1. Consumer and Business Marketing

2.  The consumer market is the segment of the overall market that consist of individuals who buy goods and services for personal consumption.  Consumers tend to go through 5 steps with every product or service they buy known as Consumer Decision Steps.

3.  1. Recognize a need  2. Search for a need  3. Evaluate the alternatives  4. Make the purchase  5. Experience Post-purchase reaction

4.  New products are referred to as innovations.  The consumers willingness to accept an innovation is known as adoption.  There are five steps to the adoption process that a consumer goes through:  Awareness  Interest  Evaluation  Trial  Adoption

5.  The business market is all the producers of goods and services that sell to other producers who, in turn, sell, rent, or supply goods and services to customers.  Structure:  In the Business Market there are fewer buyers and for the most part the buyers are larger business or companies that in turn sell products to millions of retail consumers.  Demand:  Demand is mainly determined by consumer wants and needs, consumer demand is what leads to business demand for products and this is known as derived demand.

6.  Similar to consumer buying decisions business buying also goes through 5 decision steps.  1. Recognize a problem or a need  2. Specify the product or service and search for a supplier  3. Receive proposals and select the supplier  4. Write the order  5. Review the transaction

7.  Consider who you are selling to.  Do you sell directly to the consumer? If so then you are involved in retail sales.  Do you sell to another business that sells to the consumer? If so then you are involved in the wholesale market.  Once you know who your customer base is then you must decide how you will market your product to the buyer.  Advertise  Sales Pitch  Customer Satisfaction

8.  On a sheet of paper name a product or service with which you are familiar.  Analyze its rate of adoption by consumers.  Describe which product/service characteristics have contributed to its adoption.

9.  On the same sheet of paper  Page 197 answer questions 1-8 in complete sentences  Page 197-198 match the correct term to the definition, write the letter, term and the definition.