Term
| Describe the steps of the buyer decision process. |
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Definition
1.Need recognition
2.information
3. evaluation of alternatives
4. purchase decision
5. postpurchase behavior |
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| people within a reference group who, because of special skills, knowledge, personality, or other characteristics, exert social influence on others. |
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| the impact of the personal words and recommendations of trusted friends, associates, and other consumers on buying behaviors. |
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Definition
identifies the steps leading to purchase
starts long before the actual purchase and continues long after the purchases. |
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Definition
| the buyer recognizes a problem or a need. |
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Definition
| Buying behavior of final consumers |
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Definition
buyer discomfort caused by post-purchase conflict.
example: buying a flat screen tv and wondering why you bought it. or not buying the flat screen tv and regretting it. |
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Definition
| All the individuals and households that buy or acquire goods and services for personal consumption |
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Definition
| Set of basic values, perceptions, wants, and behaviors learned by an individual from family and other important institutions |
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Definition
| Group of people with shared value systems based on common life experiences and situations |
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Definition
| Relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors |
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Term
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Definition
Is an active process of learning and
social development.
Occurs as we interact with others
Involves the formation of ideas about who we are and what is important in our lives. |
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Definition
| the mental process through which an individual passes from first learning about an innovation to final adoption. |
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Definition
| the decision by an individual to become a regular user of the product. |
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Term
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Definition
| involves enlisting or even creating opinion leaders to serve as “brand ambassadors” who spread the word about a company’s products. |
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Term
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Definition
| are guided by respect. they are the opinion leaders in their communities and adopt new ideas early but carefully. |
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Term
| early mainstream adopters |
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Definition
| are deliberate- although they rarely are leaders, they adopt new ideas before the average person. |
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Term
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Definition
| are skeptical—they adopt an innovation only after a majority of people have tried it. |
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Term
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Definition
| are tradition bound—they are suspicious of changes and adopt the innovation only when it has become something of a tradition itself. |
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Definition
| • Buyer routinely reorders something without any modifications |
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Definition
| Determining which products and services an organization needs to purchase. |
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Term
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Definition
| Buyer wants to modify product specifications, prices, terms, or suppliers |
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Definition
is a type of Buying processes
• Longer and more formalized procedures • Buyer and seller more dependent on each other • To ensure a dependable supply of products and
materials |
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Term
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Definition
is made up of five stages:
1. awarness
2.interest
3.evaluation
4.trial
5. adoption |
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Definition
| when someone in the company recognizes a problem or a need that can be met by acquiring a specific product or service. |
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Definition
| describes the characteristics and quantity of the needed items or solutions. |
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Term
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Definition
| the buying behavior of organizations that buy goods and services for use in the production of the other products and services that are sold, rented, or supplied to others. |
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Term
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Definition
| are huge and involve far more dollars and items than do consumer markets |
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Term
| Differences between business marketing and consumer markets |
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Definition
1.market structure and demand
2. nature of the buying unit
3. the types of decisions and the decision
process involved |
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Term
| Major influences on Business Buying Behavior |
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Definition
1. Environmental
2.organizational
3. interpersonal
4.individual |
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Term
| FOUR MAJOR STEPS Designing a Customer-Driven Marketing Strategy |
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Definition
Market Segmentation
Market targeting
Differentiation
Positioning |
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Term
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Definition
| Dividing a market into smaller segments of buyers with distinct needs, characteristics or behaviors that might require separate marketing strategies or mixes |
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Term
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Definition
| consist of evaluating each market segment's attractiveness and selecting one or more segments to enter. |
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Definition
| Differentiating the market offering to create superior customer value. |
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Definition
| positioning the market offering in the minds of target customers. |
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Term
| Major Segmentation variables for consumer Markets |
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Definition
Geographic
Demographic
Psychographic
Behavioral |
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Definition
| Nations, Regions states, countries, cities, etc |
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Definition
| age, life-cycle stage, gender, income, occupation etc. |
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Definition
| social class, lifestyle, personaltiy |
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Definition
| occasions, benefits, user status |
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Term
| Age and life-cycle segmentation |
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Definition
| • Dividing a market into different age and life-cycle groups |
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Term
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Definition
| • Dividing a market into different segments based on gender |
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Term
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Definition
| • Dividing a market into different income segments |
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Term
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Definition
| Segments divided according to occasions, when the buyers get the idea to buy, actually make their purchase, or use the purchased item. |
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Term
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Definition
Segments divided according to the different benefits that
consumers seek from the product. |
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Term
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Definition
| divides buyers into segments based on their knowledge, attitudes, uses, or responses concerning a product. |
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Term
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Definition
| markets can be segmented into nonusers, ex-users, potential users, first time users and regular users of a product. |
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Term
| Intermarket (cross-market) segmentation |
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Definition
| Grouping consumers with similar needs and buying behaviors irrespective of their location |
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Term
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Definition
| Set of buyers sharing common needs or characteristics that the company decides to serve. |
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Term
| how companies identify attractive market segments |
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Definition
-Not too many competitors
• Hardly any competitor products
• Few possible substitute products |
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Term
| when choosing a targeting strategy |
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Definition
companies should consider these factors
- Company resources
• market variability
• Product’s life-cycle stage
• Market variability
• Competitors’ marketing strategies |
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Term
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Definition
| involves tailoring brands and promotions to the needs and wants of local customer groups—cities, neighborhoods, and even specific stores. |
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Term
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Definition
| tailoring products and marketing programs to the needs and preferences of individual customers. |
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Term
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Definition
tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments.
Local Marketing and Individual Makerting |
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Term
| Concentrated (Niche) Marketing |
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Definition
| A market-coverage strategy in which a firm goes after a large share of one or a few segments or niches. |
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Term
| Undifferentiated marketing |
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Definition
| a market-coverage in which a firms decides to ignore market segment differences and go after the whole market with one offer. |
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Term
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Definition
| A market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each. |
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Term
| customer value-based pricing |
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Definition
setting price based on buyers perceptions of value rather than on the sellers cost
example |
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Term
| Pricing strategy in marketing |
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Definition
| the pursuit of identifying the optimum price for a product. |
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Term
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Definition
| Price is the amount of money charged for a product or a service. |
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Term
| Types of value-based pricing: |
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Definition
A. Good-value pricing
B. Value-added pricing |
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Term
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Definition
| setting prices based on the cost of producing, distributing, and selling the product plus a fair rate of return for effort and risk |
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Term
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Definition
| • Fixed costs (overhead) • Variable costs • Total costs |
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