CLEP Principles of Marketing Study Notes

3 influencers usually technical personnel such as

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3. Influencers - usually technical personnel, such as engineers, who help develop the specifications and evaluate alternative products. When the products being considered involve new, advanced technology , technical personnel are especially important influencers. 4. Gatekeepers - people such as secretaries and technical personnel who control the flow of purchase-related information within the organization. Control the flow of information. 5. Deciders - people in an organization who make the buying decision, actually choosing the products and vendors . Make the final purchase decision. Buying Center - group of people within an organization who are involved in making organizational purchase decisions, and includes five categories of people: users, influencers, buyers, deciders, and gatekeepers. All the people who participate in or influence the buying decision-making process. PART III Consumer products - purchased by individuals for final consumption. Consumer goods can be broken down further categories (involving different levels of involvement) into: 1. Convenience Goods - which are purchased routinely using low-involvement decision-making. Products which are routine and low-risk, and entail a low level of involvement from the consumer. 2. Shopping Goods - require high-involvement decision making; buyers typically spend time to compare stores and brands with respect to prices, product features, qualities, etc. they may be expensive , high-risk, or personally important to the buyer. 3. Specialty product types - Characterized by strong brand loyalty ; buyers know exactly what they want and will not accept a substitute. Buyers are willing to expend considerable effort, often as much as it takes, to find and purchase their brand. Examples of specialty products are Ferrari cars, Picasso paintings, etc.. Industrial products ( aka: business products) - purchased for resale , operational needs, or for use in further production. Are one of the two classifications of products- the other type are consumer products, which are purchased by consumers for final consumption. Unsought products - category of goods for which consumers don't typically think of buying; aggressive selling is required to obtain a sale that otherwise would not take place. Either bought in response to an emergency or as a result of aggressive selling. There is no demand for these products. Examples are life insurance and cemetery plots. Industrial (business) goods can be broken down into 6 categories:
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1. Raw materials - basic materials that actually become part of a physical product. Include minerals , chemicals, materials from forests and oceans, etc. They are usually bought in large quantities, and the buying decision process is pretty simple. 2. Component Materials (aka: Fabricated Parts) - become a part of the physical product and are either finished items ready for assembly or products that need little processing before assembly. Can usually be easily identified and distinguished as a part of the finished product. Examples are spark plugs and tires on an automobile.
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