Term
| Five Stages of the Purchase Decision |
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Definition
Problem Recognition: Perceiving a problem.
Information Search: Seeking value.
Alternative Evaluation: Assessing value.
Purchase Decision: Buying value.
Post Purchase Behavior: Value in Consumption or Use |
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Term
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Definition
Consideration Set
Evaluation Criteria |
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Term
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Definition
| the group of brands that a consumer is aware of and would consider acceptable from among all brands in the product class |
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Term
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Definition
| factors that represent both objective attributes of a brand and subjective ones; Consumers use these to compare different products. |
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Term
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Definition
| the feeling of postpurchase, psychological anxiety consumers may experience. |
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Term
| Low Involvement Marketing Strategies |
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Definition
Product Quality
Avoid Stockout
Promotions |
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Term
| High Involvement Marketing Strategies |
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Definition
Comparative advertising
Brand can be key
Risk Reversal |
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Term
| Influences on Consumer purchase decisions |
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Definition
Marketing Mix Influence (4 p's)
Sociocultural Influences ( Family, Social Class)
Situational Influences ( purchase Task, social surroundings, physical surroundings)
Psychological Influences ( personality, perception, motivation) |
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Term
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Definition
| is the energizing force that stimulates behavior to satisfy a need. |
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Term
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Definition
| the anxiety felt because the consumer cannot anticipate the outcomes of a purchase but believes that there may be negative consequences. |
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Term
| Strategies to Reduce Perceived Risk |
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Definition
Obtain Seal of Approval
Provide free trials/samples
Provide warrantees/ guarantees
Secure Endorsements |
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Term
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Definition
| …a measurement of the familiarity and appeal of a brand, company, celebrity, or television show, in the United States. The higher the Q Score, the more highly-regarded the item or person among the group that’s familiar with them. |
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Term
| Lifestyle (3 identifiers) |
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Definition
1. how people spend their time and resources
2. what they consider important
3. how they think of themselves and the people around them |
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Term
| Psychological Influence Measuring Tool |
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Definition
Vals
(Ideals, Motivation, Self Expression) |
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Term
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Definition
| marketing of goods or services for use in the creation of goods or services for sale |
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Term
| Key Characteristics/Dimensions of Organizational Buying behavior |
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Definition
Market Characteristics ( )
Product or Service Characteristics
Buying Process Characteristics
Marketing Mix Characteristics |
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Term
| Key organizational buying criteria |
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Definition
Price
Quality Specifications
Delivery Schedule
Past performance
Production Facilities/ Capacity
Warranty/ Claims Process
Technical Capability |
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Term
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Definition
| manufacturers, wholesalers, retailers and government agency's who buy goods and services for their own use or for resale |
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Term
| Organizational Buyers are Divided into three Markets |
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Definition
1. industrial
2. reseller
3. government |
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Term
| North American Industry Classification System (NAICS) |
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Definition
| provides common industry definitions for Canada, Mexico, and the United States |
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Term
| Characteristics of Organizational Buying |
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Definition
Market Characteristics
Product or Service characteristics
Buying process characteristics
Marketing mix characteristics |
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Term
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Definition
| demand for the industrial products and service is driven by demand for consumer products and services |
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Term
| Organizational Buying Criterea |
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Definition
1. price
2. ability to meet the quality specs
3. ability to meet delivery schedule
4. technical capability
5. warranty and claim policies
6. past performance on previous contracts
7. production facilities and capacity |
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Term
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Definition
| People who actually use the product |
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Term
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Definition
affect the buying decision, help define the specifications for what is bought,
Ex: Information systems manager influence in the purchase of a new computer |
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Term
| Organizational Buying behavior |
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Definition
| the process organizations use to determine their needs for goods and which supplier to use. |
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Term
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Definition
| group of people who participate in the buying process. |
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Term
Stages in the Buying Decision Process
(Consumer/ Organizational) |
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Definition
Problem Recognition
Information Search
Alternative evaluation
Purchase Decision
Post-purchase behavior |
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Term
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Definition
| have authority to select the supplier and negotiate the contract terms |
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Term
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Definition
| have formal or informal weight in the supplier decision |
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Term
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Definition
| controls the flow of information in the buying center. Someone who keeps the information from reaching the other roles |
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Term
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Definition
Straight Re-Buy
New Buy
Modified Re-Buy |
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Term
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Definition
| online trading communities that bring together buyers and supplier organizations |
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