Badm 320 Exam 1 flashcards _ Quizlet

What are the 6 psychological factors that effect

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

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 uizlet.com/19475064/badm- 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...
View Full Document

Ask a homework question - tutors are online