kindly write a summary on this chapter.

Objective OUTLINE Objective 1 Objective 2 Objective 3 Define the business market and explain how business markets differ from consumer markets. Business Markets (156-170) Identify the major factors that influence business buyer behavior Business Buyer Behavior (170-176) List and define the steps in the business buying decision process. The Business Buying Process (175-178) E-Procurement Buying on the Internet (178-180) Compare the institutional and government markets and explain how Institutional and government buyers make their buying decisions. Institutional and Government Markets (180-182) Objective 4 Principle ... trong.pdf REVIEWING Objectives AND Business markets and consumer markets are alike in some ty ways. For example, both include people in buying roles who make purchase decisions to satisfy needs But business markets also differ in many ways from consumer markets For one thing. the business market is huge, far larger than the consumer mar. ket. Within the United States alone, the business marketin cludes organizations that annually purchase trillions of dollars worth of goods and services bL The eg pre es of 10 ter als CU ins pre ma Objective 1 Define the business market and explain how business markets differ from consumer markets. (pp 166-170) The business market comprises all organizations that buy goods and services for use in the production of other products and ser vices or for the purpose of reselling or renting them to others at a profit. As compared to consumer markets, business markets - ally have fewer but larger buyers, Business demand is derived de mand, which tends to be more inelastic and fluctuating than consumer demand. The business buying decision usually involves more, and more professional, buyers Business buyers usually face more complex buying decisions, and the buying process tends to be more formalized. Finally, business buyers and sellers are often more dependent on each other Objective 2 Identify the major factors that influence business buyer behavior. (pp 170-176) Business buyers make decisions that vary with the three types of buying situations straight rebuys, modified rebuys, and new tasks. The decision-making unit of a buying organization-the buying center-can consist of many different persons playing many different roles. The business marketer needs to know the following Who are the major buying center participants in what decisions do they exercise influence and to what degree? What evaluation criteria does each decision participant use? The bus ness marketer also needs to understand the major environmental organizational, interpersonal and individual influences on the buying process gc an de The 001 pa ter 00 bu the KEY Terms OBJECTIVE 1 Buying center (172) Business buyer behavior (p 166) Users (p 172) Business buying process (p 166) Influencers (p 172) Derived demand (p 167) Buyers (172) Supplier development (p 170) Deciders (p 172) Gatekeepers (p 172) OBJECTIVE 2 OBJECTIVE 3 Straight rebuy (19m Modified rebuy 171) Problem recognition (p 1 New task (p 17 Page 212 740cification to med description or (p 171) S ciple ... trong.pdf ND KEY Terms Objective 3 List and define the steps in the business buying decision process. (pp 176-180) The business buying decision process itself can be quite involved with eight basic stages: problem recognition, general need description product specification, supplier search, proposal solicitation, supplier selection, order-routine specification, and performance review. Buy ers who face a new task buying situation usually go through all stages of the buying process Buyers making modified or straight rebuys may skip some of the stages. Companies must manage the overall cus tomer relationship, which often includes many different buying deci- sions in various stages of the buying decision process Recent advances in information technology have given birth to "e-procurement," by which business buyers are purchasing all kinds of products and services online The Internet gives business buyers access to new suppliers, lowers purchasing costs, and has- tens order processing and delivery. However, e-procurement can also erode customer-supplier relationships and create potential se- curity problems. Still, business marketers are increasingly connect- ing with customers online to share marketing information, sell products and services, provide customer support services, and maintain ongoing customer relationships Objective 4 Compare the institutional and government markets and explain how institutional and government buyers make their buying decisions. (pp 180-182) The institutional market consists of schools, hospitals, prisons, and other institutions that provide goods and services to people in their care. These markets are characterized by low budgets and captive patrons. The government market, which is vast consists of govern- ment units-federal, state, and local that purchase or rent goods and services for carrying out the main functions of government Government buyers purchase products and services for de fense, education, public welfare, and other public needs. Govern ment buying practices are highly specialized and specified, with open bidding or negotiated contracts characteriang most of the buying. Government buyers operate under the watchful eye of the U.S. Congress and many private watchdog groups. Hence, they tend to require more forms and signatures and respond more slowly and deliberately when placing orders. 172) Supplier search (p 177) Proposal solicitation (p 177) 2) Supplier selection (p 177) Order-routine specification (p 178) Performance review (p 178) 72) E-procurement (p 178) OBJECTIVE 4 ion (p176) Institutional market (p 180) cription (26) Governmearket (p 181) cion (Page 212 740