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BUSINESS MARKET - Coggle Diagram
BUSINESS MARKET
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the participants
- buyers - have formal authority to select the supplier and arrange terms of purchase
- decider - has formal or informal power to select or approve the final suppliers
- influencer - helps define specifications and also provide information for evaluating alternatives
- users - the members of the organization who will use the product or services
- gatekeepers - control the flow of information to others
characteristics
- Nature of buying unit - business purchase involve more buyers - business buying involves a more professional purchasing effort
- Types of decision and the decision process - business buyers usually face more complex buying decisions - business buying process is more formalized - buyers and sellers work closely together and build long term relationship
- Market structure and demand - business market contain fewer but larger buyers - business customers more geographically concentrated - business buyer demand is derived from final consumer demand
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definition
buy goods or services for further processing or for use in their production process, and reseller markets buy goods or services to resell at a profit