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Chapter 6

Marketing Exam 2- Chapter 6 Terms

TermDefinition
Reseller Market Purchases to sell without processing
Industrial Market Purchases to process before selling
Government Market Contracts with government agencies
Reciprocity Businesses buy from each other
Supply Partnership Buying from a company with similar interests
Derived Demand Demand is derived from demand for consumer products
Market Buying Characteristics Demand is derived fewer customers but larger orders
Buying Criteria Price Ability to meet quality expectations Ability to meet required delivery schedules Technical capabilities Warranties Past performance on contracts Production facilities and capacity
Number of Types of Markets 3
Business-to-Business Marketing Marketing of products and services to companies, governments, or nonprofit organizations for use in the creation of products and services they can produce and market to consumers
Buying Center The group in an organization who participate in the buying process and share common goals, risks, and knowledge important to a purchase decision
Types of Buys New Straight Modified
New Buy Buying a completely new product High Involvement
Straight Rebuy Making a routine purchase Low involvement
Modified Rebuy Rebuying a product but making small changes
Organizational Buying Process Problem Recognition Information Search Alternative Evaluation Purchase Decision Post Purchase Behavior
E-Marketplace Online trading communities
Traditional Auction Seller puts up an item, buyers big against each other Highest big wins
Reverse Auction Buyer expresses a need, suppliers bid against each other Lowest bid wins
Product Buying Characteristics Many products are raw or semifinished
Buying Process Characteristics Reciprocal buying Common to negotiate Lots of e-commerce
Marketing Mix Characteristics Direct selling with business buyers Advertising is technical Price can be negotiated
Problem Recognition Step 1 Decide what to sell
Information Search Step 2 Identify needs Draft specifications Find suppliers
Alternative Evaluation Step 3 Visit companies Assess facilities Assess capacity Asses quality control Assess financial status
Purchase Decision Step 4 Decide who to buy from, negotiate, award contract
Post Purchase Behavior Step 5 Most different from consumer buying process Formally rate supplier Report issues Drop suppliers if needs are not met
Created by: kamryn.keester
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