BU352 Chapter Notes - Chapter 5: Retail, Liquid Oxygen, Regional Policy Of The European Union
Document Summary
Lo1: describe the nature and composition of b2b markets. B2b still has specific customer markets; eg. an industry. Purchase raw materials, components and parts to manufacture goods. Marketing intermediaries that resell manufactured products without significantly altering their form. Public institutions engage in b2b relationships; hospitals, educational organizations, prisons, religious organizations, nonprofits. Buy goods and services for the people they serve. In most countries, largest purchaser of goods and services. Must master three key challenges: identifying decision makers who authorize or influence purchases, understand buying process of each potential client, identifying factors that influence the buying process of clients. B2b markets differ in varying degree of these three dimensions and thus must invest time to understand it. Many have salespeople dedicated to specific clients. Private sector companies rarely disclose buying criteria or process. In b2c, consumers buy goods to satisfy own and household needs, influenced by price, tastes, brand reputation, or personal recommendations.
