Chapter 7 analyzing business markets. ANALYZING BUSINESS MARKETS 2022-10-04

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Chapter 7: Analyzing Business Markets

Business markets, also known as B2B markets, refer to the buying and selling of goods and services between organizations, rather than between organizations and individual consumers. These markets play a crucial role in the economy, as businesses rely on each other to produce and distribute their products or services. Understanding and analyzing business markets is essential for businesses to make informed decisions about their target customers, marketing strategies, and overall business operations.

One key aspect of analyzing business markets is identifying the types of buyers and sellers involved. There are various types of buyers in business markets, including original equipment manufacturers (OEMs), resellers, and governments. OEMs are businesses that purchase raw materials, components, or finished products to be incorporated into their own products. Resellers, on the other hand, are businesses that buy products or services with the intention of reselling them to their own customers. Governments, as the largest buyers in many countries, can also be a significant player in business markets.

In addition to identifying the types of buyers, it is important to understand the purchasing process in business markets. This process is typically more complex than in consumer markets due to the larger size of the transactions and the involvement of multiple decision-makers. The purchasing process may involve evaluating multiple suppliers, negotiating prices and terms, and conducting thorough product or service evaluations.

Another crucial aspect of analyzing business markets is understanding the competition. This includes analyzing the strengths and weaknesses of competitors, as well as their marketing strategies and target markets. It is also important to consider any potential barriers to entry, such as high startup costs or regulatory hurdles.

Finally, businesses must also consider the macroeconomic environment in which they operate. This includes factors such as economic growth, inflation, and unemployment rates, which can all impact the demand for a company's products or services.

In conclusion, analyzing business markets is essential for businesses to make informed decisions about their target customers, marketing strategies, and overall operations. Understanding the types of buyers and sellers, the purchasing process, the competition, and the macroeconomic environment are all key components of this analysis. By thoroughly analyzing these factors, businesses can position themselves for success in the ever-changing business landscape.

Chapter 7: Analyzing Business Markets

chapter 7 analyzing business markets

Publishing as Prentice Hall Slide 27 of 27. Organizational buyers make buying decisions for their organizations and purchase products and services professionally. Objectiv e: To address the following questions 1. Publishing as Prentice Hall Lead generation Slide 18 of 27 Stages in the Buying Process Formal presentation Writte n Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Slide 23 of 27 Managing B2B Relationships Online social media One-to-one Marketing Copyright © 2012 Pearson Education, Inc. Product specifcation Yes Yes Yes 4. In particular, understanding their customers and what they value is of paramount importance to both.

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chapter 7 analyzing business markets

How do institutional buyers and government agencies do their buying? Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Slide 17 of 27 Stages in the Buying Process Trade directories Trade advertisements Trade shows E-Procurement Copyright © 2012 Pearson Education, Inc. Costs Copyright © 2012 Pearson Education, Inc. This is where organizational buying comes. Copyright © 2012 Pearson Education, Inc.

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ANALYZING BUSINESS MARKETS

chapter 7 analyzing business markets

What is the business market, and how does it differ from the consumer market? What is the business market, and how does it differ from the consumer market? Order-routine specifcation Yes Maybe No 8. Publishing as Prentice Hall 7 9 4 Slide 22 of 27 Buygrid Framework Table 7. Publishing as Prentice Hall Slide 6 of 27 Business Markets Differences to the Consumer Market Geographical ly Concentrate d Fewer, Larger Buyers Profession al Buyers Multiple Sales Calls Copyright © 2012 Pearson Education, Inc. Performance review Yes Yes Yes Buyphas es New Task Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Slide 9 of 27 Systems Buying and Selling r e y Bu e Prim ctor ra t n o C r e i t d n o c rs Se o t c ra t n o C Copyright © 2012 Pearson Education, Inc. What buying situations do organizational buyers face? Supplier search Yes Maybe No 5. PSBA-QC MBA Marketing Management 1 Chapter 7 Analyzing Business Markets Name of Reporter Franz Carmel B.

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Ch 7

chapter 7 analyzing business markets

How do institutional buyers and government agencies do their buying? Organizational Buying is the decision- making process by which formal organizations establish the need for purchased products and services and identify, evaluate, and choose among alternative brands and suppliers. Business: Far fewer, much larger buyers; not purchased for personal use; must make customized offerings to individual buyers; purchased by trained purchasing agents; more people influence business buying decisions; on avg. Understanding deep customer needs in new ways; 2. Supplier Selection Yes Maybe No 7. Publishing as Prentice Hall Slide 3 of 27 ef D d ne Organizational Buying The decision-making process by which formal organizations establish the need for purchased products and services and identify, evaluate, and choose among alternative brands and suppliers. Wind Copyright © 2012 Pearson Education, Inc. The market typically is divided into four different categories: food, beverages, transportation and retail.

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Market Management Chapter 7: Analyzing Business Markets Flashcards

chapter 7 analyzing business markets

. Who participates in the B2B buying process? Improving value management techniques and tools; 4. Orgs that acquire goods and services used in the production of other products and services that are sold, rented, or supplied to others. Publishing as Prentice Hall Inelastic Demand Fluctuating Slide 8 of 27 Buying Situations New Task Straight Rebuy Modifed Rebuy Copyright © 2012 Pearson Education, Inc. Convincing C-level executives to embrace the marketing concept and support robust marketing programs.

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Chapter 7 Analyzing Business Markets

chapter 7 analyzing business markets

Publishing as Prentice Hall Slide 20 of 27 Stages in the Buying Process Order Specifcati on Technical Stockles s purchas e plan specifcations Quantity Delivery time Return policy Warranties Copyright © 2012 Pearson Education, Inc. A paper manufacturer might buy from a chemical company that buys a considerable amount of its paper. Characteristics of BusinessMarketsFewer, largerbuyers Professional purchasing Close supplier-customer relationshipsMany buyinginfluencesMultiple sales callsDerived demandInelastic demandGeographicallyFluctuating concentrated buyersdemandDirectpurchasing 3. What buying situations do organizational buyers face? Publishing as Prentice Hall Interest Authority Status Persuasiveness Decision criteria Slide 12 of 27 Targeting Firms and Buying Centers Who to target? Gamier The business market consists of all the organizations that acquire goods and services used in the production of other products or services that are sold, rented, or supplied to others. Who participates in the business-to- business buying process? Problem Recognition Yes Maybe No 2.

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Chapter 7

chapter 7 analyzing business markets

Chapter 7 Analyzing Business Markets Name of Reporter Franz Carmel B. Order Routine Specifications Stockless Purchase Plans Vendor Managed Inventory Continuous Replenishment. A survey of top business-to-business firms identified the following as challenges they faced: 1. Identifying new opportunities for organic business growth; 3. There are people in charge of purchasing products and services for organizations, governments and business. Publishing as Prentice Hall Slide 24 of 27 Managing B2B Relationships Vertical Coordination Relationship Factors Availability of alternatives Importance of supply Complexity of supply Supply market dynamism Copyright © 2012 Pearson Education, Inc. Sales Strategies Small Sellers Key Buying Influencers Large Sellers Multilevel In- depth Selling 4.

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chapter 7 analyzing business markets

Calculating better marketing performance and accountability metrics; 5. Proposal solicitation Yes Maybe No 6. How can companies build strong relationships with business customers? General need description Yes Maybe No 3. Webster Jr and Y. Publishing as Prentice Hall Slide 14 of 27 Stages in the Buying Process Description and Characteristi cs Performan ce Review Order Specifcati on Copyright © 2012 Pearson Education, Inc. They, therefore, go an extra mile to evaluate some business processes and make informed decisions to ensure that they get the best deals.

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