Module7 - Consumer and Business Buying Behavior...

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Consumer and Business Buying Behavior Introduction This module will look at general consumer buying behavior and explore the factors which influence that behavior. We'll also look at the buying process for both consumers and businesses. This module also includes the Midterm Exam, which will cover the content discussed in Modules 1-7. Be sure to read the entire module before taking the exam. Student Outcomes Identify and understand some of the key factors that influence general consumer buying behavior. Learn the basic steps involved in consumer and business buying decisions. Assignments Assignment 7.1: Pre-Exam Research
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Factors Influencing Consumer Buying Behavior Consumers are the final individual and household buyers of products and services. As a collective whole, all final consumers combined make up the general consumer market. For years, marketers have studied the broad consumer market in order to attempt to understand the reasons behind what consumers buy, why they buy those things, and where, when, and in what ways they make their purchases. Understanding the elements that influence buying behavior can significantly help marketers be more effective in increasing and sustaining optimal product sales. So what does impact consumer buying? Well, lots of things. Let's take a look at some of the major factors that influence consumer purchasing. Culture and Subculture Defined by dictionary.com as "the behaviors and beliefs characteristic of a particular social, ethnic, or age group", culture is one of the most fundamental factors influencing a person's wants and needs. That seems pretty natural, given that we are surrounded by culture and cultural influences. We grow up within our respective societies, and from within those societies and within our families we gain our basic values, perceptions, expectations, and material wants. All those beliefs and values have a direct impact on our purchase decisions. Every society has its own culture. The wants, needs, and buying behaviors of each culture may be very different from those of other cultures. Marketers need to understand the cultural factors which may influence their target markets and need to be able to spot cultural shifts to seize upcoming opportunities. Related to culture are subcultures. Subcultures are groups of people who share specific value systems based on their common life experiences and situations. Examples of subcultures include nationalities, religions, and racial groups. Many of these subcultures, particularly prominent groups like Hispanic, African-American, Asian-American, and mature (that is, older) consumers, are important market segments targeted by marketers with customized marketing programs and communications. Social Class, Status, and Roles
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This note was uploaded on 12/07/2011 for the course ADV 112 taught by Professor Kellyburke during the Fall '10 term at Academy of Art University.

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Module7 - Consumer and Business Buying Behavior...

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