Concept
How do consumers, organizations, and researchers make buying decisions?
IntroductionToBusiness OP 8D04gAa / Summary of Learning Outcomes
"Buyer behavior is what consumers and businesses do in order to buy and use products. The consumer purchase decision-making process consists of the following steps: recognizing a need, seeking information, evaluating alternatives, purchasing the product, judging the purchase outcome, and engaging in post-purchase behavior. A number of factors influence the process. Cultural, social, individual, and psychological factors have an impact on consumer decision-making. The business purchase decision-making model includes the following steps: need recognition, setting specifications, information search, evaluation of alternatives against specifications, purchase, and post-purchase behavior. The main differences between consumer and business markets are purchase volume, number of customers, location of buyers, direct distribution, and rational purchase decisions. Companies learn more about their target markets by conducting marketing research—the process of planning, collecting, and analyzing data relevant to a marketing decision. Survey research is a marketing research method in which data is gathered from respondents, either in person, by telephone, by mail, at a mall, or through the internet to obtain facts, opinions, and attitudes."
Related Ideas
- How do consumers and organizations make buying decisions?IntroductionToBusiness OP 8D04gAa · Summary of Learning Outcomes
- What steps do consumers follow when making purchase decisions?IntroductionToBusiness OP 8D04gAa · 11.4. Buyer Behavior*
- How does the B2B purchase decision-making process differ from consumer purchasing?IntroductionToBusiness OP 8D04gAa · 11.4. Buyer Behavior*
- How do cultural, social, individual, and psychological factors influence consumer decisions?IntroductionToBusiness OP 8D04gAa · 11.4. Buyer Behavior*
- How do business markets differ from consumer markets?IntroductionToBusiness OP 8D04gAa · 11.5. Market Segmentation*
- How do managers create a marketing strategy?IntroductionToBusiness OP 8D04gAa · Summary of Learning Outcomes
- Why do organizations use market segmentation?IntroductionToBusiness OP 8D04gAa · 11.5. Market Segmentation*
- What is the marketing mix and how do product and market distinctions affect marketing?IntroductionToBusiness OP 8D04gAa · Summary of Learning Outcomes