Chat with AIExam 5: Understanding Consumer and Business Buyer Behavior
________ are tradition-bound, suspicious of changes, and adopt an innovation only when it has become something of a tradition itself.
(25) 
VerifiedD
________ is the degree to which an innovation may be tried on a limited basis.
(35) VerifiedA
Explain the concepts of word-of-mouth influence, opinion leaders, and buzz marketing.
(34) VerifiedWord-of-mouth influence can have a powerful impact on consumer buying behavior. The personal words and recommendations of trusted friends, associates, and other consumers tend to be more credible than those coming from commercial sources. Most word-of-mouth influence happens naturally: Consumers start chatting about a brand they use or feel strongly about one way or the other. Often, however, rather than leaving it to chance, marketers can help to create positive conversations about their brands. Marketers of brands subjected to strong group influence must figure out how to reach opinion leaders - people within a reference group who, because of special skills, knowledge, personality, or other characteristics, exert social influence on others. Marketers try to identify opinion leaders for their products and direct marketing efforts toward them. Buzz marketing involves enlisting or even creating opinion leaders to serve as "brand ambassadors" who spread the word about a company's products. For example, Mercedes-Benz wanted get more people talking about its all-new, soon-to-be-launched 2014 CLA model, priced at $29,900 and aimed at getting a new generation of younger consumers into the Mercedes brand. So it challenged five of Instagram's most influential photographers - everyday Gen Y consumers whose stunning imagery had earned them hundreds of thousands of fans -- to each spend five days behind the wheel of a CLA, documenting their journeys in photos shared via Instagram. The photographer who got the most "likes" got to keep the CLA. The short campaign really got people buzzing about the car, earning 87 million social media impressions and more than 2 million likes. Ninety percent of the social conversation was positive. And when Mercedes launched the CLA the following month, it broke sales records. Many companies now create brand ambassador programs in an attempt to turn influential but everyday customers into brand evangelists.
________ are the most affluent and brand conscious demographic segment in the United States.
(33) GenX, a manufacturer of sport motorcycles, is seeking a new supplier of motorcycle headlamps and brake lights. After searching trade directories, GenX invites five different suppliers to make formal presentations about how their solutions can create greater value for GenX than competing solutions. GenX is currently in the ________ stage of the business buying decision process.
(23) ________ is the degree to which an innovation fits the values and experiences of potential consumers.
(32) GE operates a company trading site where it posts purchasing needs, invites bids, negotiates terms, and places orders. This is an example of a(n)________.
(43) Simone bought two bottles of wine from two vineyards in Bordeaux. When asked for an opinion on the quality of the wines, she later mentioned that the Pontet Canet tasted like alcoholic grape juice, but the Chateau Margaux had a crisp taste that she really enjoyed. Which of the following stages of the buyer decision process do Simone's remarks reflect?
(37) What are personality traits, and how do they affect purchase behavior? Explain with an example.
(32) Identify the product characteristics that influence the rate of adoption of a product. Explain how each characteristic affects the rate of adoption.
(33) Hallmark's classic "When you care enough to send the very best" slogan appeals to which need category in Maslow's hierarchy?
(30) When Goodyear sells replacement tires to final consumers, its potential market includes millions of car owners around the world. But its fate in business markets depends on getting orders from only a handful of large automakers. This represents the difference in ________ between business and consumer markets.
(31) Early mainstream adopters are venturesome and typically try new ideas at some risk.
(33) ________ are people within a reference group who, because of special skills, knowledge, personality, or other characteristics, exert social influence on others.
(38) In which of the following stages of the adoption process does a consumer consider whether trying a new product makes sense?
(34) When marketers want to promote their products and services through word-of-mouth marketing programs, they typically begin by ________.
(27) When a consumer learns about a new product for the first time and makes a decision to try it, the consumer is engaged in the evaluation of alternatives process.
(28) A baby boomer decides to purchase a BMW to impress others with her success. This illustrates the importance of understanding the role of ________ in the marketing process.
(34) Explain why business demand is considered a derived demand. Provide an example.
(32) Which of the following is most likely the final stage of the business buying decision process?
(37) 
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