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MGMA01H3 (184)
Chapter 7

Good notes! Chapter 7

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Department
Management (MGM)
Course
MGMA01H3
Professor
Tarun Dewan
Semester
Winter

Description
Chapter 7Business markets and business buyer behaviourBusiness buyer behaviourthe buying behaviour of the organization that buy goods and service for use in the product of other products and services or to resell or rent to other at a profit Business buying processthe decision process by which buyer determine which product and service their organization need to purchase and then find and evaluate and choose among alternative supplier and brandsBusiness marketCharacteristics of business market Deals with far fewer but far larger buyer than the consumer market does Few buyer accounts for large market Derived demandbusiness that ultimately come from Derives from the demand for consumer goodsMany business have inelastic demand total demand for many business products is not affected much by price changes especially in the short runA small percentage increase in in consumer demand can cause a large increase in business demandNature of buying unitsBusiness purchase involves more decision participants an more professional purchasing effort Well trained buyers to deal with such transaction Type of decision and the decision processBusiness buying involves large sum of money complex technical and economic considerations and interaction among many people at many levels of the buyers organization Make take longer and more formalized than consumer buying process The buyer and seller are much more dependent on each other In SRsale go to supplier who meet buyers immediate product and service needIn LRb2b marketers create a customer sale and create customer value by meeting needs and partner with customers to solve their needs Supplier developmentsystematic development of network of supplier partners to ensure an appropriate and dependable supply of products and material for use in making product or reselling them to others Business buying behaviour Stimuli affect the buying organization and produce certain buyer response Buying activity consist of 2 major parts the buy centre made up of all people involved in the buying decision and the buy decision process is influence by internal organizational interpersonal individual factor as well as external factors
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