Understand Consumer And Business Market

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•Consumerbehavior

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the process individuals or groups go through to select, purchase, use and dispose of products in order to satisfy their wants and needs

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involvement

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the amount of time and effort a buyer invests in the search, evaluation, and decision processes of consumer behavior

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perceived risk

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the belief that choice of a product has potentially negative consequences, whether financial, physical or social.

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sensory marketing

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marketing techniques that link distinct sensory experiences such as a unique fragrance with a product or service

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sensory branding

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the use of distinct sensory experiences not only to appeal to customers but also to enhance their brand

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time poverty

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consumers' belief that they are more pressed for time than ever before

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culture

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the values, belief, customs, and tastes a group of people values

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subculture

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a group within a society whose members share a distinctive set of beliefs, characteristics or common experiences

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microcultures

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groups of consumers who identify with a specific activity or art form

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consumerism

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a social movement that attempts to protect consumers from harmful business practices

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social class

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a group of people in a society who are considered nearly equal in status or community esteem, who regularly socialize among themselves both formally and informally, and who share behavioral norms

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status symbols

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visible markers that provide a way for people to flaunt their membership in higher social classes

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mass class

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the hundreds of millions of global consumers who now enjoy a level of purchasing power that's sufficient to let them afford high quality products

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reference group

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a group in society that influences an individual's purchasing behavior

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opinion leader

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an individual who influences the opinions of others

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gender roles

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society's expectation regarding the appropriate attitudes, behaviors. and appearance for men and women

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business-to-business (B2B) markets

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The group of customers that include manufacturers, wholesalers, retailers, and other organizations

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organizational markets

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Another name for B2B markets

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Derived demand

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Demand for business or organizational products caused by demand for consumer goods or services

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Inelastic demand

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Demand in which changes in price have little or no effect on the amount demande

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Joint demand

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Demand for two or more goods that are used together to create a product

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Producers

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The individuals or organizations that purchase products for use in the production of other goods and services

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Resellers

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The individuals or organizations that buy finished goods for the purpose of reselling, renting, or leasing to others to make a profit and to maintain their business operations

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Government markets

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The federal, state, county, and local governments that buy goods and services to carry out public objectives and to support their operations

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North American Industry Classsification System (NAICS)

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The numerical coding system that the US, Canada, and Mexico use to classify firms into detailed categories according to their business activities.

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Buyclass

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One of three classifications of business buying situations that characterizes the degree of time and effort required to make a decision.

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Straight rebuy

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A buying situation in which business buyers make routine purchases that require minimal decision making.

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Modified rebuy

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A buying situation classification used by business buyers to categorize a previously made purchase that involves some change and that requires limited decision making.

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New-task buy

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A new business-to-business purchase that is complex or risky and that requires extensive decision making.

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Buying center

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The group of people in an organization who participate in a purchasing decision.

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Product specification

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A written description of the quality, size, weight, and other details required of a product purchase.

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Customer reference program

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A formalized process by which customers formally share success stories and actively recommend products to other potential clients, usually facilitated through an on-line community.

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Single sourcing

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The business practice of buying a particular product from only one supplier

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Multiple sourcing

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The business practice of buying a particular product from several different suppliers.

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Reciprocity

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A trading partnership in which two firms agree to buy from one another.

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Outsourcing

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The business buying process of obtaining outside vendors to provide goods or services that otherwise might be supplied in-house

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Offshoring

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A process by which companies contract with companies or individuals in remote places like China or India to perform work they used to do at home.

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Crowdsourcing

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A practice in which firms outsource marketing activities (such as selecting an ad) to a community of users

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Reverse marketing

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A business practice in which a buyer firm attempts to identify suppliers who will produce products according to the buyer firm's specifications

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Business-to-business (B2B) e-commerce

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On-line exchanges between companies and individual consumers

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Intranet

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An internal corporate communication network that uses internet technology to link company departments, employees, and databases

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Extranet

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A private, corporate computer network that links company departments, employees, and databases to suppliers, customers, and others outside the organization.

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Malware

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Software designed specifically to damage or disrupt computer systems

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Firewall

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A combination of hardware and software that ensures that only authorized individuals gain entry into a computer system

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Encryption

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The process of scrambling a message so that only another individual (or computer) with the right "key" can unscramble it.