Principles of Marketing Week 6
Principles of Marketing Week 6 BUS243
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This 4 page Class Notes was uploaded by Janey Wensel on Tuesday October 4, 2016. The Class Notes belongs to BUS243 at Chatham University taught by Deborah DeLong in Fall 2016. Since its upload, it has received 3 views. For similar materials see Principles of Marketing in Marketing at Chatham University.
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Date Created: 10/04/16
Marketing––Chapter 5 CONSUMER BUYER BEHAVIOR- buying behavior of final consumers (individuals and households that buy goods and services for personal consumption) All the consumers combined make up the CONSUMER MARKET. Consumers make buying decisions every day, and the buying decision is the focal point of markets efforts. Characteristics Affecting Consumer Behavior Cultural–– Culture-most basic cause of person’s wants and needs. Basic values, perceptions, wants, and behaviors from family and institutions Subculture- smaller groups of cultures with shared beliefs, include nationalities, religions, racial groups, geographic regions Social Class- relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors. Measured by income, education, wealth, etc. Social Factors–– Groups and Social Networks- small groups influences behaviors, reference, membership, and aspirational groups. Word of Mouth influence- personal words and recommendation from friends and family Opinion Leaders- person with a reference group with special skills, knowledge, personality. Online Social Networks- blogs, social network, Facebook, twitter, online communities, websites Family- strongly influence buyer behavior. Marketers are interested in the roles of the husband, wife, and children. Roles and Statuses- people belong to many groups–family, clubs, organizations, online communities. Marketers consider a person’s many different roles Personal Factors–– Occupation- A person’s job affects goods and services bought, example: clothing Age and Life Stage- People’s taste in food, clothes, furniture, are changed and age related. Life-style change result from demographics, life changing events, marriage, children, retirement, college. Economic Situation- marketers watch trends in spending, personal income, savings, interest rates. Companies take steps to make customer value by redesigning, repositioning, and repricing. Lifestyle- a person’s pattern of living, coming from their subculture, social class, and occupation Personality and Self-Concept- unique characteristics that distinguish a person, dominance, sociability, adaptability. [BRAND PERSONALITY- mix of human traits that may be attributed to a particular brand] Psychological Factors–– Motivation- a need that sufficiently pressing to direct the person to seek satisfaction Perception- process by which people select, organize, and interpret info to form a meaningful picture Learning- Changes in a person’s behavior arising from experience, most human behavior is learned Beliefs and Attitudes- belief, a descriptive thought that a person holds about something, Attitude, persons relatively consistently favorable or unfavorable evaluations, feelings towards an object or idea BUYER DECISION PROCESS Five Stages: Need Recognition, Information Search, Evaluation of Alternatives, Purchase Decision, Postpurchase Behavior Need Recognition- when a buyer recognizes a problem, a normal need level rises enough to become a drive Information Search- interesting customers may research a company or product, from family or advertisements or online reviews Evaluation of Alternatives- customers narrow down research to final choices, primary deciding factors, price, style, operating economy, and performance. Purchase Decision- the customer’s decision will be to buy the more preferred brand Postpurchase Behavior- customers will either be satisfied or dissatisfied, discomfort caused by postpurchase conflict BUYER DECISIONS FOR NEW PRODUCTS New Product- a good, services, or idea that is perceived by some potential customers as new. Adoption Process- the mental process through which an individual pass from first hearing about an innovation to final adoption. Stages in Adoption Process- Awareness: Consumers aware of new product, lacks info Interest: Consumer seeks info on product Evaluation: Consumer considers whether to try new product or not Trial: Consumer tries new product Adoption: Consumer decides to make regular use of product FIVE ADOPTER GROUPS: Innovators-venturesome Early Adopters- guided by respect, opinion leaders Early Mainstream- adopters are deliberate, adopt new ideas before average person Late Mainstream- skeptical, adopt after majority has tried it Lagging Adopters- tradition bound, suspicious of change RATE OF ADOPTION: Relative Advantage- the innovation seems superior Compatibility- innovation fits the values and experiences of consumers Complexity- innovation is difficult to understand or use Divisibility- innovation may be tried on a limited basis Communicability- results of using the innovation can be observed or described to others Business Markets & Business Buyer Behavior Business Buyer Behavior- 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- business buyers determine which products and services their organizations need to purchase and then find, evaluate, and choose among alternative suppliers and brands. Business Markets Market Structure and Demand- (derived) demands that comes from the consumer demands Nature of the Buying Unit- compared to consumer, businesses involve more decisions participants and more professional purchasing efforts Types of Decisions and Decision Process- More complex decisions, purchases involve more money, longer and more formalized. Superior Development- networks of partners to ensure a dependable supply of products and materials for use in making products and reselling Business Buyer Behavior Straight Rebuy- buying situation in which the buyer routinely reorders something without any modifications Modified Rebuy- buying situation in which the buyer wants to modify product specifications, prices, terms or suppliers New Task- buying situation in which the buyer purchases a product or service for the first time Systems Selling- buying a complete solution to a problem from a single seller, avoiding all the separate decisions involved in a complex buying situation Decision Process Problem Recognition, General Need Description, Product Specification, Supplier Search, Proposal Solicitation, Supplier Selection, Order-Routine Specification, Performance Review Digital and Social Marketing E-Production- purchasing through electronic connections between buyers and sellers––usually online. Business-to-Business Social Media Marketing [B-to-B] Using websites, blogs, apps, and mainstream social media like Facebook, YouTube, LinkedIn, Google+ This marketing plays an important role in always being connected to buyers, it always connection anytime, anywhere, between a wide range of people
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