Badm 320 Exam 1 flashcards _ Quizlet

What are the 6 psychological factors that effect

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Unformatted text preview: Perception Process of selecting, organizing and interpreting information to form a picture of the w o rl d Learning Change in person's thought process or behavior arising from experience. (usually by an information search) Lifestyle The way consumers spend time and money to l i ve . What are the differences between B2B and B2C marketing? 1. Market structure & demand - B2B has fewer customers, customers buy in larger quantities and customers concentrated geographically 2. Nature of the buying unit - involves a personal purchasing department, buyer is not the user, more participants in the decision making process. 3. B2B has complex decision making process Derived demand Link between consumer's demand for a company's output and company's purchase of necessary inputs to manufacture or assemble that output. q 320- exam- 1- flash- car ds/ Recency Attitudes Perception Learning Memory P ri ma cy 7/12 9/6/13 Badm 320 Exam 1 flashcar ds | Quizlet What are the steps of the organizational buying process? 1. Need recognition 2. Product specification 3. RFP Process 4. Proposal analysis, vendor negotiation & selection 5. Order specification 6. Vendor performance assessment (using metrics) RFP (Request for proposals) Organization invites alternative vendors or suppliers to bid on supplying the needed product. What are the 4 types of buying situations? 1. New-task buy - item not recently purchased, h i g h n e e d fo r i n fo 2. Modified rebuy - same item but change in price, quality specification, terms, etc. 3. Straight rebuy - Routine purchase of same item 4. System selling - Packaged solution to c o m pl e x pr o bl e m Share of Wallet % of business a firm gets from a particular customer. More profitable to increase sales from existing customers than to search out new customers. Customer lifetime value Total amount of purchases over the duration of a seller/customer relationship. Supply chain management Links suppliers, intermediaries, and customers. Improves efficien...
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