marketing msu moore exam 2

5 steps of buyer decision process

Need recognition Information search Alternative evaluation Purchase decision Postpurchase behavior

list the psychological factors

Perception Motivation Learning Beliefs Attitudes

influencer marketing

Targeting individuals known to influence others so they will use their influence in the marketer's favor.

need recognition

The first stage of the buyer decision process, in which the consumer recognizes a problem or need

postpurchase behavior

The stage of the buyer decision process in which consumers take further action after purchase, based on their satisfaction or dissatisfaction

cognitive dissonance

a buyer's doubts shortly after a purchase about whether the decision was the right one

subculture

a group of people with shared value systems based on common life experiences and situations

reference group

a social group that serves as a point of reference in making evaluations and decisions

Evaluation of Alternatives

analyze product attributes, use cutoff criteria, rank attributes by importance

What are the key differences between the consumer market and the business market

business market Differ from consumer markets in terms 3 key things:-Market structure and demand-Nature of the buying unit-Types of decisions and the decision process

perceptual map

created by questioning a sample of consumers about their perception of products, brands, and organizations with respect to two or more dimensions

product position

defined by consumers on important attributes—the place the product occupies in consumers' minds relative to competing products

Market Segmentation

dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes

Key social factors

groups word-of-mouth influence opinion leader online social networks family roles and status

business market

individuals or groups that purchase a specific kind of product for resale, direct use in producing other products, or use in general daily operations

opinion leaders

individuals who exert direct or indirect social influence over others

social class

relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors

What are the 4 major types of buying situations?

straight rebuy modified rebuy new task system selling

Information Search

the 2nd stage of the buyer decision process in which the consumer is motivated to search for more information

purchase decision

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

Value proposition

the full mix of benefits on which a brand is positioned

Perception

the process by which people select, organize, and interpret information to form a meaningful picture of the world

Culture

the set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions

What is the just noticeable difference?

the smallest detectable difference between two stimuli or the minimum change in a stimulus that can be correctly judged as difference from a referece stimulus. It is also known as the difference threshold. it is a key tool for investigating psychophysiological phenomena.

Who participates in the business buying process

users, influencers, buyers, deciders, and gatekeepers

System selling (or solutions selling)

•Buying a packaged solution to a problem from a single seller •Avoids the separate decisions involved in a complex buying situation

What are the requirements for effective segmentation?

1) measurable- size, purchasing power 2) accessible- reached and served 3) substantial- profitable enough 4) differentiable- distinguishable 5) actionable- effective programs designed to attract

what is the Buyer's Black Box?

1)Buyer's characteristics 2)Buyer's decision process

List and define the segmentation variables

1)Geographic: Nations, regions, states, counties, cities, neighborhoods, population density (urban, suburban, rural), climate 2)Demographic: Age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, generation 3)Psychographic: Social class, lifestyle, personality 4)Behavioral: Occasions, benefits, user status, usage rate, loyalty status

stages in the adoption process

1. awareness 2. interest 3. evaluation 4. trial 5. adoption

steps in the business buying process

1. recognize the problem 2. search for information 3. evaluate the alternatives 4. select the product and supplier 5. evaluate postpurchase

consumer market

All the individuals and households that buy or acquire goods and services for personal consumption

derived demand

Business demand that comes from the demand for consumer goods

new task

Buyer purchases a product or service for the first time

Straight rebuy

Buyer routinely reorders something without any modifications

modified rebuy

Buyer wants to modify product specifications, prices, terms, or suppliers

motive

Cause for action