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    Consumer Markets & Consumer Buyer Behavior: Chapter No 6

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    gorgeousfairy
    This document provides definitions and descriptions of key concepts related to consumer markets, consumer buyer behavior, and business markets/buying behavior. It outlines factors that influence consumer decision making like culture, social classes, and personality. It also describes the various stages of the consumer and business buying processes from need recognition to post-purchase evaluation. Key differences between business and consumer markets and buying behaviors are highlighted.

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    Consumer Markets & Consumer Buyer Behavior: Chapter No 6

    Uploaded by

    gorgeousfairy
    10 views11 pages
    This document provides definitions and descriptions of key concepts related to consumer markets, consumer buyer behavior, and business markets/buying behavior. It outlines factors that influence consumer decision making like culture, social classes, and personality. It also describes the various stages of the consumer and business buying processes from need recognition to post-purchase evaluation. Key differences between business and consumer markets and buying behaviors are highlighted.

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    Original Title

    CH 5 & 6

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    This document provides definitions and descriptions of key concepts related to consumer markets, consumer buyer behavior, and business markets/buying behavior. It outlines factors that influence consumer decision making like culture, social classes, and personality. It also describes the various stages of the consumer and business buying processes from need recognition to post-purchase evaluation. Key differences between business and consumer markets and buying behaviors are highlighted.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    10 views11 pages

    Consumer Markets & Consumer Buyer Behavior: Chapter No 6

    Uploaded by

    gorgeousfairy
    This document provides definitions and descriptions of key concepts related to consumer markets, consumer buyer behavior, and business markets/buying behavior. It outlines factors that influence consumer decision making like culture, social classes, and personality. It also describes the various stages of the consumer and business buying processes from need recognition to post-purchase evaluation. Key differences between business and consumer markets and buying behaviors are highlighted.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    of 11

    Consumer Markets

    &
    Consumer Buyer Behavior

    Chapter No 6
    • Consumer Buyer Behavior: The buying behavior of
    final consumer-individuals and household, who buy
    goods and services for personal consumption

    • Consumer Market: All the individual and household,


    who buy or acquire goods and services for personal
    consumption

    • Culture: The set of basic values, perceptions, wants


    and behaviors learned by a member of society from
    family and other important institutions

    • Sub Culture: A group of people with shared value


    systems based on common life, experiences and
    situations
    • Social Classes: Relatively permanent and ordered divisions
    in a society, who’s members share similar values, interest
    and behavior

    • Group: Two or more people interact to accomplish


    individual or mutual goals

    • Opinion Leader: Person within a reference group who,


    because of special skills, knowledge, personality other
    characteristics, exerts, influence on others

    • Lifestyle: A person’s pattern of living as expressed in his


    or her activities, interests and opinion

    • Personality: A person’s distinguishing psychological


    characteristics that lead to relatively constant and
    lasting responses to his or her own environment
    • Motive (Drive): A need that is sufficiently pressing to direct
    the person to seek satisfaction of the need

    • Perception: The process by which people select, organize and


    interpret information to form a meaning picture of the world

    • Learning: Changes in an individual’s behavior experience

    • Belief: A descriptive thought that a person hold about


    something

    • Attitude: A person’s constantly favorable or unfavorable


    evaluations, feeling, and tendencies toward an object or idea

    • Complex buying behavior: Consumer buying behavior in situation


    characterize by high consumer involvement in a purchase and
    significant perceived differences among brands
    • Dissonance-reducing buying behavior: Consumer buying
    behavior in situation characterize by high involvement but
    few perceived differences among brand

    • Habitual Buying Behavior: Consumer buying behavior in


    situations characterize by low consumer involvement in few
    significant perceived brand differences

    • Variety-Seeking Buying Behavior: Consumer buying behavior


    in situation characterize by low consumer involvement but
    significant perceived brand differences

    • Need Recognition: The first stage of the buyer decision


    process in which the consumer recognizes a problem or need

    • Information Search: The stage of the buyer decision


    process in which the consumer is aroused to search for
    more information; the consumer may simply behave high-
    tended

    • attention or may go into active information search


    • Alternative Evaluation: The stage of the buyer decision
    process in which the consumer uses information to evaluate
    alternative brands in the choice set

    • Purchase Decision: The stage of the buyer decision process in


    which the consumer buys the product

    • Post Purchase Behavior: The stage of the buyer decision


    process in which consumer take further action after purchase
    based their satisfaction or dissatisfaction

    • Cognitive Dissonance: Buyer discomfort cost by post purchase


    conflict

    • New Product: A good, service or idea that is perceived by some


    potential customer as new

    • Adoption Process: The mental process through an individual


    passes from first hearing about an innovation to final adoption
    • Business Market: All organizations that buy goods and
    services for use in the production of other products and
    services that are sold, rented or supplied to others

    • Business Buying Process: The decision-marketing process by


    which business buyers establish the need for purchased
    products and services and identify, evaluate, and choose
    among alternative brands and suppliers

    • Derived demand: Business demand that ultimately comes


    from (derives form) the demand for consumer goods

    • Straight Rebuy: A business buying situation in which the


    buyer routinely reorders something without any
    modifications
    • Modified Rebuy: A business buying situation in which the
    buyer wants to modify product specifications, prices, terms
    or suppliers

    • New Task: A business buying situation in which the buyer


    purchases a product or service for the first time

    • Systems Buying: Buying a packaged solution to a problem


    from a single seller

    • Buying Center: All the individual and units that participate in


    the business buying – decision process

    • Users: Members of the organization, who will use the


    product or service; users often initiate the buying proposal
    and help define product specification
    • Influencer: People in an organization’s buying center who
    effect the buying decision; they often help define
    specification and also provide information for evaluating
    alternatives

    • Deciders: people in the organization‘s buying center who


    have formal or informal power to select or approve the final
    suppliers

    • Gate Keepers: people in the organization‘s buying center who


    control the flow of information to others

    • Problem Recognition: The first stage of the business buying


    process in which someone in the company recognizes a
    problem or a need that can be met by acquiring a good or
    service
    • General Need Description: The stage in the business buying
    process in which the company describes the general
    characteristics and quantity of a needed item

    • Product Specification: the stage of the business buying process


    in which the buying organization decides on and specifies the
    best technical product characteristics for a needed item

    • Value Analysis: An approach to cost reduction, in which


    components are studied carefully to determine if they can be
    redesigned, standardized or made by less costly methods of
    production

    • Supplier Search: The stage of the business buying process in


    which the buyer tries to find the best vendors

    • Proposal Solicitation: The stage of the business buying process


    in which the buyer reviews proposals and selects a supplier or
    suppliers
    • Order –Routine Specification: The stage of the business
    buying process in which the buyer writes the final order with
    the chosen supplier (s) listing the technical specifications,
    quantity needed, expected time of delivery, return polices
    and warranties

    • Performance Review: The stage of the business buying


    process in which the buyer rates its satisfaction with
    suppliers, deciding whether to continue, modify or drop them

    • Institutional Market: Schools, hospital, nursing homes,


    prisons and other institutions that provide good and services
    to people in their care

    • Government Market: Government units – federal state, and


    local – that purchase or rent goods and services for carrying
    out the main functions of government

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