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B5 - Ch06_Business Buyer Behavior [Compatibility Mode]

B5 - Ch06_Business Buyer Behavior [Compatibility Mode] -...

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1 Chapter 6 Business Markets and Business Buyer Behavior Dr. Hoàng Thị Phương Thảo HCMC University of Economics 2 What is a Business Market? A business market comprises all the organizations that buy goods and services for use in the production of other products and services that are sold, rented, or supplied to others. The business market is huge and involves many more dollars and goods than do consumer markets.
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2 3 Contain fewer, but larger buyers Customers are more geographically concentrated Buyer demand is derived from final consumer demand Demand is often more inelastic Demand often fluctuates more, and more quickly Characteristics of Business Markets Marketing Structure and Demand 4 Characteristics of Business Markets Nature of the Buying Unit – Business purchases involve more buyers . – Business buying involves a more professional purchasing effort .
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3 5 Business buyers usually face more complex buying decisions . Characteristics of Business Markets Business buying process is more formalized .
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