Consumer Behavior Terms and Definitions, Quizzes of Introduction to Business Management

Download Consumer Behavior Terms and Definitions and more Quizzes Introduction to Business Management in PDF only on Docsity! TERM 1 Consumer Buying Behavior DEFINITION 1 the buying behavior of final consumers-individuals and households that buy goods and services for personal consumption TERM 2 Consumer Market DEFINITION 2 all the individuals and households that buy or acquire goods and services for personal consumption TERM 3 Culture DEFINITION 3 the set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions TERM 4 Subculture DEFINITION 4 a group of people with shared value systems based on common life experiences and situations TERM 5 Social Class DEFINITION 5 relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors TERM 6 Group DEFINITION 6 two or more people who interact to accomplish individual or mutual goals TERM 7 Word of mouth Influence DEFINITION 7 the impact of the personal words and recommendations of trusted friends, associates, and other consumers on buying behavior TERM 8 Opinion Leader DEFINITION 8 a person within a reference group who, because of special skills, knowledge, personality, or other characteristics, exerts social influence on others TERM 9 Online Social Networks DEFINITION 9 online social communities-blogs, social networking Web sites, and other online communities-where people socialize or exchange information and opinions. TERM 10 Lifestyle DEFINITION 10 a person's pattern of living as expressed in his or her activites, interests, and opinions TERM 21 Business Buying Behavior DEFINITION 21 the decision process by which business buyers determine which products and services their organization need to purchase and then find, evaluate, and choose among alternative suppliers and brands TERM 22 Derived Demand DEFINITION 22 the business demand for products and services that ultimately derives from the demand for consumer goods TERM 23 Supplier Development DEFINITION 23 systematic development of networks of supplier-partners to ensure an appropriate and dependable supply of products and materials exists for use in making products or reselling them to others TERM 24 Straight Rebuy DEFINITION 24 a business buying situation in which the buyer routinely reorders something without modifications TERM 25 Modified Rebuy DEFINITION 25 a business buying situation in which the buyer wants to modify product specifications, prices,terms, or suppliers TERM 26 New Task DEFINITION 26 a business buying situation in which the buyer purchases a product or service for the first time TERM 27 Systems Selling (Solutions Selling) DEFINITION 27 buying a packaged solution to a problem from a single seller, thus avoiding all the separate decisions involved in a complex buying situation TERM 28 Buying Center DEFINITION 28 all the individuals and units that play a role in the purchase decision-making process TERM 29 Product Value Analysis DEFINITION 29 carefully analyzing a product's or service's components to determine if they can be redesigned and made more effectively and efficiently to provide greater value TERM 30 E-Procurement DEFINITION 30 purchasing performed through electronic connections between buyers and sellers-usually online