MKT 100 Chapter 5: MKT-Chapter 5

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Marla Spergel

Document Summary

Business to business (b2b) marketing-refers to the process of buying and selling goods or services to be used in the production of other goods and services, for consumption by the buying organization, or for resale by wholesalers and retailers. Product characteristics: b2c markets, consumers buy finished goods for their own personal consumption, b2b markets, the products ordered are primarily raw materials and semi finished goods that are processed or assembled into finished goods for ultimate consumers. Marketing mix characteristics: b2c markets, not sold with the aid of a salesperson, b2b markets, salesperson is an integral component to promote their drugs to doctors. B2b classification system and segmentation: north american industry classification system (naics) codes-a classification scheme that categorizes all firms into a hierarchical set of six-digit codes. Stage 1: need recognition: the buying organization recognizes, through either internal or external sources, that is has an unfilled need.