Principles of Marketing, 17/e

5 Reviewing and Extending the Concepts

Objectives Review and Key Terms

Objectives Review

The American consumer market consists of more than 323 million people who consume more than $11.8 trillion worth of goods and services each year, making it one of the most attractive consumer markets in the world. Consumers vary greatly in terms of cultural, social, personal, and psychological makeup. Understanding how these differences affect consumer buying behavior is one of the biggest challenges marketers face.

Objective 5-1 Define the consumer market and construct a simple model of consumer buyer behavior. (pp 134–135)

The consumer market consists of all the individuals and households that buy or acquire goods and services for personal consumption. ...