Term
| Why do marketers go to great lengths to understand customer needs/ buying behavior? |
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Definition
1) B/C customers reaction to a firm's marketing strategy have a great impact on the firms succes. 2) marketing concept stress that a firm create marketing mix that satisfies customers. To find this, marketers must examine the main influences on what,where,when, and how consumers buy. 3) by gaining a deeper understanding of the factors that affect buying behavior, marketers are in a better position to predict how consumers will respond to marketing strategies. |
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| group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products. |
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1) consumer market 2) business market |
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| consistes of purchasers and household members who intend to consume or benefit from the purchased products and do not buy products for the primary purpose of making a profit. |
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| the decision processes and acts of people involved in buying and using products |
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| buying behavior of ultimate consumers, those who purchase products for personal or household use and not for business purposes |
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| the degree of intrest in a product and the importance the individual places on that product |
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| a persons interest in a product or product category that is ongoing and long term |
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Definition
| temporary and dynamic, and results from a particular set of circumstances, |
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Term
| routinized response behavior |
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Definition
used when buying frequently purchased, low-cost items needing very little search-and-decision effort. low involvement products are bought through this process ex. soft drink / cereal |
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| used when buying products occasionally or when information is needed about an unfamiliar brand in a familiar product category. requires a moderate amount of time for information gathering. |
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Definition
| most complex. occurs when purchasing unfamiliar, expensive, or infrequently bought products- for instance, a car, home, or college education. The buyer uses many criteria to evaluate alternative brands or choices and spends much time seeking information and deciding on the purchase. used for purchasing high-involvement products |
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Definition
| involves no conscious planning but results from a powerfuk urge to buy something immediately |
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Term
Factors Affecting The Rate of Adoption |
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Definition
•Complexity (relative) •Cost (relative) •Visibility of return •Immediacy of return •Relative advantage •Presence of trial period •Cultural compatibility |
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Definition
Social Psychology Psychology Sociology Economics Demography Anthropology |
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Characteristics of individuals, groups, or organizations used to divide a total market into segments. (variables) |
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•Easily measured/observed •Relatively inexpensive •Relatively quick |
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•Requires a special study •Expensive, time-consuming |
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•Geographic • Demographic • Economic • Social Class • Cultural • Religious |
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• Lifestyle • Motivations • Needs • Personality • Attitudes • Perceptions • Stages in the buying process |
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Term
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Definition
A principle holding that
20 percent of all customers
generate 80 percent
of the demand.
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