MKT 3300 Lecture Notes - Lecture 4: North American Industry Classification System, Machine Vision, Demand Characteristics

• School: UT-Dallas
• Department: Marketing Management
• Course: MKT 3300
• Professor: PACYN

Document Summary

Distinguish among industrial, reseller, and government organizational markets. There are three different organizational markets: industrial, reseller, and government. Industrial firms in some way reprocess a product or service they buy before selling it to the next buyer. Resellers wholesalers and retailers buy physical products and resell them again without any reprocessing. Government agencies, at the federal, state, and local levels, buy goods and services for the constituents they serve. The north american industry classification system (naics) provides common industry definitions for canada, mexico, and the united states, which facilitates the measurement of economic activity for these three organizational markets. Describe the key characteristics of organizational buying that make it different from consumer buying. Seven major characteristics of organizational buying make it different from consumer buying. These include demand characteristics, the size of the order or purchase, the number of potential buyers, buying objectives, buying criteria, buyer seller relationships and supply partnerships, and multiple buying influences within organizations.