Markets can be analyzed via the product itself, or the end consumer, or both. The most common distinction is between consumer and industrial markets. Consumer markets are markets for products and services purchased for personal consumption. Goods bought and sold in such markets include: Fast Moving Consumer Good (FMCG's) e.g…
These goods are not aimed directly at consumers and include selling finished goods: e.g. office furniture, computer systems; selling raw materials or components: e.g. steel, coal, wood; selling services to businesses: e.g. security, financial consulting, and legal services
In both types of markets there is a distinction between consumers and buyers. Whereas buyers actually make the purchase, it is consumers who use the product. For e.g. if a father buys a Kia Carnival for his daughter, he is the buyer while the actual consumer is the daughter who will drive it. In B2C marketing, marketers have to consider the needs of the consumer and for what purpose will the product be used. If a man buys a Toyota Land Cruiser for his son then it will be classified as a b2c sale. However if a man buys a pickup truck for his factory use it will be a b2b sale. Industrial organisations' buying differs from that of consumers because they have additional needs, for example, the making of profits and legal obligations to their customers.
Generally consumer buying is a brief process where they can be affected by situational factors like point of purchase advertising, consumer moods, promotional offers etc. Their sources of information are limited often including commercial factors (car ads on TV, television, internet etc) or reference groups. Buying behavior is largely determined by cultural, social, personal and psychological factors. Consumers can make routine purchases, complex purchases (high involvement products) or simply indulge in impulse buying. Purchasing a car would typically be a high involvement purchase which will be made after much deliberation.
Characteristics of B2B markets
Business markets contain relatively few buying units as compared to consumer markets. B2b market is even more limited because most companies sell to only a small segment of the total market. Despite this, buying power in many business markets is highly concentrated in a relatively few firms. Not every business will have the buying power to purchase eighteen wheeler trucks. Purchasing power is usually estimated using an activity indicator of buying. There is also a substantial regional concentration in many major industries and among business users as a whole. Businesses start with the evaluation of market size attractiveness which takes into consideration some macro- and micro-economic variables along with some firm related variables; and the second stage is based on the evaluation of a market's structural attractiveness which takes into consideration some cost, structural compatibility, government policy variables etc. Buying behavior can be influenced by the economic environment, environmental factors, organisational factors, interpersonal factors and characteristics of the individual. Buying is less frequent in industrial markets and includes three types of buying situations:
New task buying: first time purchase of a major product (buying a heavy duty Volvo truck for the first time)
Straight rebuy: ...
Cite this document
(“Business Buying Essay Example | Topics and Well Written Essays - 1500 words”, n.d.)
Retrieved from https://studentshare.net/miscellaneous/286034-business-buying
(Business Buying Essay Example | Topics and Well Written Essays - 1500 Words)
“Business Buying Essay Example | Topics and Well Written Essays - 1500 Words”, n.d. https://studentshare.net/miscellaneous/286034-business-buying.
Acquisition should add value to a firm’s marketing position, profitability and competitiveness. Pitfalls in acquisition process might be on account of hidden liabilities, conflicting employment practices, and corporate culture and values. Key words: Acquisition, complementarities, financial analysis, technology, organization, marketing, compensation, corporate social responsibility.
This paper will determine if there is a market incentive in terms of consumer responsiveness to producing goods that are environmentally friendly. If there is, this paper will also determine which segment of the market is/are the most receptive to green products so that a company can specifically focus on their market.
This essay discovers What are they key inputs by Buyers into the "Promotional Calendar", How do Buyers translate fashion research for their customers? (what's right for the market, target customers, What do Buyers require from "Core Suppliers" in order to get a range/ranges successfully delivered as ordered.
However, as Matthews concluded that people rank “eco-friendliness” as secondary process in their buying process, therefore it might not influence consumers into buying our product and we may not achieve our target of increasing sale. However, demand
Decision to buy or rent a house is to a great extent, a matter of individuality and the individual’s identity, origin, career and the financial status. There is no doubt in the fact that it is always a good idea to buy
On the same lines, RetailCo have plans to sell its products through their e-commerce website, and for that they are looking at various electronic payments systems. Although, they have incorporated credit payment option,
Stella McCartney has established a very positive brand image as a company focusing on business ethics, modernity and care for the environment. For instance when other brands are using animal products as a wealth symbol, Stella McCartney
Places such as Great Britain, England, Wales and Scotland the trading of money for sexual services is a crime, but numeral associated activities, such as soliciting in public spaces, pandering, pimping, owning or managing a brothel and
8 Pages(2000 words)Essay
GOT A TRICKY QUESTION? RECEIVE AN ANSWER FROM STUDENTS LIKE YOU!
Let us find you another Essay on topic Business Buying for FREE!