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Chapter 7

Marketing Chapter 7 Key Terms

HRIM - Hospitality Management
Course Code
HRIM 320
Dr.Stephen Shiring

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Marketing Chapter 7 Key Terms
Organizational Buying Process the decision making process by which formal organization establish
the need for purchased products and services and identity, evaluate, and chooses among alternative
brands and suppliers
o Problem Recognition - the stage of the industrial buying process in which someone in the
company recognizes a problem or need that can be met by acquiring a good or service
o General Need Description stage of the industrial buying process in which a company describes
the general characteristics and quantity of the needed item
o Product Specification the stage “ “ in which the buying organization decides on and specifies
the best technical product characteristics for an needed item
o Supplier Search the stage “ “ in which a buyer tries to find the best vendor
o Supplier Selection the stage “ “ in which a buyer receives proposals and selects a supplier/s
o Order-Routine Specifications the stage of the industrial buying process in which a buyer writes
the final order with the chosen supplier, listing the technical specifications, quantity needed,
expected time of delivery, return polices, warranties, etc.
o Performance Review - the stage of a industrial buying process in which a buyer rates its
satisfaction with the suppliers, deciding whether to continue, modify, or drop the relationship
Buying Center all those individuals and groups who participate in the purchasing and decision making
process and who share common goals
o Users
o Influencers
o Deciders
o Approvers
o Buyers
o Gatekeepers
Convention a specialty market requiring extensive meeting facilities
Corporate Meeting - a meeting held by a corporation for its employees, none optional
Derived Demand organizational demand that ultimately comes from the demand on the consumer
Incentive Travel a reward that participants receive for achieving or exceeding a goal
SMERF Social, Military, Educational, Religions and Fraternal organizations specialty markets with
a common price sensitive thread