Chapter Seven Flashcards
Business Marketing (industrial, B-to-B, B2B)
the marketing of goods and services to individuals and organizations for purposes other than personal consumption
Business Product (industrial product)
a product used to manufacture other goods or services, to facilitate an organization’s operations, or to resell to other customers
Business Services
expense items that do not become part of a final product
Consumer Product
a product bought to satisfy an individual’s personal wants or needs
Derived Demand
the demand for business products
North American Industry Classification System (NAICS)
a detailed numbering system developed by the United States, Canada, and Mexico to classify North American business establishments by their main production processes
Original Equipment Manufacturers (OEMs)
individuals and organizations that buy business goods and incorporate them into the products they produce for eventual sale to other producers or to consumers
Reciprocity
a practice whereby business purchasers choose to buy from their own customers
