CH 5
What is the decision process for purchasing ?
1. Recognizing a need 2. Evaluating alternatives 3. Gathering information 4. Making a purchase 5. Post-purchase behavior
Marketers need to understand and know the answers to several key questions when dealing with buying centers. What are those questions ?
1. What evaluation criteria does each decision participant use? 2. What major influences impact the buying center decision? 3. In what decisions do they exercise influence and to what degree? 4. Who are the major buying center participants? also need to understand the major environmental, organizational, interpersonal, and individual influences on the buying process.
Which of the following statements regarding the business market is correct?
Many sets of business purchases are made for one set of consumer purchases
What 5 characters influence an innovation's rate of adoption?
Relative advantage, Compatibility, Complexity, Divisibility, Communicability.
What is the mistaken assumption that business-to-business companies often make about digital and social media?
That digital and social media are useful primarily to consumer products and services companies no matter what the industry, digital platforms can be powerful tools for engaging customers and other important publics.
Awareness :
The consumer becomes aware of the new product but lacks information about it.
Evaluation
The consumer considers whether trying the new product makes sense.
Adoption:
The consumer decides to make full and regular use of the new product.
Interest:
The consumer seeks information about the new product.
Trial :
The consumer tries the new product on a small scale to improve his or her estimate of its value.
Buying Center:
The decision-making unit of a buying organization
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.
Complexity :
The degree to which the innovation is difficult to understand or use
culture is ...
The set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions.
Culture is comprised of ....
culture, subculture, and social class.
Technology advances have made B-to-B online purchasing possible. This is called _______
e-procurement
influencer marketing :
enlisting established influencers or creating new influencers to spread the word about a company's brands
Which stage of the business buying decision process involves ranking the importance of reliability, durability, and price?
general need description
opinion leaders :
people within a reference group who, because of special skills, knowledge, personality, or other characteristics, exert social influence on others.
Social Class is ..
society's relatively permanent and ordered divisions whose members share similar values, interests, and behaviors
Straight rebuy :
the buyer reorders something without any modifications.
modified rebuy :
the buyer wants to modify product specifications, prices, terms, or suppliers
Consumer buyer behavior
the buying behavior of final consumers—individuals and households that buy goods and services for personal consumption
Post-purchase behavior, is when ......
the consumer takes action based on satisfaction or dissatisfaction.
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
What are the eight steps in the business buying decision process, in the correct sequence?
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
Divisibility :
The degree to which the innovation may be tried on a limited basis.
Communicability :
The degree to which the results of using the innovation can be observed or described to others.
__________________ determines whether the buyer is satisfied or dissatisfied with a purchase.
The relationship between the consumer's expectations and the product's perceived performance
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
Word-of-mouth influence :
the impact of the personal words and recommendations of trusted friends, associates, and other consumers on buying behavior
Total marketing strategy
the practice of integrating ethnic themes and cross-cultural perspectives within their mainstream marketing.
What are the major factors influencing consumer buying behavior?
buyer's characteristics influence how perceives/ reacts to marketing and other stimuli. characteristics = cultural, social, personal, and psychological factors. Each of these factors provides a different perspective for understanding the workings of the buyer's black box.
new task :
A company buying a product or service for the first time
Subculture is..
A group of people with shared value systems based on common life experiences and situations ex. Hispanic American, African American, Asian American consumers.
Reference group is..
A group that serves as direct or indirect point of comparison or reference in forming a person's attitudes or behavior.
What are the five stages of the consumer adoption process, in the correct sequence?
Awareness, interest, evaluation, trial, adoption
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. Evaluation of alternatives C. Gathering information D. Making a purchase E. Post-purchase behavior
E. Post-purchase behavior
Consumer Market
Individuals and households that buy goods and services for personal consumption
In the broadest sense, a new product marketer must research _____________________ when developing a new product and a marketing program.
characteristics influencing the rate of adoption
