MKT 300, Chapter 5

Steps of the buyer decision process?

1. Need Recognition 2. Information Search 3. Evaluation of Alternatives 4. Purchase decision 5. Post-purchase behavior

In which type of buying situation will a buyer usually go through all the stages of the business buying process?

A new task situation

___ refers to the practice of including ethnic themes and cross-cultural practices within a company's mainstream

A total market strategy

Which of the five characteristics identified in the text has an inverse relationship with an innovation's rate of adoption?

Complexity - As complexity increases, the rate of adoption is slower.

Age, personality, buying style, and job position are ____ factors that can influence the business buying decision process

Individual

Personal Factors that influence a consumer's buying behavior:

Occupation, age and life stage, economic situation, life-style, personality and self-concept

In a ____, the business-to-business buyer reorders something without modifications

Straight rebuy

According to the model of buyer behavior, what is in a buyer's black box?

The buyer's characteristics and the buyer's decision process

All the people involved in the buying decision in an organization are collectively known as _____.

The buying center.

A purse company's ads feature the members of a popular housewives reality show. Product sales increase significantly among the fans. From the fans' viewpoint, the housewives reality show is a(n) _____.

reference group

What is the nature of demand in business markets?

Demand in business markets is derived demand.

___ is the first stage in the new product adoption process

Awareness

What type of market involves creating opinion leaders to serve as brand ambassadors to spread the word about a company's products?

Buss marketing

When marketers want to promote their products and services through word-of-mouth marketing programs, they typically begin by ____.

Generating person-to-person brand conversations.

This adopter group is skeptical and only adopts new products after a majority of people have tried it

Late mainstream

Items such as technical specifications, quantity, delivery time, return policies and warranties are included in the ______.

Order routine specification.

Consumers can obtain information from any several sources. Which source is the most effective in that they legitimize the product?

Personal sources

What need in Maslow's hierarchy is generally satisfied first?

Physiological needs

_____ refers to the degree to which innovation appears superior to existing products.

Relative advantage

Influences of Product Characteristics in rate of adoption

Relative advantage Compatibility Complexity Divisibility Communicability

What are some social factors that influence consumer buying behavior?

Roles and Status

What determines if a buyer is satisfied or dissatisfied with a purchase?

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

T/F: Many sets of business purchases are made for one set of consumer purchases

True

One problem with business-to-business e-procurement is that it ______.

can erode long-standing customer-supplier relationships.