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Acct. Vocab ch 6

midterm 2

QuestionAnswer
straight rebuy a business buying situation in which the buyer routinely reorders something without any modifications
modified rebuy a business buying situation in whioch the buyer wants to modify product specifications, prices, terms or suppliers
new task a business buying situation in which the buyer purchases a product or service for the first time
system selling selling a packaged solution to a problem without all the seperate decisions involved
buying centre all the individuals and units that play a role in the business purchase decision-making process
users members of the organization who will use the product or service
influencer a person whose views or advice carry some weight in the making of a final buying decision
buyer the person who makes an actual purchase
deciders people in the organization's buying centre who have formal or informal powers to select/ approve the final suppliers
gatekeepers people in the organization's buying centre who control the flow of information to others
problem recognition the 1st stage in process in which someone in the company recognises a problem or need that can be met by acquiring a good or service
general need description the stage in the business buying process in which the company describes the general characteristics and quantity of a needed item
product specification the stage in which the buying organization decides on and specifies the best technical product chracteristics for a needed item
value analysis an approach to cost reduction in which components are studied carefully to determine whether they can be redesigned, standerdized, or made by less costly methods of production
supplier search the stage of the business buying process in wich the buyer tries to find the best vendors
proposal solicitation the stage of the business buying process in which the buyer invites qualifies suppliers to submit proposals
suppliers selection the stage in which the buyer reviews and selects a supplier
order-routine specifications the stage in which the buyer writes the final order with the chosen supplier, listing the technical specifications, quantity needed, expected time of delivery, return policies and warranties
performance review stage in which the buyer rates its satisfaction
institutional market schools, hospitals, nursing homes, prisons, and other institutions that provide goods and services to people in their care
government market governments units-national and local that purchase or rent goods and services for carrying out the main functions of government
Created by: 669545743