MKT 100 Lecture Notes - Lecture 6: Business Marketing, Retail, Marketing Mix
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B2b: the process of buying or selling goods or services to be used in the production of other goods and services for consumptions by the buying organization or for resale by wholesalers and retailers. In a b2b market demand is derived from the b2c market. Derived demand: the linkage between consumers demand for a company output and its necessary inputs to manufacture or assemble that particular output. B2b buys is much fewer then the b2c buyers and the b2b buyers are more concentrated and larger orders. Demand is inelastic, the total demand for goods is not affected much by price changes. Products are technical and purchased base on specifications (rigorous testing) Mainly raw and semi finished goods are purchased. Heavy emphasis on delivery time, technical assistance, financing. In b2c consumers buy goods for their own personal consumption. Buying decision are complex involves a team of professionals.