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.