BUSI 2204 Lecture Notes - Lecture 4: Micromarketing, Brainstorming, Observability
Document Summary
Market and product: market, demand for business products is derived, fewer customers, more geographically concentrated, and orders are larger, demand is more inelastic, fluctuates more and more frequently, product, products technical in nature, purchased based on specifications, mainly raw and semi finished goods, heavy emphasis on delivery time, technical assistance, after sale service. The buying process: buying decisions more complex, competitive bidding, negotiated pricing, complex financial arrangements, qualified, professional buyers more formalized buying process, buying criteria and objective specified, multiple participants in purchase decisions, reciprocal arrangements common, close long term relationships, online buying common. Information search: definition of the product type needed, development of detailed product specification, rfp process: search for qualified suppliers, alternative evaluation, acquisition and analysis of proposals, buying center: initiator; influencer; decider; buyer; user; gatekeeper, organizational culture: consensus; consultative; autocratic, buying situations; new purchase, modified rebuy; straight rebuy.
