| Question |
Answer |
| business to business marketing |
the marketing of goods and services that businesses and other organizations buy for purposes other than personal consumption |
| organizational markets |
aka business to business markets - the group of customers that include manufacturers, wholesalers, retailers, and other organizations |
| characteristics of business markets |
multiple buyers, number of customers, size of purchases, geographic concentration |
| derived demand |
demand for business or organizational products caused by demand for consumer goods or services |
| inelastic demand |
demand in which changes in price have little or no effect on the amount demanded |
| fluctuating demand |
caused by change in demand, a products life expectancy, economy changes, etc |
| joint demand |
demand of two or more goods that are used together to create a product |
| types of business-to-business markets |
producers, resellers, government and not-for-profit organizations |
| producers |
the individuals or organizations that purchase products for use in the production of other goods and services that they, in turn sell to make a profit |
| resellers |
individuals or organizations that buy finished goods for the purpose of reselling, renting or leasing to others to make a profit and to maintain their business operations |
| government organizations |
the federal, state, county, and local governments that buy goods and services to carry out public objectives and to support their operations, largest single organizational market in the US |
| not-for-profit institutions |
organizations with charitable, educational, community, and other public service goals that buy goods and services to support their functions and to attract and serve their members |
| business buying situations |
buyclass framework- one of three classifications of business buying situations that characterizes the degree of time and effort required to make a decision-straight rebuy, modified rebuy, new-task rebuy |
| straight rebuy |
a buying situation in which business buyers make routine purchases that require minimal decision making - contributes to the 'bread and butter' - company puts so much effort into these relationships |
| modified rebuy |
abuying situation classification used by business buyers to categorize a previously made purchase that involves some change and that requires limited decision making - firm shops around for better prices, quality, etc |
| new-task buy |
a new business-to-business purchase that is complex or risky and that requires extensive decision making - 1st time purchase, no previous experience |
| steps in buying decision process |
1.recognize the problem 2.search for information 3.evaluate the alternatives 4.select the product and shipper 5.evaluate postpurchase |
Science Vocab 147928
