Stages in the buying decision process

Question

Question 1. Describe customer perceived value, total customer benefit, and total customer cost. How do the total customer benefit and the total customer cost affect the consumer's perception? Explain.

Question 2. What are some of the ways that a business can attract and retain customers?

Question 3. What are the five stages in the buying decision process? Briefly describe each.

Question 4. What is a niche market? What does an attractive niche market look like?

Question 5. What is a market segment? What are some of the factors that may be used to narrow the market down into segments?

Question 6. How would you describe a brand? What roles do brands play in the market?

Question 7. What is brand equity? Provide an example.

Question 8. When you analyze your competitors, what are the areas of greatest concern? Using the soft drink industry, provide examples of the type of information required.