Term
| The 4 Key Differences Between Consumer and Business Markets |
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Definition
i) Multiple "buyers"
ii) # of customers
iii) Size of purchases
iv) Geographic concentration |
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Term
| The 4 Types of Business Demand |
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Definition
i) Derived demand
ii) Inelastic demand
iii) Fluctuating demand
iv) Joint demand |
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Term
| The 3 Types of Business Customers |
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Definition
i) Producers
ii) Resellers
iii) NPOs and the Government |
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Term
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Definition
| Like an extranet - system that links suppliers and buyers over the Internet |
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Term
| The 5 Steps to a Business Buying Decision Process |
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Definition
i) Problem Recognition
ii) Information Search
iii) Alternative Evaluation
iv) Supplier and Product Choice
v) Post-purchase Evaluation |
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Term
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Definition
| The classification of a purchase based on the effort and time put into the decision (like involvement/perceived risk) |
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Term
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Definition
i) Straight re-buy
ii) Modified re-buy
iii) New-task buy |
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Term
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Definition
| The individuals in an organization that participate in the buying decision |
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Term
| The 6 Members of a Buying Centre |
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Definition
i) Initiator
ii) User
iii) Decider
iv) Buyer
v) Influencer
vi) Gatekeeper |
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Term
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Definition
| When buyers look for sellers after submitting product specifications |
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