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Chapter 7
Business Markets and Buying Behavior, intro to mkting
| Term | Definition |
|---|---|
| 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 products and resell them for a profit |
| government markets | federal, state, county, or local governments that buy goods and services to support their internal operations and provide products to their constituencies |
| institutional markets | organizations with charitable, educational, community, or other nonbusiness goals |
| north american industry classification system (NAICS) | an industry classification system that generates comparable statistics among the US, Canada, and Mexico |
| reciprocity | an arrangement unique to business marketing in which two organizations agree to buy from each other |
| product specifications | written statements describing a product's necessary characteristics, standards of quality, and other information essential to identifying the best supplier for the needed prodcut |
| 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 |
| business (organizational) buying behavior | the purchase behavior of producers, government units, institutions, and resellers |
| buying center | the people within an organization who make business purchase decisions |
| value analysis | an evaluation of each component of a potential purchase |
| vendor analysis | a formal, systematic evaluation of current and potential vendors |
| multiple sourcing | an organization's decision to use several suppliers |
| sole sourcing | an organization's decision to use only one supplier |
| B2B e-commerce sites | online marketplaces where buyers and sellers from around the world can exchange information, goods, services, ideas, and payments |
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hallie999
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