COMMERCE 2MA3 Chapter Notes - Chapter 5: North American Industry Classification System, Lump Sum, Personal Selling

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 2MA3
• Professor: Stephen Charko

Document Summary

Relatively technical in nature, exact form often variable, accompanying services very important. Standardized form, service important but less than for business products. Promotion emphasis on personal selling emphasis on advertising. Competitive bidding for unique items, list prices for standard items. List prices: four major categories define the business market: The commercial market: individuals and firms that acquire products to. 1. support, directly or indirectly, production of other goods and services. Trade industries: retailers or wholesalers that purchase products for. Resellers: marketing intermediaries that operate in the trade sector. Institutions: 93% of all internet sales are b2b. Segmenting b2b markets : major ways of segmentation include, demographic, customer type. Customer-based segmentation: dividing a business-to-business market into homogeneous groups based on buyers" product specifications. North american industry classification system (naics): classification used by nafta countries to categorize the business marketplace into detailed market segments. Preceded by the standard industrial classification (sic: end-use application.