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Lecture 5

MKT 300 Lecture 5: MKT 300 Chapter 5 Notes

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University of Alabama
MKT 300
Susan Fant

Marketing 300 Chapter 5 Notes First Stop: GoPro: Be a Hero! • Reason for success – technology-driven cameras with comfortable price ranges • Essential steps in customers’ storytelling and emotion-sharing journeys • Key to success – understanding customer needs and motivations Consumer Markets and Consumer Buyer Behavior • Consumer buyer behavior ➢ Buying behavior of final customers • Consumer market ➢ All the individuals and households that buy or acquire goods and services for personal consumption Factors Influencing Consumer Behavior • Cultural ➢ Culture ➢ Subculture ➢ Social class • Social ➢ Groups and social networks ➢ Family ➢ Roles and status • Personal ➢ Age and life-cycle stage ➢ Occupation ➢ Economic situation ➢ Lifestyle ➢ Personality and self-concept • Psychological ➢ Motivation ➢ Perception ➢ Learning ➢ Beliefs and attitudes Cultural Factors • Culture ➢ Set of basic values, perceptions, wants, and behaviors learned by an individual from family and other important institutions • Subculture ➢ Group of people with shared value systems based on common life experiences and situations ➢ Cross-cultural marketing: including ethnic themes and cross-cultural perspectives within a brand’s mainstream marketing • Social class ➢ Relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors Social Factors • Groups • Word-of-mouth influence • Opinion leader • Online social networks • Family • Roles and status Personal Factors • Age and life-cycle stage • Occupation • Economic situation • Lifestyle • Personality and self-concept Psychological Factors • Motivation • Perception • Learning • Beliefs and attitudes Buyer Decision Process 1. Need recognition 2. Information search 3. Evaluation of alternatives 4. Purchase decision 5. Postpurchase behavior Stages in the Adoption Process • Awareness • Interest • Evaluation • Trial • Adoption Characteristics Influencing an Innovation’s Rate of Adoption • Relative advantage • Compatibility • Complexity • Divisibility • Communicability Business Buyer Behavior • Buying behavior of organizations ➢ Purchased goods and services are used in the production of other products and services that are sold, rented, or supplied to others • Business buying process: determining which products and services an organization needs to purchase ➢ Finding, evaluating, and choosing among alternative suppliers and brands Business Markets • Business markets are huge and involve more money than consumer markets • Differ from consumer markets in terms of: ➢ Market structure and demand ➢ Nature of the buying unit ➢ Types of decisions and the decision process Market Structure and Demand and Nature of the Buying Unit • Market structure and demand ➢ Fewer but larger buyers ➢ Derived demand: business demand that comes from the demand for consumer goods ➢ Inelastic and fluctuating demand • Nature of the buying unit ➢ More decision participants ➢ More professional purchasing effort Types of Decisions • Business purchases ➢ More complex buying decisions ➢ Large sums of money ➢ Complex technical and economic considerations ➢ Interactions among people at many levels of the buyer’s organization Decision Process • Buying processes ➢ Longer and more formalized procedures ➢ Buyer and seller more dependent on each other • Supplier development: systematic development of networks of supplier- partners ➢ To ensure a dependable supply of products and materials Types of Buying Situations • Straight rebuy ➢ Buyer routinely reorders something without any modifications • Modified rebuy ➢ Buyer wants to modify product specifications, prices, terms, or suppliers ➢ New task: buyer purchases a product or service for the first time • Systems selling (or solutions selling) ➢ Buying a packaged solution to a problem from a single seller ➢ Avoids the separate decisions involved in a complex buying situation Participants in the Business Buying Process • Buying center: all the individuals and units that play a role in the purchase decision-making process ➢ Actual users of the product or service ➢ People who make the buying decision ➢ People and units influencing the buying decision ➢ People who do the actual buying ➢ Individuals and units controlling the buying information Major Influences on Business Buying Behavior • Environmental ➢ The economy ➢ Supply conditions ➢ Technology ➢ Politics/regulation ➢ Competition ➢ Culture and customs • Organizational ➢ Objectives ➢ Strategies ➢ Structure ➢ Systems ➢ Procedures • Interpersonal ➢ Influence ➢ Expertise ➢ Authority ➢ Dynamics • Individual ➢ Age/ed
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