Marketing Ch.6

Created by AmandaS 

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26 terms

business-to-business markets

the group of customers that include manufacturers, wholesalers, retailers, and other organizations

organizational markets

another name for business-to-business markets

derived demand

demand for business or organizational products caused by demand for consumer goods or services

inelastic demand

demand in which changes in price have little or no effect on the amount demanded

joint demand

demand for two or more goods that are used together to create a product

producers

the individuals or organizations that purchase products for use in the production of other goods and services

resellers

the individuals or organizations that buy finished goods for the purpose of reselling, renting, or leasing to others to make a profit and to maintain their business operations

government markets

the federal, state, country, and local governments that buy goods and services to carry out public objectives and to support their operations

not-for-profit institution

the organizations with charitable, educational, community, and other public service goals that buy goods and services to support their functions and to attract and serve their members

North American Industry Classification System

the numerical coding system that the United States, Canada, and Mexico use to classify firms into detailed categories according to their business activities

business-to-business e-commerce

internet exchanges between two or more businesses or organizations

extranet

a private, corporate computer network that links company departments, employees, and databases to suppliers, customers, and others outside the organization

private exchanges

systems that link an invited group of suppliers and partners over the Web

buyclass

one of three classifications of business buying situations that characterizes the degree of time and effort required to make a decision

straight rebuy

a buying situation in which business buyers make routine purchases that require minimal decision making

modified rebuy

a buying situation classification used by business buyers to categorize a previously made purchase that involves some change and that requires limited decision making

new-task buy

a new business-to-business purchase that is complex or risky and that requires extensive decision making

buying center

the group of people in an organization who participate in a purchasing decision

product specifications

a written description of the quality, size, weight and other details required of a product purchase

customer reference program

a formalized process by which customers formally share success stories and actively recommend products to other potential clients, usually facilitated through an on-line community

single sourcing

the business practice or buying a particular product from only one supplier

multiple sourcing

the business practice of buying a particular product from several different suppliers

reciprocity

a trading partnership in which two firms agree to buy from one another

outsourcing

the business buying process of obtaining outside vendors to provide goods or services that otherwise might be supplied in-house

crowdsourcing

a practice in which firms outsource marketing activities (such as selecting an ad) to a community of users

reverse marketing

a business practice in which a buyer firm attempts to identify suppliers who will produce products according to the buyer firm's specifications

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