taking action companies can often overcome seemingly uncontrollable

Taking action companies can often overcome seemingly

This preview shows page 10 - 12 out of 20 pages.

taking action, companies can often overcome seemingly uncontrollable environmental events. Marketing management cannot always control environmental forces. In many cases, it must settle for simply watching and reacting to the environment. For example, a company would have little success trying to influence geographic population shifts, the economic environment, or major cultural values. But whenever possible, smart marketing managers will take a proactive rather than reactive approach to the marketing environment. Chapter 5 Overview The marketing process starts with the understanding of customer needs and wants. The basic idea is that if firms are able to know what consumers really want, it becomes easier to satisfy them, to create long and lasting relationships with them, and consequently, to generate profits. This lesson offers you the tools to explore consumer and business behaviour. From the consumer market side, it is important to know how individuals who buy goods and services for personal consumption make decisions and process information about products. How do they use and dispose of products? How do people perceive, learn from, remember, forget, and interact with information about products? Why do some people ride Harley- Davidson motorcycles, while others prefer Volvo sedans? The business market includes all the organizations that buy goods and services for use in
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producing other products and services. Participants in the business market then sell, rent, or supply these products to others. There are significant differences in the ways businesses and consumers buy goods and services. This lesson will highlight these differences. Many terms in this lesson come from the field of psychology. The field of consumer behaviour is rich and complex. This material is challenging because there are few absolutes when one is dealing with human beings. Nonetheless, learning how and why consumers act the way they do is vital for those in the field of marketing. If you are interested in this subject and want to learn more, you might consider taking MKTG 406: Consumer Behaviour . Readings Read Chapter 6 of the textbook. Read the Notes in this online Study Guide . As you read, keep in mind the learning objectives for this lesson. Learning Objectives After completing this lesson, you will be able to 1. define consumer market, and create a simple consumer buyer behaviour model. (textbook, pp. 198–199) 2. describe the four factors that influence consumer behaviour. (textbook, pp. 199–212) 3. describe the five steps of the buyer decision process. (textbook, pp. 212–215) 4. outline the stages in the adoption process, and discuss the influence of individual differences and product characteristics on new product adoption. (textbook, pp. 215– 218) 5. define business market, and explain how these markets differ from consumer markets. (textbook, pp. 218–221) 6. describe three major types of buying situations. (textbook, pp. 221–222) 7. list the participants in the business buying process. (textbook, p. 222) 8. discuss the four major influences on business buyers. (textbook, pp. 222–223)
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