MKT 504 Quiz: Understanding Buyers

• School: Ryerson University
• Department: Marketing
• Course: MKT 504
• Professor: Roy Morley

Document Summary

Consumer markets: a market in which consumers purchase goods and services for their use or consumption. Business markets: institutions, governments, firms: they acquire goods and services to use as inputs into their own manufacturing process, for use in their day-to-day operations, or for resale to their own customers. Concentrated demand: small number of large buyers account for most of the. Derived demand: demand in business markets that is closely associated with the: when demand for new cars and trucks increases, the demand for rolled steel purchases. demand for consumer goods. also increases. unpredictable. Purchasing professionals: buyers in the business market are trained as purchasing agents, the process of identifying suppliers and sourcing g/s is their job. Multiple buying influences: sales people often work simultaneously with several individuals during a sales call and even different sets of buyers during different sales calls. Close buyer-seller relationships: buyers and sellers are more interdependent than ever before, long-term perspective.