MCS 1000 Chapter Notes - Chapter 6: Value Engineering, Reverse Auction, Machine Vision

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 1000
• Professor: Sergio Meza

Document Summary

Business marketing: marketing of goods and services to companies, governments and not-for-profit organizations for use in the creation of goods and services that they can produce and market to others a. b. Important to understand fundamental characteristics of organizational buyers and their buying behaviour. Include all the buyers in a nation (except ultimate consumers) Purchase and lease tremendous volumes of capital equipment, raw materials, manufactured parts, supplies and business services. Industrial market (industrial firms): reprocess a good or service they buy before selling it again to the next buyer. E. g. steel mill converting iron ore into steel. Can sell services-bank taking money from its depositors, reprocessing it and selling it as loans to its commercial borrowers. Reseller markets: wholesalers and retailers that buy physical products and sell them again without any reprocessing: largest retailers include canadian tire, walmart and costco, largest wholesalers include cargill, medis health and federated co-