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COMM 223 > session 4: understanding consumer and business buyer behavior > Flashcards

session 4: understanding consumer and business buyer behavior Flashcards

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1
Q

what is a consumer market?

A

All the individuals and households that buy or acquire goods and services for personal consumption

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2
Q

what is consumer buyer behavior?

A

The buying behaviour of final consumers

these final consumers are those of the consumer market

those that buy or acquire goods and services for personal consumption

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3
Q

can marketers control the factors that affect consumer behavior?

A

nah boy

but these factors must be taken into account

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4
Q

what are the factors that influence consumer behavior

A

cultural factors

social factors

personal factors

psychological factors

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5
Q

what are the aspects of cultural factors

A

culture

subculture

social class

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6
Q

what is culture

A

Basic trigger of wants & behaviour

reflects basic values, perceptions, wants, and behaviours

It is learned from family, church, school, peers, colleagues

Deeply entrenched

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7
Q

what happens when cultural shifts occur

A

they create opportunities for new products

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8
Q

what is subculture ?

A

A group pf people with shared value systems based on common life experiences

Regional, nationalities, religion, race

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9
Q

what is cross cultural marketing

A

includes ethnic themes in a brand’s mainstream marketing

E.g. Latin music in McDonald’s ads

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10
Q

what is social class

A

Divisions in a society whose members share similar values, interests and behaviours

Combination of occupation, income, education, wealth, and other variables

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11
Q

what are the aspects of social factors

A

reference groups

family

roles and status

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12
Q

what is it in the aspect reference groups that influence our buyer behavior

A

Membership groups

Word-of-mouth

Reference/aspirational groups

Opinion leaders

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13
Q

what is it in the aspect of family that influence our buyer behavior

A

household “power brokers” that can influence buyer behavior

Gender stereotypes for certain types of purchases are changing

children that have strong influence on purchasing decisions in the family

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14
Q

what are membership groups

A

those you belong to

have direct influence in your buying decisions

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15
Q

what is word of mouth

A

personal words of trusted friends can strongly influence our buying decisions

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16
Q

what are aspirational groups

A

those you want to belong to and that can influence buyer behaviour

e.g. a professional sports team

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17
Q

what are opinion leaders

A

people recruited as brand ambassadors for a certain reference group

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18
Q

what is it in the aspect of roles and status that influence our buyer behavior

A

roles

status

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19
Q

what are roles

A

activities people are expected to perform

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20
Q

what is status

A

Esteem given to role by society

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21
Q

can one have multiple roles in the social factor?

A

yeee

ex: mum and executive

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22
Q

what are the aspects of perusal factors that influence our buyer behavior

A

age and life cycle stage

occupation

economic situation

lifestyle

personality and self concept

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23
Q

what is personality and self concept

A

unique psychological characteristics that distinguish a person or group

Self-concept theory suggests possessions contribute to and reflect personal identities (we are what we consume)

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24
Q

can brands be also seen as having personalities

A

yeeee

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25
what are the aspects of psychological factors
moptivation perception learning beliefs and attitudes
26
what is a motive
a need requiring satisfaction
27
what is perception
process by which people select, organize, and interpret information
28
what is selective attention
people screen out most information they are exposed to
29
what is selective distortion
people interpret info in a way that will support what they already believe
30
what is selective retention
people retain info that supports their attitudes and believes
31
what is learning
behavioural change based on experience
32
what is a belief
A descriptive thought that a person holds about something
33
what is an attitude
A person’s consistently favourable or unfavourable evaluations, feelings, and tendencies toward an object or idea
34
what are the components (in order), of Maslows Hierarchy of needs
1. self actualization needs 2. esteem needs 3. social needs 4. safety needs 5. psychological needs from the top is more important to less important
35
what are self actualization needs
involve self development and realization
36
what are esteem needs
involve the following: self-esteem recognition status
37
what are social needs
sense of belonging love
38
what are safety needs
security protection
39
what are psychological needs
hunger this
40
what are the five stages in the buyer decision process
1. Need recognition 2. Information search 3. Evaluation of alternatives 4. Purchase decision 5. Post-purchase behaviour
41
what is need recognition (1)
triggered internally (hunger) or externally (ads)
42
what is information search (where does it come from) (2)
after finding out that you have a need, you wanna look up info from: personal sources commercial sources public sources experiential sources
43
what are commercial sources
ads, websites, etc
44
what are public sources
media, peer reviews
45
what are experiential sources
trial using the product
46
what does evaluation of alternatives (3) depend on
depends on the buying situation and the consumer Can be simple or complex compare price and attributes
47
what is purchase decision (4) influenced by?
Attitudes of others towards your choice after you’ve picked it from the alternatives Unexpected situational factors (e.g. loss of job)
48
what does the consumer satisfaction post purchase (5) depend on?
depends on buyer’s expectations vs. perceived performance of product
49
what do most major purchases result in after the purchase?
cognitive dissonance Discomfort caused by post-purchase conflict thinking about the benefits of the brands not purchased thinking about the drawbacks of the brand that was purchased
50
Individuals adopt new products at varying rates, what are the terms used to describe the different rates of consumption?
innovators: 2.5% early adopters (opinion leaders): 13.5% early mainstream: 34% late mainstream: 34% lagging adopters: 16%
51
what are the characteristics Influencing rate of adoption
relative advantage compatibility complexity divisibility communicability
52
what is compatibility
Aligned with values and experience of the market?
53
what is divisibility
Can the innovation be used on a limited basis and then integrated into regular use?
54
what is communicability
Benefits easily observed or described to others?
55
what is business-to-business (B2B)
Buying behaviour of firms that buy products to produce other products or to resell to others for a profit
56
which market is bigger, B2B market or consumer markets
B2B market
57
what is the market structure of business markets
fewer but larger buyers Business demand is derived from consumer demand Business markets have more fluctuating demand.
58
in the business market, what happens if theres a small increase in customer demand?
there will be a large increase in business demand
59
what is the nature of the Buying Unit in Business Markets
More decision participants Professional buying effort
60
what are the types of decisions in the business markets
More complex & formal decisions
61
what are the major types of buying situations?
straight rebuy modified rebuy new task systems (solutions) selling
62
what is a straight rebuy?
Routine reorder without any modifications Very few decisions made
63
what is a modified rebuy?
Order with modifications. e.g. change in product specifications, prices, terms or suppliers
64
what is a new task ?
First time order of a product A lot of decisions made r
65
what is a systems (solutions) selling?
Buying a packaged solution to a problem from a single seller Order includes all products and services from one supplier
66
what is becoming the more common major buying situation?
systems (solutions) selling
67
what is a buying center?
includes all individuals and units that participate in the purchase decision-making process Not a fixed or formally identified unit Size and makeup varies for different products and different situations
68
what are the major influences on business buyer behavior? not the same as the characteristics
environmental influences organizational influences interpersonal influences individual influence the buyers themselves
69
what major type of influence on buyer behavior are the following part of: economic developments technological change political and regulatory developments competitive developments culture and customs
environmental influences
70
what major type of influence on buyer behavior are the following part of: objectives policies procedures organizational structure systems
organizational influences
71
what major type of influence on buyer behavior are the following part of: authority status empathy persuasiveness
interpersonal influences
72
what major type of influence on buyer behavior are the following part of: age income education job position personality risk attitudes
individual influences
73
which type of situation will make a business buyer go through all the business buying process?
new task buying situation
74
which type of situation will make a business buyer skip some stages of the business buying process?
those making a modified or straight rebuy
75
what are the stages of the Business Buyer Process
1. problem recognition 2. general need description 3. product specification 4. supplier search 5. proposal solicitation 6. supplier selection 7. order-routine specification 8. performance review
76
how an an online purchase (e-procurement) be implemented?
reverse auctions extranet links with key suppliers
77
what is a reverse auction
businesses put their purchasing requests online and invite suppliers to bid for the business
78
how do extranet links with key suppliers function?
they are a link through which company buyers can purchase equipment, materials, and supplies directly
79
what are the benefits of online purchasing?
cost and time savings
80
what are the cons of online purchasing?
potential security concerns Pits suppliers against each other and erodes old customer- supplier relationships

COMM 223 (13 decks)

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