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Types of Buyers and Consumers

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What are the different types of buyers and consumers? How does the type of buyer or consumer impact marketing strategy? As part of your response, consider the characteristics of buyers and the factors that influence their purchasing decision. How can an organization ensure that their market strategy is appropriate for their target market?

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The solution discusses the different types of buyers and consumers and how the type of buyer or consumer impacts marketing strategy. It also explains how an organization can ensure that their market strategy is appropriate to their target market. References included.

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buyers and consumers

What are the different types of buyers and consumers? How does the type of buyer or consumer impact marketing strategy? As part of your response, consider the characteristics of buyers and the factors that influence their purchasing decision. How can an organization ensure that their market strategy is appropriate for their target market?

Types of Buyers:

1. Random buyers are those who see a little difference in quality and are not particularly price sensitive.
2. Brand buyers are low on price sensitivity and perceive a large quality difference between leading manufacturer brands and the store brand. This type of buyer will buy a manufacturer brand.
3. Private label buyers perceive a small quality gap between leading manufacturer brands and the store brand. They are price-sensitive consumers and they will purchase the store brand.
4. Toss-ups are consumers who are high on price sensitivity and perceive large quality differences between leading manufacturer brands and the store brand.

Types of Consumers:
1. Younger consumers give more importance to brand imagery because they have great desire for social acceptability, besides being more image conscious in general.
2. Poorer consumers attach more weight to brand imagery and even if this seems paradoxical since they stand to gain most from purchasing ...

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