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Marketing Quiz Ch 6

QuestionAnswer
Business buyer behavior Buying behavior of the organizations, retailing and wholesaling firms that buy goods and services for use in production of other products and services that are sold, rented, or supplied to others.
Supplier development the systematic development of networks of supplier-partners to ensure an appropriate and dependable supply of products and materials that they will use in making their own products or resell
Straight rebuy A routine purchase decision such as reorder without any modification
Modified rebuy A purchase decision that requires some research where the buyer wants to modify the product specification, price, terms, or suppliers
New task A purchase decision that requires thorough research such as a new product
Systems selling The purchase of a packaged solution from a single seller
Two-step process of selling: Interlocking products System of production, inventory control, distribution, and other services to meet the buyer’s need for a smooth-running operation
Buying center All of the individuals and units that participate in the business decision-making process
Users Are those that will use the product or service
Influencers Help define specifications and provide information for evaluating alternatives
Buyers Have formal authority to select the supplier and arrange terms of purchase
Deciders Have formal or informal power to select and approve final suppliers
Gatekeepers Control the flow of information
General need Description describes the characteristics and quantity of the needed item
Product specification Describes the technical criteria
Value analysis An approach to cost reduction where components are studied to determine if they can be redesigned, standardized, or made with less costly methods of production
Supplier search Compiling a list of qualified suppliers
Proposal solicitation The process of requesting proposals from qualified suppliers
Supplier selection The process when the buying center creates a list of desired supplier attributes and negotiates with preferred suppliers for favorable terms and conditions
Order-routine specifications Is the final order with the chosen supplier and lists all of the specifications and terms of the purchase
Performance review Involves a critique of supplier performance to the purchase terms
Institutional markets hospitals, nursing homes, and prisons that provide goods and services to people in their care
Government markets Favor domestic suppliers and require suppliers to submit bids and normally award to the lowest bidder
Created by: murph25
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