Ch. 6 Summary.docx - Ch 6 – Consumer Markets and Consumer Buying Behavior In today’s marketplace the hospitality industry has become very

Ch. 6 Summary.docx - Ch 6 – Consumer Markets and Consumer...

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Ch. 6 – Consumer Markets and Consumer Buying Behavior In today’s marketplace, the hospitality industry has become very competitive with many different kinds of hotels and restaurants. These companies strive to appeal to their consumers and differentiate themselves from their potential competitors. In order for these companies to win over their consumers, they invest in research to see what their customers want to buy, which locations they prefer, which amenities are important to them, how they buy, and why they buy. Companies need to understand how their consumers react to different marketing stimuli, product features, prices, and advertising in order to gain advantage over their competitors. From this, marketing researchers are constantly studying the relationship between marketing stimuli and how consumers respond to it. To determine this, researchers refer to the model of buyer behavior. The model of buyer behavior starts off with marketing stimuli (product, price, place, promotion) and other stimuli (economic, technological, political, cultural). A buyer’s characteristics influence how he/she perceives and acts to the different types of stimuli. From that, they enter the consumer’s “black box” which produces certain consumer responses. In a consumer’s “black box”, it consists of buyer characteristics which then could lead to the buyer’s decision process. From the consumer’s “black box” enters the buyer’s responses which determines product choice, brand choice, dealer choice, purchase timing, and purchase amount. The model of buyer behavior is important for marketers to determine the potential of what is in the buyer’s black box. They must understand how the stimuli are changed into the possible consumer’s responses from their “black box”. Overall, marketers need to analyze buyer characteristics that affect the buying behavior in order to examine the buyer decision process.
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