MKT 100 Lecture Notes - Lecture 5: North American Industry Classification System, Direct Selling, Marketing Mix

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Hamed Mehrabi

Document Summary

Recall: marketing research process, ethical vs. corporate social responsibility. Buyer/consumer behaviour: consumers buy a speci c product/brand based on perceived higher value, perception of value and bounded rationality, buyer behaviour consists of - stimuli > buyer"s black box (buyer"s mind) > responses. Social factors: family - role of spouses, children and teens, reference groups - offer information, reward speci c purchase behaviour, enhance consumers" self-image, culture and subculture. Situational factors: purchase situation - usage context (own vs. other), occasion, shopping situation - store atmosphere, salespeople, crowding, in-store demonstrations, promotions, packaging, temporal state - mind, time. Types of buying decisions: elaborate likelihood method - level of consumer involvement in the purchasing process, extended vs. limited problem solving. B2b marketing: the process of buying and selling between two businesses. Manufacturers of producers: buy raw materials, components or parts to create products to sell to consumers, manufacture their own goods. Resellers: buy from manufacturers and sell to retailers.