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Buying Dynamics of Consumers and Businesses

In this chapter, we will address the following questions:

  • 1. How do cultural, social, and personal factors influence consumer buying behavior? (Page 93)
  • 2. What major psychological processes influence consumer buying behavior? (Page 96)
  • 3. How do consumers make purchasing decisions? (Page 99)
  • 4. What is the business market, and how does it differ from the consumer market? (Page 104)
  • 5. Who participates in the business buying process, and how are buying decisions made?
  • (Page 106)
  • 6. How can companies build strong relationships with business customers? (Page 110)

Marketing Management at Cisco

At the height of the dot-com boom, Cisco Systems was briefly the most valuable company in the world, with a valuation of $500 billion. Since those heady days, Cisco has faced a number of challenges to its market leadership—but it has also taken bold steps to reinvent itself, reflecting shifts in the global marketing environment. The company prides itself on staying close to its business customers and sees its core competency as helping them get through big transitions by breaking down their corporate silos. Its CEO cites compact and efficient blade servers as a good example of how Cisco helps companies form a common technological vision, noting that Cisco’s is the only computing technology that can handle data, voice, and video. The firm spends $6 billion annually on research and development, and it generates 55 percent of its revenue and 70 percent of its growth from overseas.1

Adopting a holistic marketing orientation requires fully understanding customers, whether they’re consumers or organizational buyers. Cisco, like other smart marketers, puts a high priority on building strong loyalty relationships with its customers. It is also a buyer of goods and services, not just a seller to other businesses. This chapter looks at the buying dynamics of individual consumers and of businesses, government agencies, and institutions.

 
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