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26 terms

Marketing Ch.6

STUDY
PLAY
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