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Ch 5 Consumer behavior- Processes someone uses for making purchase decisions, as well as to make use of and eliminate purchased goods or services. 5 Steps to decision process- need reputation, information search, evaluation of alternative, purchase, content purchase habit. Need recog- result of a great imbalance among actual and desired claims. External stimuli is a pic, internal stimuli is a past experience, advantages or disadvantages. Recognition of unfulfilled wants- when a merchandise isnt carrying out properly, when consumer is definitely running out of merchandise, when one more product is a lot better than one getting used. Info search- internal (memory) and exterior (tv). EVOKED SET (consideration set)- band of brands, resulting from an information search from which a buyer can pick. Evaluation of alternatives- ranking attributes by simply importance, analyze product characteristics, use cut-off criteria. Post purchase behavior- Cognitive dissonance inner pressure that a consumer experiences after recognizing an inconsistence among behavior and values or opinions. Consumers try to decrease dissonance by simply justifying their very own decision. Elements determining the level of consumer involvement- previous knowledge, interest, perceived risk of negative consequence, scenario, social presence. Underlying ethnic, social, person, and emotional factors strongly influence your decision process. Culture play deepest part of the human beings consumer behavior, culture is usually pervasive, efficient, learned, and dynamic, as well as the most understanding element of a culture is usually values. Marketers are interested in sociable class for 2 reasons, Social category often shows which channel to use to promote, and understanding what products appeal to which cultural classes. Research groups- a group in world that impact on an individual purchasing behavior. Principal membership group- a reference group with which people interact regularly in an informal, face to face manner. Supplementary membership group- A guide group with people associate fewer consistently plus more formally a primary like a club, expert group or religious group. Aspirational guide group- A bunch that someone might like to sign up for. Norm- A worth or attitude deemed suitable by a group. Reference organizations have three or more implicatons- function as info sources and effect perception, influence individual desire levels, their very own norms possibly constrain or perhaps stimulate client behavior. Ch 6 Business products- utilized to manufacture various other products, turn into part of one more product, aid the normal operations of an firm, are obtained for resell without change in form. Online marketing opportunities- enhance efficiency, reduce cost, increase customer service, generate 1to1 relationships, introduce new products, expand markets. Benefits of marketing on the net- lower prices, increased selection of products and vendors, use of customer and product sales data, around the clock ordering and customer care, lower cost, personalized products. Ideal alliance- two companies get together *Always keep control of your buyer list* Some alliances happen to be formed to attain economies of scale, and also to leverage the actual have. Keiretsu- a network of interlocking corporate online marketers a bunch of firms linked to holding companies. United states Industry Category System (NAICS)- A detailed numbering system manufactured by the US, Canada, and South america, to classify American business establishments by way of a main development processes. Made demand- the necessity for business goods. Inelastic demand- an increase or decrease in the buying price of the product will never significantly have an effect on demand for the item. Joint Demand- the demand for two or more things used collectively in a final product. Fluctuating demand Bull Whip Theory/ Multiplier effect- Phenomenon in which a small increase or decrease in the consumer require can produce a much larger change in demand for the services and equipment needed to make the consumer item. Nature of Buying- business buyers usually approach getting rather technically. Reciprocity- a practice exactly where business buyer choose to obtain their own consumers. Type of business products- key equip, equipment equip, unprocessed trash, component parts, processed elements, supplies, business services. OEM- means oe manufacturer. Oes buy business goods that they can incorporate in the products that they produce pertaining to eventual sale to different producers in order to consumers. Shopping for Center-initiator, influencers, gatekeepers (most important determine what goes through) decider, purchaser, users. Evaluation Criteria- Price, service, quality(most important). Buying Situations- New buy, revised rebuy, right rebuy. CH7: Importance of market segmentation- Market segments have a number of product demands and preferences, marketers may better specify customer needs, decision creators can define objectives and allocate resources more accurately. To
