Podcast
Questions and Answers
Which group of consumers should an innovating firm research and target in their marketing efforts?
Which group of consumers should an innovating firm research and target in their marketing efforts?
What is the primary factor that affects the rate of adoption of a new product?
What is the primary factor that affects the rate of adoption of a new product?
What is relative advantage in the context of innovation adoption?
What is relative advantage in the context of innovation adoption?
What is the main subject of consumer buyer behaviour?
What is the main subject of consumer buyer behaviour?
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What is the primary focus of marketers in studying consumer behaviour?
What is the primary focus of marketers in studying consumer behaviour?
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What is the main challenge in studying consumer buying behaviour?
What is the main challenge in studying consumer buying behaviour?
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What do marketers use to understand consumer behaviour?
What do marketers use to understand consumer behaviour?
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What is a characteristic of consumers around the world?
What is a characteristic of consumers around the world?
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What factor influences how consumers evaluate purchase alternatives?
What factor influences how consumers evaluate purchase alternatives?
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What is the ongoing process that individuals or groups go through to select, purchase, use and dispose of goods and services?
What is the ongoing process that individuals or groups go through to select, purchase, use and dispose of goods and services?
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When making buying decisions, what do consumers sometimes rely on?
When making buying decisions, what do consumers sometimes rely on?
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What would make it easy to predict a buyer's choice?
What would make it easy to predict a buyer's choice?
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Why is it important for marketers to study buyers?
Why is it important for marketers to study buyers?
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What type of information would help marketers predict a buyer's choice?
What type of information would help marketers predict a buyer's choice?
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What do consumers typically consider when making a buying decision?
What do consumers typically consider when making a buying decision?
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What is a key difference between opinion leaders and commercial endorsers?
What is a key difference between opinion leaders and commercial endorsers?
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What is the primary goal of buzz marketing?
What is the primary goal of buzz marketing?
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What is the potential increase in effectiveness of word-of-mouth marketing efforts through brand ambassador programs?
What is the potential increase in effectiveness of word-of-mouth marketing efforts through brand ambassador programs?
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What is the primary purpose of online social networks in marketing?
What is the primary purpose of online social networks in marketing?
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What type of customers are often targeted by brand ambassador programs?
What type of customers are often targeted by brand ambassador programs?
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What is the term for online communities where people socialize or exchange information and opinions?
What is the term for online communities where people socialize or exchange information and opinions?
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What has contributed to the rapid increase in HDTV adoption?
What has contributed to the rapid increase in HDTV adoption?
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Why were early HDTVs and HD cable and satellite systems slow to be adopted?
Why were early HDTVs and HD cable and satellite systems slow to be adopted?
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What characteristic of HDTV facilitates its rapid adoption?
What characteristic of HDTV facilitates its rapid adoption?
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What type of buyer behavior is described in the business market?
What type of buyer behavior is described in the business market?
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What do business markets include?
What do business markets include?
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Why is it important for a new-product marketer to research various factors?
Why is it important for a new-product marketer to research various factors?
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Study Notes
Marketers should target Innovators
- Innovators are often the first to adopt a new product
Relative Advantage
- Relative advantage is the degree to which a new product is perceived as being better than existing alternatives
The Rate of Adoption
- The primary factor affecting the rate of adoption of a new product is relative advantage.
Consumer Buyer Behaviour
- The main subject of consumer buyer behaviour is the process individuals and groups go through to select, purchase, use, and dispose of goods and services.
The Primary Focus of Marketers
- Marketers study consumer behaviour to understand how consumers make purchase decisions.
Understanding Consumer Behaviour
- Consumer behaviour is a complex and dynamic process, and researchers use various methods to understand how consumers make decisions.
Consumers Around the World
- Consumers around the world share the same characteristics.
Evaluation of Purchase Alternatives
- Consumers evaluate purchase alternatives based on various factors, including perceived value, price, and brand image.
The Consumer Decision Process
- The consumer decision process is the ongoing process individuals and groups go through to select, purchase, use, and dispose of goods and services.
Reliance on Information
- Instead of always using a rational decision-making process, consumers sometimes rely on heuristics and intuition to make buying decisions.
Predicting a Buyer's Choice
- It's easier to predict a buyer's choice when you know things like their demographics, psychographics, and past behaviour.
The Importance of Studying Buyers
- Marketers must study buyers to develop effective marketing strategies, understand consumer needs and wants, and predict market trends.
Information for Predicting Buyer Choice
- Marketers can predict a buyer's choice by studying the buyer's demographics, psychographics, past purchasing behaviour, and exposure to marketing messages.
Considerations in a Buying Decision
- Typical considerations in a buying decision include product features, price, availability, brand reputation, and customer reviews.
Opinion Leaders vs. Commercial Endorsers
- Opinion leaders are trusted individuals who influence the opinions and behaviour of others through their knowledge, expertise, or social standing. Commercial endorsers, often celebrities or influencers, are paid to endorse products or services.
The Goal of Buzz Marketing
- Buzz marketing aims to create a buzz or excitement about a product or service by generating positive word-of-mouth marketing among target consumers.
Effectiveness of Brand Ambassador Programs
- Word-of-mouth marketing efforts through brand ambassador programs can significantly increase effectiveness by leveraging the authenticity and trust of brand ambassadors.
Online Social Networks in Marketing
- The primary purpose of online social networks in marketing is to engage with customers, build relationships, generate buzz, and promote brands and products.
Brand Ambassador Programs
- Brand ambassador programs often target customers who are passionate about the brand and actively engage in online communities.
Online Communities
- Online communities, often called online forums, boards, or groups, are online spaces where people socialize, exchange information, and share opinions.
HDTV Adoption
- The rapid increase in HDTV adoption is driven by factors including increased availability of HD content, falling prices, and the superior viewing experience compared to traditional television.
Early HDTV Adoption
- Early HDTVs and HD cable and satellite systems were slow to be adopted due to factors such as high prices, limited HD content, and the lack of a critical mass needed to justify the investment.
Characteristic Promoting Adoption
- The characteristic of HDTV that facilitates its rapid adoption is its compelling value proposition, offering a superior viewing experience with improved picture quality and definition.
Business Market Buyer Behaviour
- Business market buyer behaviour is characterized by a rational and deliberate decision-making process involving multiple stakeholders.
Business Market Definition
- Business markets include organizations, government agencies, non-profit organizations, and individuals who purchase goods and services to produce other goods and services or for resale.
The Importance of Research
- It is important for a new-product marketer to research various factors to understand consumer behaviour, market trends, competitive landscape, and regulatory environment before launching a new product. This research helps anticipate potential challenges and optimize the product's success.
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Description
Learn about the buying behavior of final consumers, including individuals and households who buy goods and services for personal consumption. Understand the process of selecting, purchasing, using, and disposing of goods and services to satisfy needs and desires.
