Chpt 12: Marketing and Consumer Behavior Flashcards
Consumer Behavior
Refers to the ways individuals and organizations search for evaluate, purchase, use, and dispose of goods and services
Business-to-consumer (B2C) Markets
B2C is a market in which individuals purchase goods and services for their personal consumption
Business-to-business markets (B2B)
Markets where businesses purchase goods and services from other businesses
What are the steps for a purchase decision process?
1.) need recognition
2.) information search
3.) evaluation of alternatives
4.) purchase or no purchase decision
5.) postpurchase evaluation
How does culture affect a persons buying behavior?
Through a set of learned attitudes, beliefs, and ways of life that are unique to a society and handed down from generation to generation
What unique personal influences shape buying behaviors?
By being shaped by their age, gender, economic situation, lifestyle, and personality.
How do attitudes(psychological influences) affect buying decisions?
Because of the differences in a buyer’s motivation, perception, attitudes, learning and customer loyalty through good experience
Can temporary conditions affect how buyers behave?
Yes, the situational influences include the physical surroundings, the physical surroundings, the social surroundings, and the type of product purchased
Direct purchasing
Buyers in B2B markets often purchase directly from sellers, as opposed to consumer markets, where products typically go through many wholesales before a product arrives at the end user
Strong customer relationship
Because there are only a few sophisticated buyers that purchase large quantities, marketers find it necessary to establish much closer relationships with customers compared to the relationship Ms with buyers in consumer markets. As a result B2B market g is focused more on personal selling g compared to the mass advertising campaigns that typify consumer markets.
A few buyers that purchase in large quantities
B2B marketed typically involve a few buyers that purchase large quantities. For example only a few airline companies buy most of Boeings jets
Highly trained buyers
Most business-purchasing agents are highly skilled at their jobs. They often weigh the benefits and the costs in a more systematic fashion and are less influenced by emotional factors than are buyers in consumer markets this requires sellers to pitch their products at a much more sophisticated level
Group purchasing decision
Teams of individuals within purchasing departments usually collaborate when making purchasing decisions. This means marketers must be patient and mindful of the concerns of all decision makers to deal a deal
Geographically concentrated buyers
Most buyers in B2B markets are concentrated in a few of the most industrialized states, where large businesses are located. This reduces the costs of reaching buyers
What is marketing
An organizational function and set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders / bold text marketing can be thought of as identifying and meeting human needs and wants bold text
What was the marketing concept?
Refers to an era that changed the focus from finding the right customer for a product to producing the right product for a customer and doing it better than the competition
What is Customer Relationship Management (CRM)?
The process of establishing long-term relationships with individual customers to foster loyalty and repeat business
What is Search Engine Optimization (SEO)
When a company ensures that their listings are close to the top of a search result as high rankings in search engines are important for garnering more consumers
What is Social Marketing?
Aims to change consumer behavior, to benefit society such as recycling or using recycled products, the use of organic products, and the use of locally sourced or manufactured goods
Form Utility
The satisfaction derived from the shape of a good or presentation of a service (Think how customers would rather the shape of a Jordan rather than the base fabric and plastic it’s made from)
Task utility
When someone performs a services for someone else (like if someone where to repair your broken Jordan’s)
Time utility
When a business makes a product available when it is most needed (think about winter time and when clothing lines produce warm clothing rather than shorts)
Place utility
The satisfaction derived from obtaining a product where it is desired (think of gas stations along the highway)
Ownership utility
The satisfaction derived from possessing an item (the transferring of ownership from company to customer)
