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Learning: changes in an individual’s behaviour arising from experienceOccurs through the interplay of drives, stimuli, cues, responses and reinforcementBelief and attitudesBelief: a descriptive thought that a person holds about somethingAttitude: a person’s relatively consistent evaluations feelings and tendencies toward an object or ideaLO2: Identify and discuss the stags in the buyer decision processLO3: Describe the adoption and diffusion process for new productsAdoption process: the mental process through which an individual passes from first learning about an innovation to final adoption (decision to become a regular user of the product)oStages:AwarenessInterestEvaluationTrialAdoption
Individual differences in innovativenessoInnovatorsoEarly adopters: opinion leaders in their communitiesoEarly mainstream adopters: deliberate – adopt new ideas before the average personoLate mainstream adopters: skeptical – adopt an innovation only after a majority of people have tried itoLagging adapters: tradition boundInfluence of product characteristics on rate of adoptiono5 characteristics are especially important in influencing an innovation’s rate of adoption:Relative advantageCompatibilityComplexityDivisibilityCommunicabilityLO4: Define the business market and identify the major factors that influence business buyer behaviourBusiness buyer behaviour: the buying behaviour of the organizations that buy goods and servicesfor use in the production of other products and services that are sold, rented, or supplied to othersoBusiness buying process: business buyers determine which products and services their organizations need to purchase and then find, evaluate, and choose among alternative suppliers and brandsBusiness marketsoMain differences between business and consumer markets:Market structure and demandFar fewer but far lager buyersBusiness demand is a derived demand – ultimately derives from the demand for consumer goodsInelastic and more fluctuating demandNature of the buying unitPurchase involves more decision participants and a more professional purchasing effortTypes of decisions and the decision process involvedMore complex buying decisionsProcess tends to be longer and more formalizedBuyer and seller are more dependent on each otherBusiness buyer behaviour
Major types of buying situationsoStraight rebuy: the buyer reorders something without any modificationsoModified rebuy: buyer wants to modify product specifications, prices, terms, or suppliersoNew task: the buyer purchases a product or service for the first timeoSystems selling: buying a packaged solution to a problem from a single seller, thus avoiding all the separate decisions involved in a complex buying situationParticipants in the business buying processoBuying centre: all the individual units that play a role in the purchase decision-making processMajor influences on business buyers
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Marketing, A. Companies, Stags, Gain Customer Insights, o Services