Flashcards in Chapter 7: Business Marketing Deck (16)
Business-to-business (B2B) marketing
The process of matching capabilities between two non-consumer entities to create value for both organizations and the "customer's customer"; also referred to as business marketing.
A firm's belief that an ongoing relationship with another firm is so important that the relationship warrants maximum efforts at maintaining it indefinitely.
Confidence in an exchange partner's reliability and integrity.
Demand in the business market that comes from demand in the consumer market.
The demand for two or more items used together in a final product.
Multiplier effect (accelerator principle)
The phenomenon in which a small increase or decrease in consumer demand can produce a much larger change in demand for the facilities and equipment needed to make the consumer product.
A practice where business purchasers choose to buy from their own customers.
Complementary and ancillary actions that companies undertake to meet business customers' needs.
Original equipment manufacturers (OEMs)
Individuals and organizations that buy business goods and incorporate them into the products that they produce for eventual sale to other producers or to consumers.
North American Industry Classification System (NAICS)
An industry classification system developed by the United States, Canada, and Mexico to classify North American business establishments by their main production processes.
All those people in an organization who become involved in the purchase decisions.
New task buy
A situation requiring the purchase of a product for the first time.
A situation where the purchaser wants some change in the original good or service.
A situation in which the purchaser reorders the same goods or services without looking for new information or new suppliers.
Buying centre's six types of members:
Initiator, influencer, decider, purchaser, user, gatekeeper.