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Business Markets and Behavior

Business Markets and Behavior. Organizational Buying. Compared to Consumer Markets, Business Markets Have:. Fewer buyers. Larger buyers. Geographically concentrated buyers. Closer relationships with suppliers/customers. The Business Buying Process. Problem/Need Recognition

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Business Markets and Behavior

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  1. Business Markets and Behavior

  2. Organizational Buying Compared to Consumer Markets, Business Markets Have: Fewer buyers Larger buyers Geographically concentrated buyers Closer relationships with suppliers/customers

  3. The Business Buying Process • Problem/Need Recognition • Develop Product Specifications • Vendor Identification and Qualification • Solicitation of Proposals or Bids • Vendor Selection • Order Processing • Vendor Performance Review

  4. Understanding Business Buying Behavior • Unique Characteristics of Business Markets • The Buying Center • Hard and Soft Costs • Reciprocity • Mutual Dependence • Four types of Business Markets: • Producer markets (a.k.a. commercial markets) • Reseller markets • Government markets • Institutional markets

  5. Buying Situations Straight rebuy Modified rebuy New task Routine reorders from approved vendor list Low involvement, minimal time commitment Example: copier paper Organizational Buying

  6. Buying Situations Straight rebuy Modified rebuy New task Specifications, prices, delivery terms or other aspects require modification Moderate level of involvement and time commitment Example: desktop computers Organizational Buying

  7. Buying Situations Straight rebuy Modified rebuy New task Purchasing a product or service for the first time High level of involvement and time commitment; multiple influences Example: selecting a web site design firm or consultant Organizational Buying

  8. Participants in Business Buying Roles Played in a Buying Center Initiators Approvers Users Deciders Influencers Buyers Gatekeepers

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