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Marketing Chapter 8

TermDefinition
Business Market Individuals, organizations, or groups that purchase a specific kind of product for resale, direct use in producing other products, or use in general daily operations
Producer Markets Individuals and business organizations that purchase products to make profits by using them to produce other products or using them in their operations
Reseller Markets Intermediaries that buy finished goods and resell them for a profit
New-Task Purchase An organization's initial purchase of an item to be used to perform a new job or solve a new problem
Straight Rebuy Purchase A routine purchase of the same products under approximately the same terms of sale by a business buyer
Modified Rebuy Purchase A new-task purchase that is changed on subsequent orders or when the requirements of a straight rebuy purchase are modified
Derived Demand Demand for business products that stems from demand for consumer products
Inelastic Demand Demand that is not significantly altered by a price increase or decrease
Joint Demand Demand involving the use of two or more items in combination to produce a product
Created by: lilready44
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