Chapter 5
What are psychological factors?
-motivation, -perception, -learning, -beliefs and attitudes
Companies can do e-procurement in several ways, including _______, ________, ________, and __________. A. reverse auctions, trading exchanges, company buying sites, and free 800 support lines B. personal sales calls, paper-based transactions, telephone cold calls, and trade shows C. reverse auctions, brick-and-mortar stores, company buying sites, and extranet links D. reverse auctions, trading exchanges, company buying sites, and extranet links E. personal sales calls, trading exchanges, company buying sites, and extranet links
D
Subculture
group of people with shared value systems based on common life experiences and situations
problem recognition
The first stage of the business buying process in which someone in the company recognizes a problem or need that can be met by acquiring a good or a service.
Need recognition (BDP - 1)
The first stage of the buyer decision process, in which the consumer recognizes a problem or need
Order-routine specification
The stage of the business buying process in which the buyer writes the final order with the chosen supplier(s), listing the technical specifications, quantity needed, expected time of delivery, return policies, and warranties.
Post-purchase behavior (BDP - 5)
The stage of the buyer decision process in which consumers take further action after purchase, based on their satisfaction or dissatisfaction
What are the 4 buyers characteristics?
cultural, social, personal, psychological
E-procurement
purchasing through electronic connections between buyers and sellers - usually online
Alternatives Evaluation (BDP - 3)
stage of the buyer decision process in which the consumer uses information to evaluate alternative brands in the choice set
supplier development
systematic development of networks of supplier-partners to ensure an appropriate and dependable supply of products and materials for use in making products or reselling them to others
Awareness (adoption process)
the buyer becomes aware of the product
Purchase decision (BDP - 4)
the buyer's decision about which brand to purchase
Consumer buyer behavior
the buying behavior of final consumers - individuals and households that buy goods and services for personal consumption
adoption process
the mental process through which an individual passes from first hearing about an innovation to final adoption
Business buying process
the decision process by which business buyers determine which products and services their organizations need to purchase and then find, evaluate, and choose among alternative suppliers and brands
Proposal solicitation
the stage of the business buying process in which the buyer invites qualified suppliers to submit proposals
Supplier Selection
the stage of the business buying process in which the buyer reviews proposals and selects a supplier or suppliers
supplier search
the stage of the business buying process in which the buyer tries to find the best vendors
product specification
the stage of the business buying process in which the buying organization decides on and specifies the best technical product characteristics for a needed item
Marketing stimuli
things as product, price, place, and promotion and are considered part of the environment that influences the buyer's black box
What are social factors?
•Groups & Social Networks •Word-of-mouth influence •Influencer Marketing •Online social networks •Family •Roles and status
What are personal factors?
•Occupation •Age and family life-cycle •Economic situation •Lifestyle -> AIO •Personality and self-concept
What are the 5 stages in the adoption process?
1. Awareness 2. Interest 3. Evaluation 4. Trial 5. Adoption
What are the general 5 steps in buyer decision process?
1. Need recognition 2. Information search 3. Evaluation of alternatives 4. Purchase decision 5. Post-purchase behavior
What are the (detailed) 8 steps in buyer decision process?
1. Problem recognition 2. general need description 3. product specification 4. supplier search 5. proposal solicitation 6. supplier selection 7. order-routine specification 8. performance review
_______ determines whether the buyer is satisfied or dissatisfied with a purchase. A. The relationship between the consumer's expectations and the product's perceived performance B. The relationship between the price of the product and the level of customer service provided C. The relationship between the consumer's expectations and where the product was purchased D. The relationship between the consumer's expectations and how others evaluate the product E. The relationship between the price of the product and the product's perceived performance
A
Social class
relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors
business buyer behavior
the buying behavior of organizations that buy goods and services for use in the production of other products and services that are sold, rented, or supplied to others
Culture
the set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions
general need description
the stage in the business buying process in which a buyer describes the general characteristics and quantity of a needed item
performance review
the stage of the business buying process in which the buyer assesses the performance of the supplier and decides to continue, modify, or drop the arrangement
Information Search (BDP - 2)
the stage of the buyer decision process in which the consumer is motivated to search for more information
Trial (adoption process)
the consumer tries the new product on a small scale to improve his or her estimate of its value
Evaluation (adoption process)
the consumer considers whether trying the new product makes sense
Which of the following is NOT among the major factors influencing consumer buying behavior? A. Commercial B. Personal C. Psychological D. Cultural E. Social
A
In the broadest sense, a new product marketer must research _____________________ when developing a new product and a marketing program. A. characteristics influencing the rate of adoption B. characteristics related to pricing acceptability C. characteristics of international markets D. attitudes of consumers toward packaging E. various domestic promotional challenges
A
Technology advances have made B-to-B online purchasing possible. This is called ________. A. e-procurement B. e-shipping options C. web-based submissions of proposals D. automated requests for proposals E. online bidding
A
product value analysis
An approach to cost reduction in which components are studied carefully to determine if they can be redesigned, standardized, or made by less costly methods of production
Consumers go through a distinct process in making a purchase. Of the following, which is the final step in that process? A. Recognizing a need B. Post-purchase behavior C. Gathering information D. Making a purchase E. Evaluation of alternatives
B
Marketers need to understand and know the answers to several key questions when dealing with buying centers. Of the following, which is NOT one of those key questions? A. Who are the major buying center participants? B. Is price a major factor or is the buying center price sensitive? C. What evaluation criteria does each decision participant use? D. What major influences impact the buying center decision? E. In what decisions do they exercise influence and to what degree?
B
What is the mistaken assumption that business-to-business companies often make about digital and social media? A. That digital and social media yield little except for brand awareness B. That digital and social media are useful primarily to consumer products and services companies C. That digital and social media require teams of specialists D. That digital and social media choices are confined to Twitter and Facebook E. That digital and social media are only effective with large expenditures
B
Business markets differ in many ways from consumer markets. The main differences are in ________, __________, and __________. A. market structure and demand, the viability of the buying unit, and the decision process B. market structure, types of decisions, and consumer buying preferences C. market structure and demand, the nature of the buying unit, and the types of decisions and the decision process D. market demand, the nature of the buying unit, and the decision process E. market structure and demand, the nature of the buying unit, and purchasing cycles
C
The buying center and the buying decision process are influenced by ________, __________, and __________ factors, as well as _____________ factors. A. internal organizational, interpersonal, and internal factors, as well as individual factors B. internal organizational, interpersonal, and individual factors, as well as economic environmental factors C. internal organizational, interpersonal, and individual factors, as well as external environmental factors D. internal organizational, internal environmental, and external environmental factors, as well as individual factors E. interpersonal, community, and individual factors, as well as external environmental factors
C
Which of the following statements regarding the business market is correct? A. Demand in the business market is more elastic than demand in the consumer market. B. The business market has more businesses than the consumer market. C. Many sets of business purchases are made for one set of consumer purchases. D. Business buying decisions are less complex than consumer buying decisions. E. The business market is not as large as the consumer market in terms of dollars spent and items purchased.
C
People can be classified into the adopter categories, with each category having different values and rates of adoption. The adopter categories include ________, ________, __________, _________, and __________. A. pioneers, early mainstream adopters, late mainstream adopters, avoiders, and lagging adopters B. innovators, early adopters, mainstream adopters, mid-stage adopters, and lagging adopters C. innovators, pioneers, early mainstream adopters, late mainstream adopters, and lagging adopters D. innovators, early adopters, avoiders, mainstream adopters, and late adopters E. innovators, early adopters, early mainstream adopters, late mainstream adopters, and lagging adopters
E
What are the eight steps in the business buying decision process, in the correct sequence? A. General need description, problem recognition, product specification, supplier search, proposal solicitation, supplier selection, order-routine specification, and performance review B. Problem recognition, general need description, product specification, supplier search, supplier selection, proposal solicitation, order-routine specification, and performance review C. Problem recognition, general need description, product specification, supplier selection, supplier search, proposal solicitation, order-routine specification, and performance review D. Performance review, problem recognition, general need description, product specification, supplier search, proposal solicitation, supplier selection, and order-routine specification E. Problem recognition, general need description, product specification, supplier search, proposal solicitation, supplier selection, order-routine specification, and performance review
E
What are the five stages of the consumer adoption process, in the correct sequence? A. Awareness, trial, evaluation, interest, and adoption B. Awareness, trial, interest, evaluation, and adoption C. Awareness, interest, trial, evaluation, and adoption D. Awareness, evaluation, interest, trial, and adoption E. Awareness, interest, evaluation, trial, and adoption
E
Which stage of the business buying decision process involves ranking the importance of reliability, durability, and price? A. supplier search B. supplier selection C. proposal solicitation D. product specification E. general need description
E
Business-to-business (B to B) marketers
must understand business markets and business buyer behavior
Buyer characteristics
part of the buyer's black box and produce certain responses
Group
two or more people who interact to accomplish individual or mutual goals
What are the five characteristics that are especially important in influencing an innovation's rate of adoption? A. Product, price, place, promotion, and packaging B. Product, price, place, promotion, and relative advantage C. Relative advantage, complexity, compatibility, divisibility, and communicability D. Price, features, complexity, relative advantage, and promotion E. Relative advantage, complexity, compatibility, availability, and promotion
C
Which of the following correctly defines the consumer market? A. Any business that sells goods and services to other businesses B. Retailers who sell goods and services to consumers C. Individuals and households that buy goods and services for personal consumption D. Manufacturers, retailers, and consumers E. Individuals who spend more than $1,000 a year on purchases
C
Adoption (adoption process)
the consumer decides to make full and regular use of the new product
Interest (adoption process)
the consumer seeks information about the new product
