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MKT337 - Exam II Notes - MKT 337 Exam II Chapters 6 8 9 10...

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MKT 337 Exam II: Chapters 6, 8, 9, 10, 11, 12, 13 Chapter 6: Business Market & Business Buyer Motivation Business Buyer behavior: behavior of orgs that guy goods/services for use in production of other products & services for reselling or renting for profit Business markets: o Business buying process: process by which business buyers determine which products & services their org needs to purchase, and then find, eval, and choose among alternative suppliers and brands o Characteristics of business markets: market structure/demand: business markets contain fewer but larger buyers business customers are more geographically concentrated business buyer demand is more derived from final consumer demand demand in any business market more inelastic —not as affected as much in short run by price changes demand in markets fluctuate more and more quickly Nature of buying unit: Business purchases involve more buyers Business buying involves more professional purchasing effort Types of decisions and decision process: Business buyers usually face more complex buying decisions Process more formalized Business buying, buyers & sellers work more closely together to build close long run relationships supplier development: development of networks of suppliers to ensure appropriate and dependable supply of products types of buying situations: o straight rebuy: routinely reorders; no modifications o new task: purchase for first time o modified rebuy: modified product, price, specs, terms, or suppliers o systems selling: packaged sol from single seller participants in buying process: o buying center: all individuals & units that participate in business buying decision o users: those that use product/service o influencers: who affect buying decisions o buyers: make actual purchases o deciders: have formal/informal power to select/approve final suppliers o gatekeepers: control the flow of info Major influences on business buyers: o respond to both economic & personal factors o environmental: economic dev supply conditions tech change pol & reg dev competitive dev culture & customs o organizational: objectives policies procedures org structure systems o interpersonal: authority status empathy 1
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persuasiveness o individual: age education job position personality risk attitudes Business buying process: o 1. problem recognition o 2. general need description: company describes the gen char and quantity of needed item o 3. Product specs: decides & specifies best tech prod char for each needed item; value analysis: deter if can be redesigned, standardized, etc to make less costly o 4. Supplier search o 5. Proposal solicitation o 6. Supplier selection o 7. Order-routine specs o 8. Performance review E-procurement: online purchasing o Access to new suppliers o Lower purchasing costs o Hastens order processing & delivery o Shaves trans costs & results in more efficient purchasing
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