Chapter 5 Flashcards
What is the definition of consumer buyer behavior?
The buying behavior of final consumers who acquire goods and services for personal consumption.
what is consumer market?
All the individuals and households that buy or acquire goods and services for personal consumption.
What is the model of buyer behavior?
*Environment
*Buyer’s Black Box
*Buyer Responses
What are the factors influencing consumer behavior?
- Cultural
- Social
- Personal characteristics
- Psychological factors
What are the stages in the buyer decision process?
- Need recognition
- Information search
- Alternative evaluation
- Purchase decision
- Postpurchase behavior
True or False: Postpurchase customer satisfaction is key to building profitable customer relationships.
True
What are the stages in the Adoption Process?
- Awareness
- Interest
- Evaluation
- Trial
- Adoption
What are the types of buying situations?
- Straight rebuy
- Modified rebuy
- New task
- Systems selling
What is straight rebuy?
A situation where a buyer routinely reorders something without any modifications.
What is modified rebuy?
A situation where a buyer wants to modify product specifications, prices, terms, or suppliers.
What is new task buying?
A situation where a buyer purchases a product or service for the first time.
What is systems selling?
Buying a packaged solution to a problem from a single seller, avoiding separate decisions in complex buying situations.
What are the steps in the business buying decision process?
- Problem recognition
- General need description
- Product specifications
- Proposal solicitation
- Supplier selection
- Order-routine specification
- Performance review
What is e-procurement?
Purchasing through electronic connections between buyers and sellers, typically online.
What are the characteristics influencing an innovation’s rate of adoption?
- Relative advantage
- Compatibility
- Complexity
- Divisibility
- Communicability
What is derived demand?
Business demand that comes from the demand for consumer goods.
What is supplier development?
Systematic development of networks of supplier-partners to ensure a dependable supply of products and materials.
What is the nature of the business market buying unit?
Involves more decision participants and a more professional purchasing effort.
What distinguishes business markets from consumer markets?
Business markets involve larger sums of money, more complex decisions, and different market structures.
What are the benefits of e-procurement?
- Cuts transaction costs
- Results in efficient purchasing
- Reduces time between order and delivery
- Helps track purchases
- Frees buyers from paperwork
What are the problems associated with e-procurement?
- Can affect customer-supplier relationships
- Pits suppliers against one another
What are personal factors that influence consumer behavior?
- Occupation
- Age and family life-cycle
- Economic situation
- Lifestyle
- Personality and self-concept
What are social factors influencing consumer behavior?
- Groups
- Word-of-mouth influence
- Opinion leaders
- Online social networks
- Family
- Roles and status
What is the role of digital and social media in B-to-B marketing?
They create greater customer engagement and interaction compared to traditional media.
Fill in the blank: The buying behavior of organizations is known as _______.
[Business buyer behavior]
What is the total market strategy?
Integrates ethnic themes and cross-cultural perspectives within a brand’s mainstream marketing.
