In this chapter, the following content will be discussed: Business markets, business buyer behavior, the business buying process, e-procurement: buying on the internet, institutional and government markets. | Business Markets and Business Buying Behavior LECTURE-10 1 Business Markets Business Buyer Behavior The Business Buying Process E-Procurement: Buying on the Internet Institutional and Government Markets Topic Outline In this chapter, we dig deeper into steps two and three of the marketing process: designing customer-driven marketing strategies and constructing marketing programs. First, we look at the organization’s overall strategic planning, which guides marketing strategy and planning. Next, we discuss how, guided by the strategic plan, marketers partner closely with others inside and outside the firm to create value for customers. We then examine marketing strategy and planning—how marketers choose target markets, position their market offerings, develop a marketing mix, and manage their marketing programs. Finally, we look at the important step of measuring and managing return on marketing investment (marketing ROI). 2 Business buyer behavior refers to the buying behavior of the organizations that buy goods and services for use in production of other products and services that are sold, rented, or supplied to others. Business buying process is the process where business buyers determine which products and services are needed to purchase, and then find, evaluate, and choose among alternative brands Business Markets In this chapter, we’ll do the same for business customers—those that buy goods and services for use in producing their own products and services or for resale to others. As when selling to final buyers, firms marketing to business customers must build profitable relationships with business customers by creating superior customer value. The business market is huge. In fact, business markets involve far more dollars and items than do consumer markets. For example, think about the large number of business transactions involved in the production and sale of a single set of Goodyear tires. Various suppliers sell Goodyear the rubber, steel, equipment, . | Business Markets and Business Buying Behavior LECTURE-10 1 Business Markets Business Buyer Behavior The Business Buying Process E-Procurement: Buying on the Internet Institutional and Government Markets Topic Outline In this chapter, we dig deeper into steps two and three of the marketing process: designing customer-driven marketing strategies and constructing marketing programs. First, we look at the organization’s overall strategic planning, which guides marketing strategy and planning. Next, we discuss how, guided by the strategic plan, marketers partner closely with others inside and outside the firm to create value for customers. We then examine marketing strategy and planning—how marketers choose target markets, position their market offerings, develop a marketing mix, and manage their marketing programs. Finally, we look at the important step of measuring and managing return on marketing investment (marketing ROI). 2 Business buyer behavior refers to the buying behavior of .
