Identify the major steps in the consumer buying decision process and the sets of factors that may influence this process.

Identify the major steps in the consumer buying decision process and the sets of factors that may influence this process.

Buying behavior consists of the decisions and actions of people involved in buying and using products.

Consumer buying behavior refers to the purchase of products for personal or household use.

Organizational buying behavior is the purchase of products by producers, re sellers, governments, and institutions.

Understanding buying behavior helps marketers predict how buyers will respond to marketing strategies.

The consumer buying decision process consists of five steps: recognizing the problem, searching for information, evaluating alternatives, purchasing, and post-purchase evaluation.

Factors affecting the consumer buying decision process fall into three categories: situation influences, psychological influences, and social influences.

Distinguish between a marketing information system and marketing research.

Distinguish between a marketing information system and marketing research.

Strategies are monitored and evaluated through marketing research and marketing information systems, which store and process internal and external data and produce reports in a form that aids marketing decision making.

A marketing information system manages marketing information that is gathered continually from internal and external sources.

Marketing research is the process of systematically gathering, recording, and analyzing data concerning a particular marketing problem.

Technology is making information for marketing decisions more accessible. Electronic communication tools can be very useful for accumulating accurate and affordable information. Information technologies that are changing the way marketers obtain and use information are databases, online information services, and the Internet.

Many companies are using social media to obtain research data and feedback from customers.

Describe how market measurement and sales forecasting are used.

Describe how market measurement and sales forecasting are used.

Market measurement and sales forecasting are used to estimate sales potential and predict product sales in specific market segments.

Explain how the marketing environment affects strategic market planning.

Explain how the marketing environment affects strategic market planning.

To achieve a firm's marketing objectives, marketing-mix strategies must begin with an assessment of the marketing environment, which, in turn, influences decisions about marketing-mix ingredients. Marketing activities are affected by the external forces that make up the marketing environment.


These forces include economic, socio-cultural, political, competitive, legal and regulatory, and technological forces.


Economic forces affect customers' ability and willingness to buy. Socio-cultural forces are societal and cultural factors, such as attitudes, beliefs, and lifestyles, that affect customers' buying choices. Political forces and legal and regulatory forces influence marketing planning through laws that protect consumers and regulate competition.

Competitive forces involve the actions of competitors. Technological forces can create new marketing opportunities or cause a product to become obsolete.

Understand the meaning of marketing and the importance of management of customer relationships.

Understand the meaning of marketing and the importance of management of customer relationships.

Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. Maintaining positive relationships with customers is crucial.

Relationship marketing is establishing long-term, mutually satisfying buyer-seller relationships.

Customer relationship management uses information about customers to create marketing strategies that develop and sustain desirable customer relationships.

Managing customer relationships requires identifying patterns of buying behavior and focusing on the most profitable customers.

Customer lifetime value (CLV) is a combination of purchase frequency, average value of purchases, and brand-switching patterns over the entire span of a customer's relationship with the company.

Contemporary Views on Motivation: Goal-Setting Theory

Contemporary Views on Motivation: Goal-Setting Theory

Employees are motivated to achieve goals they and their managers establish together.

Goals should be very specific, moderately difficult, and ones that the employee will be committed to achieve.

Rewards should be tied directly to goals achievement.

1. Contemporary Views on Motivation: Equity Theory
2. Contemporary Views on Motivation: Expectancy Theory (Victor Vroom)