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Marketing Exam 2

TermDefinition
Types of organizational markets Reseller, Industrial, and Government Markets
Reseller Wholesalers and retailers who buy products and resell them without any reprocessing
Industrial Reprocess a product they buy before reselling it
Government Federal, state, and local agencies that buy goods for the constituents they serve
Business-to-business marketing The marketing of products to business nonprofit, or government organizations
JC Penny Question Buys 100,000 tons of paper each year for newspaper inserts and direct mail
Why does a business buy products and services? To achieve its own objectives
Derived demand The demand for industrial products that is driven by the demand for consumer products
Supply Partnership When a buyer and seller adopt mutually beneficial objectives
Reciprocity When two organizations decide to buy from each other
Organization buying steps Problem recognition, Information search, Alternative evaluation, Purchase decision, Post purchase behavior
Buying Center A group of people from an organization who participate in the buying process and share common goals in a purchase decision
Types of buys Straight rebuy, new buy, modified rebuy
E-Marketplace Online trading community that brings together buyers and supplier businesses
Traditional auction Online auction, highest bidder wins
Reverse auction Online auction where a buyer communicates a need for a product and suppliers are invited to bid
Created by: user-2067782
 

 



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