Consumer And Organizational Buying Behavior Flashcards
Customer loyalty
The degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider
Relationship marketing
A focus on developing and maintaining long term relationships with customers, suppliers, and distribution partners for mutual benefit
Marketing concept
An approach to business management that stresses customer needs and wants, seeks long term profitability, and integrates marketing with other functional units within the organization
Consumer market
Individuals or households that buy goods or services for personal use
Organizational market
Companies, government agencies, and other organizations that buy goods and services either to resell or to use in the creation of their own goods and services
Cognitive dissonance
Tension that exists when a person’s beliefs don’t match his or her behaviors; common example is buyers remorse
Buyers remorse
When someone regrets a purchase immediately after making it
Influences that affect consumer purchases
Culture Socioeconomic level Reference groups Situational factors Self image
Organizational customer decision process
Emphasis on economic payback and other rational factors
Formal buying process
Greater complexity in product usage
Participation/influence of multiple people
Close relationships between buyers and sellers
Consumer vs organizational buying behavior
Consumers Emotional Sometimes irrational Informal buying process Organizations Rational Driven by economics, not emotion Formal buying process
