Marketing Chapter 5

Straight rebuy

A business buying situation in which the buyer routinely reorders something without any modifications.

Modified rebuy

A business buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers.

Which type of business buying situation offers marketers the greatest opportunity but also the greatest​ challenge?

A new task situation: This situation is the​ marketer's greatest opportunity and challenge because the greater the cost or​ risk, the larger the number of decision participants and the greater the​ company's efforts to collect information.

Buying center

All the individuals and units that play a role in the purchase decision-making process.

What are the five stages of the consumer adoption process in the correct​ sequence?

Awareness. The consumer becomes aware of the new product but lacks information about it. Interest. The consumer seeks information about the new product. Evaluation. The consumer considers whether trying the new product makes sense. Trial. The consumer tries the new product on a small scale to improve his or her estimate of its value. Adoption. The consumer decides to make full and regular use of the new product.

Systems selling (or "solutions selling")

Buying a complete solution to a problem from a single seller, thus avoiding all the separate decisions involved in a complex buying situation.

What are the four general characteristics that influence consumer​ purchases?

Cultural​, social​, personal​, and psychological characteristics

Which of the following correctly defines the consumer​ market?

Individuals and households that buy goods and services for personal consumption

Which of the following statements regarding the business market is​ correct?

Many sets of business purchases are made for one set of consumer purchases

In which step of the buying decision process is the final order with the chosen supplier​ developed?

Order Routine Specification

What are the eight steps in the business buying decision process in the correct​ sequence?

Problem​ recognition general need​ description product​ specification supplier​ search proposal​ solicitation supplier​ selection order-routine​ specification Performance review

What are the five characteristics that are especially important in influencing an​ innovation's rate of​ adoption?

Relative advantage. The degree to which the innovation appears superior to existing products. Compatibility. The degree to which the innovation fits the values and experiences of potential consumers. Electric cars are driven the same way as gas-powered cars. Complexity. The degree to which the innovation is difficult to understand or use. Divisibility. The degree to which the innovation may be tried on a limited basis. Consumers can test-drive electric cars, a positive for the adoption rate. Communicability. The degree to which the results of using the innovation can be observed or described to others.

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.

Business buying process

The 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.

What determines whether the buyer is satisfied or dissatisfied with a​ purchase?

The relationship between the​ consumer's expectations and the​ product's perceived performance

Stages of Business Buying

Trigger -> Know -> Feel -> Do

Adoption

is the decision by an individual to become a regular user of the product. This decision typically follows a​ five-stage sequence:​ awareness, interest,​ desire, trial, and adoption.

According to the​ video, some individuals living in trendy neighborhoods choose to shop at Goodwill boutiques in order to find fashionable clothing and​ "shabby chic" furniture. According to​ Maslow's theory of​ __________, such shoppers are likely seeking to satisfy social or esteem needs.

motivation

The buyer decision process starts with​

recognizing a need

Perception is the process by which people

select, organize, and interpret information to form a meaningful picture of the world.

Rate of adoption references

the speed by which an individual​ consumer, or a group of​ consumers, reaches the adoption stage.

Business Markets

• Huge (larger than consumer market) • Also different vs. consumer markets in terms of: • Market Structure • Buying Unit • Decision Process