Principles of marketing: Lecture 16

Principles of marketing: Lecture 16 provide students with knowledge about: business markets and buying behavior; characteristics of business markets; market structure and demand; nature of the buying unit; types of decisions and the decision process;... Please refer to this lesson for details!

MGT301 Principles of Marketing Lecture­16 Summary of   Lecture­15 Consumer Buying Behavior Product Price Place Promotion Buyer’s decision process Product choice Brand choice Dealer choice Marketing Marketingand and Other Other Stimuli Stimuli Buyer’s Buyer’s Black Black Box Box ”what” ”what”&&“how” “how” Buyer’s Buyer’s Response Response Economic Technological Political Cultural Buyer characteristics affecting consumer behavior Purchase timing Purchase quantity Characteristics Affecting Consumer  Behavior      Cultural  Social  Personal  Psychological Buyer Decision Process Need Need Recognition Recognition Information Information Search Search Cultural, Cultural, Social, Social, Individual Individual and and Psychological Psychological Factors Factors affect affect all all steps steps Evaluation Evaluation of of Alternatives Alternatives Purchase Purchase Postpurchase Postpurchase Behavior Behavior Cultural Factors Individual Factors Social Factors Psychological Factors CONSUMER DECISIONMAKING PROCESS BUY / DON’T BUY Today’s Topics Business Markets and Buying  Behavior  What is a Business Market? The Business Market ­ all the organizations that buy goods and  services to use in the production of other products and services  that are sold, rented, or supplied to others Government Markets Governmental units­federal and provencial­that purchase or rent  goods and services for carrying out the main functions of  government.  Difference between Business Marketing  and  Consumer Market      Fewer buyers, concentrated, competitive Driven by derived demand More inelastic More professional, complex Direct purchase from producer  Long­term relationship  More leasing  More departments are involved  Users, influencers, buyers, deciders, gatekeeper Enough for today. .  Summary Business Markets and Buying Behavior  Characteristics of Business Markets Model of Business Buyer Behavior Product Marketing Marketing and and Other Other Stimuli Stimuli Economic Price Technological Place Political Promotion Cultural Organizational Influences Product or Service Choice The TheBuying Buying Organization Organization The Buying Center Buying Decision Process Buyer’s Buyer’s Response Response Interpersonal and Individual Influences Delivery Terms and Times Supplier Choice Service Terms Order Quantities Payment Business Buying Situations Involved Decision Making New New Task Task Buying Buying Modified Modified Rebuy Rebuy Straight Straight Rebuy Rebuy Major Influences on  Business Buying Environmental •Level of demand •Economic outlook •Interest rate •Rate of technological change •Political and regulatory developments •Competitive developments •Social responsibility concerns Organizational Interpersonal •Objectives •Policies •Procedures •Interests •Authority •Status •Organizational •Empathy structures •Persuasive•Systems ness Individual •Age •Income Business •Education Buyer •Job position •Personality •Risk attitudes •Culture Stages in the Business Buying Process Problem Problem Recognition Recognition General General Need Need Description Description Product Product Specification Specification Supplier Supplier Search Search Proposal Proposal Solicitation Solicitation Supplier Supplier Selection Selection Order Order Routine Routine Specification Specification Performance Performance Review Review Next… Market Segmentation MGT301 Principles of Marketing Lecture­16 ... The buying behavior? ?of? ?the organizations that buy goods and  services for use in the production? ?of? ?other products and  services or for the purpose? ?of? ?reselling or renting them to others  at profit Model? ?of? ?Business Buyer Behavior... Specification Performance Performance Review Review Next… Market Segmentation MGT301 Principles? ?of? ?Marketing Lecture? ?16 ...  Demand derived from consumers    Inelastic demand    Fluctuating demand Nature? ?of? ?the Buying Unit   More buyers    More professional purchasing effort Types? ?of? ?Decisions & the  Decision Process   More complex decisions