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Consumer and Business Buyer Behaviour Definitions

1. The document defines key terms related to consumer behavior and business buyer behavior including opinion leaders, consumer behavior, consumer markets, motivation, culture, reference groups, subcultures, aspirational groups, social class, and perceptions. 2. It also outlines the major stages in the consumer decision process and business buying decision process including the adoption process, new task buy, modified rebuy, straight rebuy, and buying centre. 3. Major factors that influence consumer and business buyer behavior are discussed such as beliefs, learning, attitudes, social networks, and derived demand.

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Savannah Simone Petrachenko
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74 views2 pages

Consumer and Business Buyer Behaviour Definitions

1. The document defines key terms related to consumer behavior and business buyer behavior including opinion leaders, consumer behavior, consumer markets, motivation, culture, reference groups, subcultures, aspirational groups, social class, and perceptions. 2. It also outlines the major stages in the consumer decision process and business buying decision process including the adoption process, new task buy, modified rebuy, straight rebuy, and buying centre. 3. Major factors that influence consumer and business buyer behavior are discussed such as beliefs, learning, attitudes, social networks, and derived demand.

Uploaded by

Savannah Simone Petrachenko
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Chapter 6 Denitions

Describe the consumer market and the major factors that inuence buyer behaviour Opinion Leader: A person, not necessarily a celebrity, who has the ability to inuence the consumer choices of large numbers of people. Consumer Behaviour: The buyer behaviour of consumers individuals who buy goods and services for their own use or consumption. Consumer Market: All individuals in a particular geographic region who are old enough to have their own money and to choose how to spend it. Belief: A descriptive thought that a person holds about something. Motivation: A need that is sufciently pressing to direct one to seek satisfaction. Culture: The set of basic values, perceptions, wants, and behaviours learned by a member of society from family and other important institutions. Reference Group: A group you do not belong to, that serves as a point of comparison or reference in forming your attitudes and consumer choices. Subculture: A group of people with shared value systems based on common life experiences and situations. Aspirational Group: A group you hope one day to belong to. Learning: Changes in an individual's behaviour arising from experience. Social Class: A segment of society based on income, education, occupation, and standing in the community. Social Network: A virtual online community created by people using social media websites such as Myspace, Facebook, and Tumblr. Perception: The process by which people select, organize, and interpret information to form a meaningful picture of the world. Attitude: A person's relatively consistent evaluation of, and feeling toward, an object or idea. Identify and discuss the stages in the consumer buyer decision process Adoption Process: The mental process through which an individual passes from rst learning about a new product to becoming a regular user of the product.

becoming a regular user of the product. Dene the business market and identify the major factors that inuence business buyer behaviour New-Task Buy: A business buying situation in which the buyer purchases a product or service for the rst time. Business Buyer Behaviour: The buying behaviour of organizations that buy goods and services for use in the production of other products and services that are sold, rented, or supplied to others. Systems Selling: Buying a packaged solution to a problem from a single seller, thereby avoiding all the separate decisions involved in a complex buying situation. Derived Demand: Business demand that ultimately comes from (or derives from) the demand for consumer goods. Straight Rebuy: A business buying situation in which the buyer reorders something without any modications. Modied Rebuy: A business buying situation in which the buyer wants to modify product specications, prices, terms, or suppliers. Buying Centre: All the individuals and units that participate in the business buying-decision process. List and dene the steps in the business buying-decision process Value Analysis: An approach to cost reduction in which components are studied carefully to determine whether they can be redesigned, standardized, or made by less costly methods of production. e-Procurement: The process of buying (or procuring) business supplies online.

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