MKT 340 Lecture Notes - Lecture 4: Finance Act
31 May 2018
School
Department
Course
Professor
Buying Behavior and the Buying Process
Derived Demand (means there is a secondary demand behind it) VS. Direct Demand
Businesses usually buy on derived demand and customers usually buy on direct demand
A. Steps in the Buying Process
Businesses and customers are the same except for the following two:
Step 3: developing product specifications--Businesses buy on spec, consumers buy on
what is available
And Step 7: placing an order and receiving the product-- typically businesses rebuy and
consumers make another purchase
B. Types of Organizational Buying Decisions
New task: the product, new vendor
Straight rebuy: same product, same vendor
Modified rebuy: change to one, but not both
C. Buying Center
When a business purchases, everyone involved is known as the business center. The
four players in the business center is as follows:
User: the one that actually uses the product
Influencer: people not on payroll who assist in the decision
Gatekeeper: controls flows of information to the decision maker
Decider: have formal or informal buying authority
D. Video
Company: ICX (software company)
New product coming out: solstice
ICX employers
Margo the CEO
Howard the VP of Marketing
Jennifer the VP of Finance
Bill the VP of sales
They are hiring a company to help with a trade show. The three people (companies)
competing are:
Sally, Jeff, and Michael
MEETING ONE:
Sally
Never give people multiple visuals—give them one at a time
If soeoe tells a joke, do’t lo the off
“he’s ore aggressie tha assertie
Added pressure to the meeting by blocking off 45 minutes
Jeff
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Derived demand (means there is a secondary demand behind it) vs. Businesses usually buy on derived demand and customers usually buy on direct demand: steps in the buying process. Businesses and customers are the same except for the following two: Step 3: developing product specifications--businesses buy on spec, consumers buy on what is available. And step 7: placing an order and receiving the product-- typically businesses rebuy and consumers make another purchase: types of organizational buying decisions. Modified rebuy: change to one, but not both: buying center. When a business purchases, everyone involved is known as the business center. The four players in the business center is as follows: User: the one that actually uses the product. Influencer: people not on payroll who assist in the decision. Gatekeeper: controls flows of information to the decision maker. Decider: have formal or informal buying authority: video. They are hiring a company to help with a trade show.
