COMMERCE 2MA3 Lecture Notes - Lecture 5: Business Marketing, Retail, Liquid Oxygen

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 2MA3
• Professor: Yousra Bakr

Document Summary

Lo1: describe the nature and composition of b2b marketing. Lo2: explain the key differences between the b2b buying and b2c buying. Lo3: describe the way b2b firms classify and segment their markets. Lo4: list the steps in b2b buying process. Lo5: identify the roles within the buying center. B2b marketing is the process of buying and selling goods and services to be: Used in the production of other goods and services. Manufacturers or producers: they buy products like raw materials, components, and parts that allows them to manufacture their own goods. They also buy supplies and other services to maintain their operations. Resellers: marketing intermediaries that purchase products to resell them without altering their form. Institutions: non-for-profit institutions like educational organizations, hospitals, prisons, religious organizations, among others, that buy goods and services to maintain their operations. Government: the government is one of the largest buyers of goods and services.