The ConsumerThe ConsumerBMI3CBMI3C

Why we buy…Why we buy…• What motivates you to buy consumer

goods and service?• Make a list of the factors that

influence your buying habits

Some Key TermsSome Key Terms• A consumer is a person who USES a

product• A customer is a person who BUYS a

product

GatekeepersGatekeepers• If the consumer is a child, a

parent/guardian, called a gatekeeper, is the person who buys the product for the child

• The challenge for marketers of these products is to appeal to both the gatekeeper and the consumer

• Examples?

Needs and WantsNeeds and Wants• Needs are items that are necessary

for survival• Wants are extras that add pleasure

and comfort to our lives

Changes in Consumer Changes in Consumer DemandDemand

• Marketers must consider and analyze consumer demand

• The value equation is an essential component of the consumer demand

• Consumer demand is constantly changing based on the economic shifts in a country, city, or region, as well as changes in consumer preference (based on trends and fads)

QuestionsQuestions• Select 10 products you have in your

home, and for each, suggest the needs/wants they satisfy

• How are your needs/wants affected depending on where you live in the world?

• What factors affect consumer demand?