Consumer and Business Marketing 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. 1. Recognize a need 2. Search for a need 3. Evaluate the alternatives 4. Make the purchase 5. Experience Post-purchase reaction 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 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. 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 Consider Do you sell directly to the consumer? who you are selling to. 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 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. 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.