MKT 100 Lecture Notes - Lecture 5: Retail, Marketing Mix, North American Free Trade Agreement

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Tatiana Astray

Document Summary

Manufacturers (producers): buy raw materials, components and parts that allow them to manufacture their own goods. Resellers: marketing intermediaries that resell manufactured products without significantly altering their form. Institutional buyers: relatively small budgets, seek best value when buying products/services, not under public scrutiny, rarely disclose purchase decisions but still tries to make buying process transparent. Private-sector companies: rarely disclose buying criteria/process, engage in reciprocal buying (two companies agree to buy each other"s products as appropriate) B2b; formal, structured, specify needs in writing and ask potential suppliers to submit formal proposals, demand a great deal of consideration. B2c; decisions are made by individuals/families, unplanned, impulsive, customers evaluate their purchase decision and sometimes experience postpurchase dissonance, nonformal: need recognition, product specification, rfp process, proposal analysis and supplier selection, order specification (purchase, vendor performance assessment using metrics. Step 1: need recognition: the buying organization recognizes (internal or external sources) that it has an unfilled need.