Summary Marketing Chapter 5 - Principles of marketing; Kotler
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Course
Marketing
Institution
Hogeschool Utrecht (HU)
Book
Principles of Marketing
Summary of Chapter 7 Principles of Marketing (Kotler, Philip, Armstrong Gary,Harris Lloyd, Piercy Nigel) 7TH Edition. All the matters that are described in the chapter are summed up and where needed explained. course: MPEN-MKG-
Complete summary of book and lectures slides of Marketing I and II
Summary Principles of Marketing IB Y2Q2
Samenvatting marketing IBS jaar 1
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International Business and Management Studies / IB
Marketing
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Marketing
Chapter 6 : Business markets and business buyer behaviour
Business markets
Business markets differ from consumer markets:
- Market structure and demand
Business markets contain fewer but larger buyers
Business buyer demand is derived from final consumer’s demand
Demand in many business markets is more inelastic - not affected as much
in short term
Demand in business markets fluctuates more and more quickly
- The nature of the buying unit
Business purchases 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
The business buying process is more formalised
In business buying, buyers and sellers work more closely together and build
close long-term relationships
Business buyer behaviour
Major types of buying situation
1. Straight rebuy: maintain product and service quality.
2. Modified rebuy: make a better offer and gain new business
3. New task: most decisions.
4. System selling (solution selling): for winning and holding accounts
Participants in the business buying process
Buying centre includes actual users of the product, those who make the buying decision,
those who influence buying decision, those who do actual buying and those who control
buying information. Includes all members of organisation who play any of five roles in
purchase decision process:
- User
- Influence
- Buyers
- Deciders
- Gatekeepers
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