Marketing - Chapter 4 - Business Markets and Purchasing Behavior

Front

Authority

Back

The right to give orders, supervise the work of others, and make certain decisions.

Front

B2B Buying Process

Back

Encompasses 8 stages: problem recognition, need description, product specification, supplier search, proposal selection, supplier selection, order-routine specification, performance review.

Front

Bill of Materials

Back

A comprehensive inventory of the raw materials, assemblies, subassemblies, parts, and components.

Front

Brokers

Back

Individuals or businesses that bring buyers and sellers together, usually for a commission.

Front

Business Objectives and Goals

Back

Achievable outcomes that provide a framework for achieving success.

Front

Business-to-Business (B2B)

Back

A transaction or business conducted between one business and another.

Front

Buy Classes

Back

Buying situations distinguished by newness to decision makers, number of alternatives, uncertainty, and amount of information needed.

Front

Buyers

Back

People in the buying center who handle the paperwork of the actual purchase.

Front

Buying Center

Back

Groups of people within organizations who make purchasing decisions.

Front

Competition

Back

The rivalry between companies selling similar products and services with the goal of achieving revenue, profit, and market share growth.