marketing (1).docx

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CHAPTER 5 Five adopter categories 1. Innovators: venturesome people and risktakers who are very first users a. 2.5% of target market 2. Early adopters: prestige oriented opinion leaders a. 13.5% of market 3. Early majority: leading segment of the mass market a. 34% of market 4. Late majority: followers of the early majority a. 36% of market 5. laggards: conservative price councious segment a. 14% of market Consumer buyer behavior: the buying behavior of final consumers o Individuals and households that buy goods and services for personal consumption Consumer market : ^ made up of consumer buyers Marketing stimuli consists of the 4 P’s o Product, price, place, promotion o Other stimuli in clude major forces and events in the buyers environment: Economic, technological, social cultural Marketers want to understand how stimuli change into responses inside consumer black box (thought process) o The buyers characteristics influences how he or she perceives and reacts to the stimuli o The buyers decision process itself affects his/her behavior Characteristics affecting consumer behavior a. Cultural factors i. Buyers culture : set of basic values, perceptions, wants and behaviors learned from family/school/important institutions 1. Culture may vary from county/country to county/country 2. Marketers try to spot cultural shifts to discover new products that might be wanted ii. Subculture : group of people with shared value systems based on common life experiences/situations 1. Nationalities, Religions, race, geographic regions 2. Cross cultural marketing: including ethnic themes and cross cultural perspectives within their mainstream marketing a. Appeals to consumer similarities across subcultures rather than differences iii. Social class: divisions in society whose members share similar values, interests, behaviors 1. Occupation, wealth, education, income b. Social factors i. Groups/social networks 1. Membership groups: have a direct influence and to which a person belongs
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2. Reference groups: indirect/direct points of comparison in forming a persons attitudes/behaviors a. Aspirational groups: athletes b. Opinion leaders: people within a reference group who have special skills, knowledge, characteristics, influence others i. Buzz marketing: enlisting or even creating opinion leaders to serve as brand ambassadors c. Online social networks: communities ii. Family: most important consumer buying organization in society iii. Roles and status: family, clubs, organizations, online communities position can be determined by status and role 1. A working mother’s role for example c. Personal factors i. Age and lifecycle stage ii. Occupation iii. Economic situation iv. Lifestyle 1. A persons pattern of living as expressed in his or her psychographics a. Measures consumers activities, interests, opinions b. Captures a whole pattern of acting and interacting with the world c. Consumers buy the value/lifestyle those products represent v. Personality and self concept 1. Unique psychological characteristics that distinguish a person
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