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Understanding Buyers

Understanding Buyers. Module Three. Action. Understanding Buyers An Expert’s Viewpoint:.

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Understanding Buyers

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  1. Understanding Buyers Module Three

  2. Action Understanding BuyersAn Expert’s Viewpoint: Nick LaRoche is an account executive for S.K.K.R., a manufacturers’ representative group selling Weber-Stephens Products. Nick makes an effort to understand his buyers and the way they do business. For example, Nick found a way to help one of his customers increase profits simply by changing the way they purchased Weber products.

  3. Result Understanding BuyersAn Expert’s Viewpoint: The amount Nick sold to this account soon doubled. The relationship between Nick and the buyer has continued to grow since the purchasing change. The buyer has realized increased sales revenue and profits while Nick has enjoyed watching this account grow in total volume.

  4. 1 Consumer Markets 2 Business Markets Categories of Buyers Firms Institutions Governments Non-Profit Organizations

  5. Distinguishing Characteristics of Business Markets • Concentrated Demand • Derived Demand • Higher Levels of Demand Fluctuation • Purchasing Professionals • Multiple Buying Influences • Close Buyer-Seller Relationships

  6. Buying Decision Process Recognition ofthe Need Search and Qualificationof Potential Sources Selection of anOrder Routine Determination of Desired Characteristics Acquisition & Analysisof Proposals Performance Feedback and Evaluation Description ofDesired Characteristics Evaluation of ProposalsSelection of Suppliers

  7. Desired State NeedsGap Actual State I do not havea job. Needs Gap – An Example from theLife of a College Senior I have a job.

  8. Multi-Attribute Model Assessment of Product or Supplier Performance (P) The base score P x I = Attribute Score • Assessing the Relative Importance of Each Characteristic (I) The weight

  9. Score P P I I PxI PxI NetworkingOpportunities 4 2 .5 .5 Exposureof Resume 4.8 2.4 8 .3 .3 Quality Control 4 .1 .1 .4 Score NetworkingOpportunities 4 8 Exposureof Resume 5.8 4 1.2 Quality Control 6 .6 Multi-Attribute Model: an Example On-line Resume Service Campus Career Services

  10. Employing Buyer Evaluation Procedures to Enhance Selling Strategies • Modify the Product Offering Being Proposed • Alter the Buyer’s Beliefs about the Proposed Offering • Alter the Buyer’s Beliefs about the Competitor’s Offering • Alter the Importance Weights • Call Attention to Neglected Attributes

  11. Functional Attributes Psychological Attributes Complex Mix of Business Buyer Needs 37% Level of Influence On Buyers’ Satisfaction “Must-Haves” Buyers’ Level of Satisfaction 63% Level of Influence On Buyers’ Satisfaction “Delighters”

  12. Low Medium High Minimal Moderate Maximum Newness of Problem or Need Minimal Limited Extensive Information Requirements None Limited Extensive Information Search Very Small Moderate Large Consideration of New Alternatives Low Moderate High Multiple Buying Influence Financial Risks Characteristics of theThree Types of Buying Decisions Straight Rebuy Modified Rebuy New Task

  13. High Responsiveness Relationship Oriented High Assertiveness Low Assertiveness Slow Paced Fast Paced Task Oriented Low Responsiveness Communication Styles Matrix Amiable Expressive Analytical Driver

  14. Types of Purchasing Decisions • Straight Rebuy Buying Situation • Routinized Response Behavior • Modified Rebuy Buying Situation • Limited Problem Solving • New Task Buying Situation • Extensive Problem Solving

  15. Buying Center Members • Initiators • Users • Gatekeepers • Influencers • Deciders • Purchasers The roles in the buying center work together to affects the outcome of the purchase decision.

  16. Current Developments in Purchasing Increasing Use of Information Technology Relationship Emphasis on Cooperation and Collaboration Supply Chain Management Target Pricing Increased Importance of Knowledge and Creativity

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