Business Markets and Buyer Behaviour

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Department
Management and Organizational Studies
Course
Management and Organizational Studies 2320A/B
Professor
Angela White
Semester
Winter

Description
Business Markets and Buyer Behaviour 2102012 115000 AM Business Buyer Behaviour y The buying behaviour of the organizations that buy goods and services for use in the production of other products and services or to resell or rent to others at a profit y Business buying processthe decision process by which business buyers determine which products and services their organizations need to purchase and then find evaluate and choose among alternative suppliers and brandsBusiness Markets y Characteristics of business markets o Market structure and demandBusiness markets contain fewer but larger buyersBusiness buyer demand is derived from final consumer demandDemand in many business markets is more inelasticnot affected as much in the short run by price changesDemand in business markets fluctuates more o Nature of the buying unitBusiness purchases involve more buyersBusiness buying involves a more professional purchasing effort o Types of decisions and the decision processBusiness buyers usually face more complex buying decisionsThe business process is more formalizedBuyers and sellers work more closely together and build close longterm relationshipsBusiness Buying Behaviour y Within the organizations buying activity consists of two major parts o The buying centremade up of all the people involved in the buying decision o The buying decision process
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