Test 2 Flashcards
Producer markets
Individuals who purchase products to use them to make other products.
Reseller markets
Wholesalers who buy goods and resell them for a profit
Government markets
Governments that buy goods to support their internal operations
Institutional markets
Organizations with nonbusiness goals
Attributes of business customers
Demand details
Partnerships (mutually beneficial)
Concerns of B customers
Price
Quality
Service
Supplier
Methods of business buying
Description
Inspection
Sampling
Negotiation
Business purchases
New task
Straight rebuy
Modified rebuy
New task purchase
Purchase of an item to be used to perform a new job or solve a problem
Straight rebuy purchase
Buy products continuously for the same price
Modified rebuy purchase
New task purchase is altered after two or theee orders
Ex (lower prices, different quality)
Demand for business products
Derived
Inelastic
Joint
Fluctuating
Derived demand
Demand to business products derived from demand for consumer products
Inelastic demand
Price increase or decrease doesn’t alter demand. There are no ready substitutes
Joint demand
Two or more items combined to produce a product (patron example)
Stages of business buying decisions
Problem Product specifications to solve problem Search products/suppliers Select products/supplies Evaluate
Value analysis
Evaluation of each component of a potential purchase
Influences on business buying decision process
Environmental
Organizational
Interpersonal
Individual
Environmental forces in the global market
Sociocultural Economic forces Political legal Ethical responsibility Competition Technology
