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Chapter 6 Business Markets And Buying Behavior

Chapter 6 Business Markets And Buying Behavior. Objectives. Become familiar with various types of business markets Identify major characteristics of business customers and transactions Understand several attributes of demand for business products

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Chapter 6 Business Markets And Buying Behavior

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  1. Chapter 6Business MarketsAnd Buying Behavior

  2. Objectives • Become familiar with various types of business markets • Identify major characteristics of business customers and transactions • Understand several attributes of demand for business products • Become familiar with major components of a buying center • Describe industrial classification systems and explain how they can be used to identify and analyze business markets

  3. Business Market Individuals or groups that purchase a specific kind of product for resale, direct use in producing other products, or use in general daily operations (B2B).

  4. B2B Success • Long-term mutually profitable relationships • Co-develop products • Timely exchanges at competitive prices

  5. Categories OfBusiness Markets • Producer • Reseller • Government • Institutional

  6. Producer Market Individuals and business organizations that purchase products to make profits by using them to produce other products or using them in their operations.

  7. Number of EstablishmentsIn Industry Groups

  8. Reseller Markets Intermediaries that buy finished goods and resell them for profit.

  9. Factors Considered When Making Business Purchase Decisions • Level of demand • Space required relative to potential profit • Ease of placing orders • Availability of technical assistance • Training programs from producers • Competes or complements

  10. Government Markets Federal, state, county, or local governments that buy goods and services to support their internal operations and provide products to their constituencies.

  11. Institutional Markets Organizations with charitable, educational, community, or other nonbusiness goals.

  12. DimensionsOf Marketing B2B • Characteristics of transactions • Attributes of customers • Customer primary concerns • Methods of buying • Types of purchases • Demand

  13. B2B Transaction Characteristics • Larger • Expensive • Frequent replenishing • Long-term agreement • Discussions/negotiations • Several decisionmakers • Reciprocity

  14. Reciprocity An arrangement unique to business marketing in which two organizations agree to buy from each other.

  15. B2B Customer Attributes • Require detailed information • Product features • Technical specifications • Personal goals influence decision • Agents seek psychological satisfaction • Advancement • Financial rewards

  16. B2B CustomersPrimary Concerns • Price • Quality • Service • Relationship

  17. Methods Of B2B Buying • Description • Inspection • Sampling • Negotiation

  18. Types Of B2B Purchases • New-Task • Straight Rebuy • Modified Rebuy

  19. New-Task Purchase An initial purchase by an organization of an item to be used to perform a new job or solve a new problem.

  20. Straight Rebuy Purchase A routine purchase of the same products by a business buyer.

  21. Modified Rebuy Purchase A new-task purchase that is changed on subsequent orders or when the requirement of a straight rebuy purchase are modified.

  22. Business Product Demand • Derived • Inelastic • Joint • Fluctuating US Economic Outlook

  23. Derived Demand Demand for industrial products that stems from demand for consumer products.

  24. Inelastic Demand Demand that is not significantly altered by a price increase or decrease. Prices for Manufactured Goods

  25. Joint Demand Demand involving the use of two or more items in combination to produce a product.

  26. Fluctuating Demand When demand for a business product is derived by consumer demand, causing it to fluctuate enormously

  27. Business Buying Decisions • Buying Behavior • Buying Center • Stages of Process • Influences

  28. Business (Organizational)Buying Behavior The purchase behavior of producers, government units, institutions, and resellers.

  29. Buying Center The people within an organization who make business purchase decisions. Purchasing Agent

  30. Business Buying Decision Process And Factors That May Influence It

  31. Value Analysis An evaluation of each component of a potential purchase.

  32. Vendor Analysis A formal, systematic evaluation of current and potential vendors.

  33. Multiple Sourcing An organization’s decision to use several suppliers.

  34. Sole Sourcing An organization’s decision to use only one supplier. Buyers select the sole source option when...

  35. Using IndustrialClassification Systems • Identifying Potential Business Customers • Estimating Purchase Potential

  36. North American IndustryClassification System (NAICS) An industry classification system that generates comparable statistics among the United States, Canada, and Mexico. North American Industry Classification System

  37. SIC/NAICS For Manufacturers Of Magnetic And Optical Media

  38. Input-Output Data Information that identifies what types of industries purchase the products of a particular industry.

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