B2B Marketing - MKTG 300 Notes

These flashcards cover key concepts from the B2B Marketing lecture notes, focusing on terminologies and definitions pertinent to the B2B buying process.

B2B market

A market where businesses purchase goods or services from other businesses, significantly larger in revenue than B2C.

Buying Process

The series of stages that B2B buyers go through to evaluate and select products/services, typically includes Need Recognition, Product Specification, RFP Process, etc.

Need Recognition

The first stage in the B2B buying process where a need for a product or service is identified.

New Buy

A buying situation where the purchase is made for the first time, often involves more people and steps.

Modified Rebuy

A buying situation where a similar product is purchased with changes to specifications such as price or quality.

Straight Rebuy

A buying situation where additional units of previously purchased products are acquired, typically involving fewer people.

RFP Process

The Request for Proposal process where vendors are invited to bid on supplying goods/services based on a company's requirements.

Buying Center

A group of individuals within an organization involved in the purchasing decision, including roles like Initiator, Influencer, Decider, Buyer, User, and Gatekeeper.

Organizational Buying Culture

The set of beliefs, values, and behaviors that influence how purchasing decisions are made in an organization.

Gatekeeper

The person who controls access to decision makers and influencers in the buying center.