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Acct. Vocab ch 6
midterm 2
Question | Answer |
---|---|
straight rebuy | a business buying situation in which the buyer routinely reorders something without any modifications |
modified rebuy | a business buying situation in whioch the buyer wants to modify product specifications, prices, terms or suppliers |
new task | a business buying situation in which the buyer purchases a product or service for the first time |
system selling | selling a packaged solution to a problem without all the seperate decisions involved |
buying centre | all the individuals and units that play a role in the business purchase decision-making process |
users | members of the organization who will use the product or service |
influencer | a person whose views or advice carry some weight in the making of a final buying decision |
buyer | the person who makes an actual purchase |
deciders | people in the organization's buying centre who have formal or informal powers to select/ approve the final suppliers |
gatekeepers | people in the organization's buying centre who control the flow of information to others |
problem recognition | the 1st stage in process in which someone in the company recognises a problem or need that can be met by acquiring a good or service |
general need description | the stage in the business buying process in which the company describes the general characteristics and quantity of a needed item |
product specification | the stage in which the buying organization decides on and specifies the best technical product chracteristics for a needed item |
value analysis | an approach to cost reduction in which components are studied carefully to determine whether they can be redesigned, standerdized, or made by less costly methods of production |
supplier search | the stage of the business buying process in wich the buyer tries to find the best vendors |
proposal solicitation | the stage of the business buying process in which the buyer invites qualifies suppliers to submit proposals |
suppliers selection | the stage in which the buyer reviews and selects a supplier |
order-routine specifications | the stage in which the buyer writes the final order with the chosen supplier, listing the technical specifications, quantity needed, expected time of delivery, return policies and warranties |
performance review | stage in which the buyer rates its satisfaction |
institutional market | schools, hospitals, nursing homes, prisons, and other institutions that provide goods and services to people in their care |
government market | governments units-national and local that purchase or rent goods and services for carrying out the main functions of government |