Marketing 101, Chapter 5

Consumer Buyer Behavior
Individuals and households that buy goods and services for personal consumption
Consumer Market
All individuals and households that buy or acquire goods and serves for personal consumption
Culture
The set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions
Subculture
A group of people with shared value systems based on common life experiences and situations
Cross-Cultural Marketing
Includes ethnic themes and cross culture perspectives within a brand’s mainstream marketing- appeals to similarities rather than differences
Social Class
Relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors
Group
Two or more people who interact to accomplish a goal
Word-of-mouth influence
The impact of the personal words and recommendations of trusted friends, associates and other consumers on buying behavior.
Opinion Leader
A person within a reference group who, because of special skills, knowledge and personality exerts social influence on others
Online Social Networks
Online communites, blogs, and social networking websites where people exchange information
Personal factors
age and life-cycle influence on buyer behavior also- occupation and economic situation
Motive
A need that is sufficiently pressing to direct the person to seek satisfaction of the need
Maslow’s Hierarchy of Needs
Psychological, safety, social, esteem and self-actualization needs
Self-actualization
self-development and realization
Esteem Needs
Self-esteem, recognition and status
Social Needs
Sense of belonging and love
Safety Needs
security and protection
Psychological Needs
hunger and thirst
Learning
changes in an individual’s behavior arising from experience
Belief
A descriptive thought that a person holds about something
Attitude
A person’s consistent favorable or unfavorable evaluation towards and object or idea
New Product
A god or service that is perceived by some potential customers as new
Adoption Process
The mental process through which an individual passes from first hearing about an innovation to final adoption
Buyer Business Behavior
Organization’s behavior that buys goods and services for use in another product or service which is sold to others
Business Buying Process
Decisions that businesses make which determine which products and services to use. Find, evaluate, and choose among alternative suppliers and brands
Derived Demand
Business demand that comes from demand for consumer goods
Supplier Development
System of networks of supplier-partners to ensure dependable supply of products and materials for use in making end products
Straight rebuy
Situation in which buyer routinely reorders something without any modification.
Modified Rebuy
Situation in which buyer wants to modify product or terms or services
New Task
Situation in which buyer purchases a product for first time
Systems selling
Solution Selling- Buying a packaged solution from a single seller
Buyer Center
All individuals or units that play a role in the purchase decision making process
Product Value Analysis
Analyzing a product’s components to determine if they can be redesigned and made more effectively.
E- Procurement
Purchasing through electronic connections, usually online