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10 Cards in this Set

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  • Back
Market
Group of individuals or organizations that have needs in a product class and have the ability, willingness and authority to purchase these products
Consumer Market
Buyers who intend to benefit from or consume the purchased product with no intention to amke a profit
Business Market
Buyers who intend to buy the product not for the purpose of using, but to make a profit or achieve objectives
Types of consumer problem solving
Routinized response beahvior
Limited Problem Solving
Extended Problem Solving
Impulse Buying
Routinized Response Behavior
Used for low priced, frequently bought products. Requires very little search and decision effort
Limited Problem Solving
Used for occasionally purchased products. Requires moderate amount of time for info gathering.
Extended Problem Solving
Used for unfamiliar, expensive or infrequently purchased products
Consumer Buying Decision Process
Problem Recognition
Information Search
Evaluation of Alternatives
Purchase
Post Purchase Evaluation
Cognitive dissonance
buyer's doubts shortly after a purchase about whether it was the right decision
Factors Influencing the Buying Decision Process
Demographic
Psychographic
Social
Situation