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Marketing - 8

Business Market & Buying Behavior

QuestionAnswer
Multiple Sourcing An organization's decision to use several suppliers.
Government Markets Federal, state, county or local governments that buy goods and services to support their internal operations and provide products to their constituencies.
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.
Business (Organizational) Buying Behavior The purchase behavior of producers, government units, institutions, and resellers.
Reseller Markets Intermediaries that buy finished goods and resell them for a profit.
Reciprocity An arrangement unique to business marketing in which two organizations agree to buy from each other.
Inelastic Demand The supply and demand for a good or service are unaffected when the price of that good or service changes.
Straight Rebuy Purchase A routine purchase of the same products under approximately the same terms of sale by a business buyer.
Value Analysis An evaluation of each component of a potential purchase.
Buying Center The people within an organization who make business purchase decisions.
Joint Demand Demand involving the use of two or more items in combination to produce a product.
New-Task Purchase An organization's initial purchase of an item to be used to perform a new job or solve a problem.
North American Industry Classification System (NAICS) North American Industry Classification System
Sole Sourcing An organization's decision to use only one supplier.
Modified Rebuy Purchase A new-task purchase that is changed on subsequent orders or when the requirements of a straight rebuy purchase are modified.
Vendor Analysis A formal, systematic evaluation of current and potential vendors.
Institutional Markets Organizations with charitable, educational, community, or other non-business goals.
Derived Demand Demand for business products that stems from demand for consumer products.
Created by: ElTioBabalu
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