buying descion Flashcards
Buying Decision
Recognize need or want
Seek information
Evaluate and compare
Decide to buy/not buy
Evaluate and take actions based on satisfaction level
B2C Market
(consumer market) when a consumer/household buys a product for final consumption such as buying an automobile from a dealership
B2B Market
when a business sells to another business (dealership buys a car from Hyundai)
Consumer Behavior Cultural
Cultural–relate to the factors consumers learn such as what is acceptable/desirable due to geography, gender, ethnicity etc.
Consumer Behavior social
how consumers are affected by group behavior
consumer behaviour economic
-relate to a consumer’s wealth and level of income
C2C Market
market where consumers buy and sell between themselves. A company such as ebay or Craig’s List is an agent that facilitates the exchange for a fee and eliminates the need for a marketing intermediary
Psychological factors
relate to a consumer’s motivation, perceptions, beliefs, and knowledge
Maslow’s Hierarchy of Needs
Used to visualize how consumers prioritize the buying decisions. At the top of the hierarchy is psychological needs. *In order to exist, consumers must first satisfy physiological needs such as food and water
Maslow’s Hierarchy of Needs pyramid
Self-Actualization
Esteem
Social
Safety
Physiological
Individual Factors
age, health, occupation, lifestyle, and personality
Internal Environment
includes the people, systems, and values used in making the purchase decision.
Request For Proposal (RFP)
Potential suppliers must submit formal bids and hope that their bid is the most competitive
External Environment
includes the general economic conditions, government regulations, customer needs, and competitor actions
