like a Ford. Lastly, the size or composition of the population greatly affects demand; for instance, a large family will have a higher demand for clothing and possibly car insurance, but a lower demand for baby supplies.

Answer 2

Buyer behavior research focuses on demand, which is influenced by tastes and preferences, income, prices of related goods, and population characteristics. Understanding these factors can help predict how much of a product consumers are willing to purchase at different prices.

Step-by-step explanation:

Buyer behavior research is centered on understanding the factors influencing demand in the marketplace. Demand is defined as the quantity of a product that consumers are willing and able to purchase at different prices. Several key factors influence this demand:

• Tastes and preferences: Consumers' desires are shaped by their individual tastes and preferences. If they do not desire a product, they are unlikely to purchase it.
• Income: A consumer's ability to purchase is largely determined by their income. Higher income typically increases the ability to purchase more or higher quality goods.
• Prices of related goods: The cost of similar or related goods can have a direct impact on a consumer's decision to purchase a product.
• Population characteristics: The size and composition of the population can also drive demand. For example, families with more children will likely have higher demand for clothing and various other goods tailored to youth.