BUSINESS MARKET DIFFERS
FROM CONSUMER MARKET
BUSINESS MARKET- consists of all the
organizations that acquire goods and services used in the production of other products
or services that are sold, rented, or supplied to others.
- Derived, inelastic and fluctuating demands
-Professional and direct purchasing
- Many buying influences
- Close supplier
- customer relationships
-Multiple sales calls
- Geographically concentrated buyers.
BUYING SITUATION
New Task- The purchaser buys a product or
service for the first time. (like buyer purchases the sunsilk shampoo for the
first time.)
Straight Rebuy- Purchasing dept. reorders on a
routine basis & chooses from suppliers approval lists.(examples: supplies- raw
materials for the shampoo making)
Modified rebuy: a buying situation in which the
buyer wants to modify product specifications, prices, delivery requirements or
other terms.
Systems Buying and
Selling-
Many business buyers prefer to buy a total problem solution from one seller
called system buying. Sellers have increasingly recognized that buyers like to
purchase in this way, and many have adopted systems selling as a marketing
tool.
One variant of system
selling is system contracting, in which a single supplier provides the buyer
with its entire requirement of MRO (maintenance, repair and operating)
supplies.
BUYING CENTER- Initiators- Users-
Influencers-Deciders- Approvers- Buyers – Gatekeepers
Stages in the buying
process
- Problem recognition- the hair wash formula that Sunsilk shampoo had was for smoothening and shinning of hair and to prevent from dandruff and hair fall. So there was a need for a supplier who would supply sodium chloride and sodium laurite sulphate to remove the dirt and retain nourished.
- General needs description and product specification- it was communicated to the people in the business for a basic product.
- Supplier search, Proposal solicitations, Supplier selection
- Order routine specification & Performance review
Conclusion-
Business markets are generally made up of
businesses which buyproducts and raw materials for their own operation.
- There are a small number of big customers that
account for a large % of revenue
- Products are customised for different
customers. Service is highly valued- Purchases are made for others to use
- Image is important where it adds value to
customers.
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