1. Describe some of the personal and psychological factors that may influence what consumers buy and when they buy it. Ch. 3
2. Identify the ways in which business-to-business (B2B) markets differ from business-to-consumer (B2C) markets. Ch. 4
THIS WEEKS LESSON TOPICS BELOW:
This lesson discusses the various factors that affect customers buying behaviors. We will look at the similarities and differences in how consumers behave in business-to-customer (B2C) and business-to-business (B2B) marketing. In B2C markets, customers are individual end-users, and in B2B markets customers are other businesses, institutions and governments. These customers have different buying processes in which they have different motivations and methods of gathering information and making decisions. B2C and B2B consumer behaviors are influenced by different things. Organizations figure out which customers will make the best customers by segmenting the market according to how and why people or businesses make the purchasing decision. Once the company has selected the best segment, they tailor their products, services and marketing strategies to target that specific segment or market.
Topics to be covered include:
Consumer behavior: how people make buying decisions
Business buying behavior: how businesses make buying decisions
Market segmentation and market opportunities