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level: Chapter 5: Understanding Consumer and Business Behavior

Questions and Answers List

level questions: Chapter 5: Understanding Consumer and Business Behavior

QuestionAnswer
What is Consumer Buyer Behavior?The buying behavior of the final consumers.
What are the 5 Stages in the Adoption Process?1. Awareness. 2. Interest. 3. Evaluation. 4. Trial. 5. Adoption.
What is Straight Buy?A business buying situation in which buyers reorders from the same supplier.
What are the 8 steps in The Business Buyer Decision 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.
What is a Consumer Market?All the individuals and households that buy or acquire goods and services for personal consumption.
What is the Total Market Strategy?The integrating ethnic themes cross-cultural perspectives within a brand's mainstream marketing.
What are the Major factors that influence consumer buyer behavior?1. Cultural factors. 2. Social factors. 3. Personal factors. 4. Psychological factors.
What is the Reference Group?A group that serves as direct or indirect point of comparison forming a person's attitude or behavior.
What is Word of Mouth?The impact of personal words and recommendations of trusted friends and family on buying behavior.
What is Perception?The process by which people select, organize, and interpret information to form a meaningful picture of the world.
What is Selective Attention?The tendency to screen out most of the information to which they are exposed.
What is Selective Distortion?The tendency of people to interpret information in a way that support what they already belief.
What are the 5 Stages of Buying Decisions Process?1. Need Recognition 2. Information Search 3. Evaluation of Alternatives 4. The Purchase Decisions 5. Post-purchase behavior
What is the Adoption Process?The mental process through which an individual passes from first hearing about an innovation to final adoption.
What are the 5 Adopter Categories Groups?1. Innovators. 2. Early adopters. 3. Early mainstream. 4. Late mainstream. 5. Lagging adopters.
What is the Business Buyer Behavior?The buying behavior of organizations that buy goods and services.
What is the Business Buying Process?The decision process by which business buyers determine which product and services their organizations need to purchase.
What are the differences between Business and Consumer Markets?1. Market structure and demand. It deals with fewer but larger buyers, 2. Business purchase involves more decision participations. 3. Types of decisions are more complex and longer.
What are the Major Types of buying Situations?1. Straight buy. 2. Modified Rebuy. 3. New Task. 4. System Selling.
What is Modified rebuy?A business buying in which the buyer wants to modify product specifications.
What is a New Task in buying situations?Buyer purchase a product/service for the first time.
What is System Selling?Buying a packaged solution to a problem from a single seller.
What is Derived demand?Business demand that comes from the demand for consumer goods.