MKT 101 Chapter 5: Understanding Consumer and Business Buyer Behavior

• School: Westchester Community College
• Department: Marketing
• Course: MKT 101
• Professor: Phyllis Fein

Document Summary

Consumer market: all the individuals and households that buy or acquire goods and services for personal consumption. American consumer market: 320 million people, consume more than trillion. Consumer buyer behavior: the buying behavior of final consumers individuals and households that buy goods and services for personal consumption. Characteristics affecting consumer behavior: consumer purchases are influenced strongly by cultural, social, social, personal and psychological characteristics. Culture: set of basic values, perceptions, wants and behaviors learned by a member of society from family and other important institutions. Cultural shifts (discover new products that might be wanted) Subcultures: group of people with shared value systems based on common life experiences and situations (nationalities, religions, racial groups and geographic regions) Social classes: relatively permanent and ordered divisions in a society whose members share similar values, interests and behaviors. Measured as a combination of occupations, income, education and wealth. People within a given social class tend to exhibit similar buying behavior.