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Lecture Principles of Marketing - Chapter 5: Consumer and business buyer behavior

After studying this chapter you will: Understand the consumer market and the major factors that influence consumer buyer behavior, identify and discuss the stages in the buyer decision process, describe the adoption and diffusion process for new products, define the business market and identify the major factors that influence business buyer behavior, list and define the steps in the business buying decision process. | Chapter Five Consumer and Business Buyer Behavior Understand the consumer market and the major factors that influence consumer buyer behavior. Identify and discuss the stages in the buyer decision process. Describe the adoption and diffusion process for new products. Define the business market and identify the major factors that influence business buyer behavior. List and define the steps in the business buying decision process. 5- Copyright 2007, Prentice Hall, Inc. Building Success Offers good bikes, upgraded showrooms and sales tactics. Research has helped to understand customers’ emotions and motivation. Consumer emotions, motivations, and lifestyle have been translated into effective advertising. Harley-Davidson – Devoted Consumers Case Study Measuring Success Currently has 23% of all U.S. bike sales and 50% of heavyweight segment. Demand above supply with waiting lists up to 2 years. Sales doubled in the past six years while earnings have tripled. 2005: 19th straight year . | Chapter Five Consumer and Business Buyer Behavior Understand the consumer market and the major factors that influence consumer buyer behavior. Identify and discuss the stages in the buyer decision process. Describe the adoption and diffusion process for new products. Define the business market and identify the major factors that influence business buyer behavior. List and define the steps in the business buying decision process. 5- Copyright 2007, Prentice Hall, Inc. Building Success Offers good bikes, upgraded showrooms and sales tactics. Research has helped to understand customers’ emotions and motivation. Consumer emotions, motivations, and lifestyle have been translated into effective advertising. Harley-Davidson – Devoted Consumers Case Study Measuring Success Currently has 23% of all U.S. bike sales and 50% of heavyweight segment. Demand above supply with waiting lists up to 2 years. Sales doubled in the past six years while earnings have tripled. 2005: 19th straight year of record sales and income. 5- Copyright 2007, Prentice Hall, Inc. Consumer Buying Behavior Refers to the buying behavior of people who buy goods and services for personal use. These people make up the consumer market. The central question for marketers is: “How do consumers respond to various marketing efforts the company might use?” 5- Copyright 2007, Prentice Hall, Inc. Model of Buying Behavior Marketing factors and other stimuli are inputs into the “buyer’s black box.” Here, stimuli are evaluated in light of the buyer decision process and the buyer’s characteristics. Buyer responses influence choice of the product, brand, vendor, as well as the timing and amount of purchase. 5- Copyright 2007, Prentice Hall, Inc. Culture Culture is the most basic cause of a person's wants and behavior. Culture is learned from family, church, school, peers, colleagues. Culture reflects basic values, perceptions, wants, and behaviors. Cultural shifts create opportunities for new products .