ADM 2320 Chapter 5: Marketing
14 Nov 2018
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Document Summary
Canada"s largest commercial bank & one of the most prominent engagers of b2b transactions. b+ purchases of goods & services from approved vendors. B2b and b2c markets: marketing characteristics, business markets have fewer customers but larger orders, business customers are more geographically concentrated, demand is different, demand is derived, demand is price inelastic that can fluctuate quickly. Qualified, professional buyers - more formalised buying process. Buying criteria and objective specified: multiple participants in purchase decisions. Online buying common: marketing mix characteristics, direct selling and physical distribution often essential, advertising more technical, promotions emphasize personal selling. Price often negotiated, inelastic, affected by trade/quantity discounts. Consumer buying process: need recognition, product specification, rfp process, proposal analysis and. Stage 1: need recognition: problem/ need recognition. Information search: evaluation of alternatives, purchase decision, post purchase behavior. Stage 3: rfp process (request for proposal: request for proposals a process through which buying organizations invite alternative suppliers to bid on supplying their required components.
