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Introduction
Though similar to consumer markets, both involve people who take buying roles and make decisions. However the main differences are; Market structure and demand 1. Fewer but larger customers 2. More geographically concentrated
3. Demand is derived
4. More in-elastic and not much affected by price changes and 5. Fluctuates more Nature of buying units Involvement and efforts are more and buyers are professional Types of decisions and Decision Process It is a more complex buying, more formalised and the buyers and sellers work more closely and build close long term relations
Introduction
Consumer Markets Dispersed or large market Mass market (large numbers) Monopolistic competition
Less complex Standardised product Less important due to large number of buyers and large replaceable / alternate products available
Products
Buyers behaviour
Family involvement Social / personal & psychological motives predominate Less technical expertise Non personal relationships
Introduction
Shorter Mostly direct selling More emphasis on personal selling List prices of certain standard products Competitive bidding Negotiations on most purchases and therefore more pressure on seller
Multiple channels Indirect selling More advertising to create awareness among masses Mostly list pricing
Price
Industrial Markets
Introduction
Problem Recognition
Product Specifications
Supplier Search
Supplier Selection
Performance Review
Industrial Markets
Introduction
Business Buyer Behaviour - The buying situations in business is three types; 1. Straight re-buy 2. Modified re-buy 3. New task buy Participants in Buying Process Users Influencers
Buyers
Deciders Gatekeepers
Environmental factors
Organisational factors Inter-personal factors Individual factors