Marketing 220 Chapter 5
derived demand
Business demand that ultimately comes from (derives from) the demand for consumer goods.
Consumer Market
all the individuals and households that buy or acquire goods and services for personal consumption
New Product Adoption Process
awareness, interest, evaluation, trial, adoption
Consumer buyer behavior
buying behavior of final consumers
Factors Influencing Consumer Behavior
cultural, social, personal, psychological
early mainstream
deliberate, although they rarely are leaders, they adopt new ideas before the average person
early adopters
guided by respect, they are opinion leaders in their communities and adopt new ideas early but carefully
cross-cultural marketing
including ethnic themes and cross-cultural perspectives within a brand's mainstream marketing, appealing to consumer similarities across subcultures rather than differences
Adoption of innovations
innovators, early adopters, early majority, late majority, lagging adopters
Buyer Decision Process
need recognition, information search, evaluation of alternatives, purchase decision, post purchase behavior
late mainstream
skeptical, they adopt an innovation only after a majority of people have tried it
supplier development
systematic development of networks of supplier-partners
Culture
the set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions
lagging adopters
tradition bound, they are suspicious of changes and adopt the innovation only when it has become something of a tradition itself
Innovators
venturesome, try new ideas at some risk