MKT 300 Exam 2 Holly Hapke UKY With
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Business Markets - answer Individuals, organizations, or groups that
purchase a specific kind of product for resale, direct use in producing
other products, or use in general daily operations
also called buisness-to-business markets
(B2B)
Four Categories of Business Markets - answer Producer Markets
Reseller Markets
Government Markets
Institutional Markets
Producer Markets - answer Individuals or business organizations that
purchase products in order to make a profit by using them in producing
other products or in their operations
ex: agriculture, construction, transportation & distribution, forestry,
manufacturing, banking & finance etc.
,Reseller Markets - answer Resellers: Intermediaries (wholesalers) who
buy finished goods and resell them to final consumers for a profit
Government Markets - answer Federal, State, County or local
governments that buy goods and services to support their internal
operations and provide products to their constituencies
ex: prisons, government agencies
Institutional Markets - answer Organizations with charitable,
educational, community or other non-business goals
ex: churches, hospitals, private schools
Characteristics of Transactions with Business Customers - answer Large
Orders
Expensive Items
Extended Negotiations
Reciprocity
Reciprocity - answer An arrangement in which two organizations agree
to buy from each other
, Types of Business Purchases - answer 1)New Task Purchase: an item is
purchased to be used to perform a new job or solve a new problem
2)Straight Rebuy: routine purchases of same products under
approximately the same terms
3)Modified Rebuy: a new-task purchase that is changed on subsequent
orders or when straight-rebuy requirements are modified
The Buying Center - answer The group of people within the organization
who make business purchase decisions
Influences on the business buying decision process - answer
1)Environmental: include competitive and economic factors, political
forces, legal and regulatory forces, technological changes and
sociocultural issues
2)Organizational: Include company objectives, purchasing policies and
resources, size and composition of buying center
3)Interpersonal: the relationships between people in the business; trust
and collaboration are important
complete verified solutions (Guaranteed
Pass)
Business Markets - answer Individuals, organizations, or groups that
purchase a specific kind of product for resale, direct use in producing
other products, or use in general daily operations
also called buisness-to-business markets
(B2B)
Four Categories of Business Markets - answer Producer Markets
Reseller Markets
Government Markets
Institutional Markets
Producer Markets - answer Individuals or business organizations that
purchase products in order to make a profit by using them in producing
other products or in their operations
ex: agriculture, construction, transportation & distribution, forestry,
manufacturing, banking & finance etc.
,Reseller Markets - answer Resellers: Intermediaries (wholesalers) who
buy finished goods and resell them to final consumers for a profit
Government Markets - answer Federal, State, County or local
governments that buy goods and services to support their internal
operations and provide products to their constituencies
ex: prisons, government agencies
Institutional Markets - answer Organizations with charitable,
educational, community or other non-business goals
ex: churches, hospitals, private schools
Characteristics of Transactions with Business Customers - answer Large
Orders
Expensive Items
Extended Negotiations
Reciprocity
Reciprocity - answer An arrangement in which two organizations agree
to buy from each other
, Types of Business Purchases - answer 1)New Task Purchase: an item is
purchased to be used to perform a new job or solve a new problem
2)Straight Rebuy: routine purchases of same products under
approximately the same terms
3)Modified Rebuy: a new-task purchase that is changed on subsequent
orders or when straight-rebuy requirements are modified
The Buying Center - answer The group of people within the organization
who make business purchase decisions
Influences on the business buying decision process - answer
1)Environmental: include competitive and economic factors, political
forces, legal and regulatory forces, technological changes and
sociocultural issues
2)Organizational: Include company objectives, purchasing policies and
resources, size and composition of buying center
3)Interpersonal: the relationships between people in the business; trust
and collaboration are important
