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