Marketing

Group 2: I. ELEMENTS OF MARKETING 1. MARKETS a. CONSUMER MARKET- consists of all the individuals and households who buy or acquire goods and services for personal consumption. * CONSUMERS- The consumer market consists of all the individuals and households who buy or acquire goods and services for personal consumption.
FACTORS INFLUENCING CONSUMER BEHAVIOR * Cultural * Social * Personal * Psychological
TYPES OF BUYING BEHAVIOR * Complex buying behaviour -Consumer buying behaviour in situations characterize by high consumer involvement in a purchase and significant perceived differences among brands. * Dissonance-reducing buying behaviour-Consumer buying behaviour in situations characterize by high involvement but few perceived differences among brands. * Habitual buying behaviour - Consumer buying behaviour in situations characterized by low-consumer involvement and few significantly perceived brand differences. * Variety-seeking buying behaviour - Consumer buying behaviour in situations characterized by low consumer involvement but significant perceived brand differences.
THE BUYER DECISION PROCESS
Five stages: * * Need recognition * information search * evaluation of alternatives * purchase decision * postpurchase behaviour.

THE BUYER DECISION PROCESS FOR NEW PRODUCTS * Stage in the adoption process * Individual differences in innovativeness * Influence of product characteristics on rate of adoption
b. BUSINESS MARKET -consists of all the organisations that buy goods and services to use in the production of other products and services that are sold, rented or supplied to others.
CHARACTERISTICS OF BUSINESS MARKETS * Market structure and demand * Nature of the buying unit * Types of decisions and the decision process
BUSINESS BUYER BEHAVIOR- Business buyers make decisions that vary with the three types of buying situations: straight rebuys,