MKTG 360 1nd Edition Lecture 8 Outline of Last Lecture 1. Consumer behavior2. Steps in consumer decision-making3. Internal influences on CDMOutline of Current Lecture 1. Key differences in business vs consumer market2. Business to business demand3. The business marketplace4. B2B E-Commerce and social media5. Elements of the buy class framework6. Professional buyers and buying centers Current Lecture1. Key differences in Business vs consumers marketa. Multiple buyersb. Sizes of purchasesc. Geographic concentration2. Business to Business Demanda. Business to business demand differs from consumer product demandb. Demand isi. Derivedii. Inelastic1. Changes In price have little or no effect on the amount demandediii. Fluctuating1. Small changes in consumer demand create large increases or decreases in business demand2. Life expectancy of the product can cause fluctuating demand These notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.iv. Joint 1. Demand occurs for two or more goods that are used together to create a product 3. The business marketplacea. Producersi. Industries, manufacturers of consumer goods and component partsb. Organizationsi. Government, including federal, state, county and local unitsc. Resellersi. Wholesalers and distributersii. Retailers4. Business-to-Business E-commerce and social mediaa. B2B E-Commercei. Internet exchanges between two or more businesses1. Facilitates exchanged2. Links marketers to value chain members3. Web site is critically important 5. Elements of the buy class frameworka. Business buying situations i. Straight rebuy1. Low involvementii. Modified rebuy1. More involved2. More information needed3. Think about what you’re buyingiii. New-task buy1. High involvement2. Something that you have never bought before6. Professional buyers and buying centersa. Trained professional buyers typically carry out buying business to business b. Roles in the buying center c. Steps in the buying processi. Business buying decision process
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