Ch 5 Consumer behavior- Processes a consumer uses to make purchase decisions, as well as to use and dispose of purchased goods or services. 5 Steps to decision process- need recognition, information search, evaluation of alternative, purchase, post purchase behavior. Need recog- result of an imbalance between actual and desired states. External stimuli is a pic, internal stimuli is a past experience, good or bad. Recognition of unfulfilled wants- when a product isn’t performing properly, when consumer is running out of product, when another product is better than one being used. Info search- internal (memory) and external (tv). EVOKED SET (consideration set)- group of brands, resulting from an information search from which a buyer can choose. Evaluation of alternatives- rank attributes by importance, analyze product attributes, use cut off criteria. Post purchase behavior- Cognitive dissonance inner tension that a consumer experiences after recognizing an inconsistence between behavior and values or opinions. Consumers try to reduce dissonance by justifying their decision. Factors determining the level of consumer involvement- previous experience, interest, perceived risk of negative consequence, situation, social visibility. Underlying cultural, social, individual, and psychological factors strongly influence the decision process. Culture play deepest part of a persons consumer behavior, culture is pervasive, functional, learned, and dynamic, and the most defining element of a culture is values. Marketers are interested in social class for 2 reasons, Social class often indicates which medium to use for advertising, and knowing what products appeal to which social classes. Reference groups- a group in society that influences an individual purchasing behavior. Primary membership group- a reference group with which people interact regularly in an informal, face to face manner. Secondary membership group- A reference group with people associate less consistently and more formally that a primary such as a club, pro group or religious group. Aspirational reference group- A group that someone would like to join. Norm- A value or attitude deemed acceptable by a group. Reference groups have 3 implicatons- serve as info sources and influence perception, affect individual aspiration levels, their norms either constrain or stimulate consumer behavior. Ch 6 Business products- used to manufacture other products, become part of another product, aid the normal operations of an organization, are aquired for resale without change in form. Internet Marketing opportunities- increase efficiency, reduce cost, improve customer service, create 1to1 relationships, introduce new products, expand markets. Benefits of marketing on the net- lower prices, greater selection of products and vendors, access to customer and product sales data, around the clock ordering and customer service, lower cost, customized products. Strategic alliance- 2 companies come together *Always maintain control of your customer list* Some alliances are formed to achieve economies of scale, and to leverage what they have. Keiretsu- a network of interlocking corporate affiliates a bunch of companies linked to holding companies. North American Industry Classification System (NAICS)- A detailed numbering system developed by the US, Canada, and Mexico, to classify North American business establishments by their main production processes. Derived demand- the demand for business products. Inelastic demand- an increase or decrease in the price of the product will not significantly affect demand for the product. Joint Demand- the demand for two or more items used together in a final product. Fluctuating demand Bull Whip Theory/ Multiplier effect- Phenomenon in which a small increase or decrease in the consumer demand can produce a much larger change in demand for the facilities and equipment needed to make the consumer product. Nature of Buying- business buyers usually approach purchasing rather formally. Reciprocity- a practice where business purchaser choose to buy from their own customers. Type of business products- major equip, accessory equip, raw materials, component parts, processed materials, supplies, business services. OEM- means original equipment manufacturer. OEMs buy business goods that they incorporate into the products that they produce for eventual sale to other producers or to consumers. Buying Center-initiator, influencers, gatekeepers (most important decide what goes through) decider, purchaser, users. Evaluation Criteria- Price, service, quality(most important). Buying Situations- New buy, modified rebuy, straight rebuy. CH7: Importance of market segmentation- Markets have a variety of product needs and preferences, marketers can better define customer needs, decision makers can define objectives and allocate resources more accurately. To
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