Business market..

Business market v/s consumer market..

Fewer, larger buyers Professional purchasing Multiple buying influencers Multiple sales calls Derived demand Inelastic demand Fluctuating demand Geographically concentrated buyers Direct purchasing

Buying situations..
Straight re-buy Modified re-buy New task

Buying center..
Buying center consists of all those individuals and groups who participate in decision making process, who share common goals and the risk arising from the decisions Members of buying centers are: 1)Initiators-who request that something to be purchased 2) Users-who will use the product or service 3) Influencers-who influence the buying decision (e.g TP) 4) Deciders-who decide on product requirement 5) Approvers 6) Buyers 7) Gate keepers-people who have the power to prevent sellers or information from reaching members of buying center..

Stages in buying process of business market..

Problem recognition General need description and product specification Supplier search Proposal solicitation Supplier selection Order-routine specification Performance review.