Marketing Terms Business Buying Process Essay

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Institutional market -- a market segmentation term that refers to defining markets by the demographics of public and private institutions first, and often by purchasing role second. Role-based segmentation in institutional markets is often used to better understand the needs and preferences of customers.

Modified rebuy -- a sourcing or procurement strategy relied on by organizations to purchase goods from different suppliers or to modify the product attributes to reflect the needs of customers. The modified rebuy changes the supply chain in B2B markets significantly as a result.

New task -- a task initiated in a broader project to ensure successful completion of a broader market, product or selling strategy.

Order-routine specification -- the series of processes companies rely on to capture, process and fulfill orders from buyers or customers. The order-routine specification also defines the methods used by companies for automating order management processes, including Electronic Data Interchange (EDI) and Enterprise Resource Planning (ERP) application and process flow.

Performance review -- Assessing the performance of a given product line, selling, service or channel partner strategy over time, often against benchmarks or measures of performance.

Problem recognition -- the strategies used for finding the root cause of a problem. There are many different approaches to problem recognition, spanning accounting and financial analysis to operations research and pricing analysis.

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Product specification -- a document that describes the functional performance and specifications of a product including an assessment of its benefits and market position. The product specification is used as the basis for creating engineering product specifications that guide the development of the final product.

Proposal solicitation - the process and set of documents companies use to seek out proposals for completing projects or providing products and services. Proposal solicitation concentrates on the quoting and ordering process in complex manufacturing as well.

Straight rebuy -- the concept of replenishment, when the same goods are purchased in quantity from the same supplier, often under the same purchase order. The straight rebuy is often automated through the use of supplier management systems and platforms.

Supplier search - the first step in qualifying suppliers to contribute to new products under development, supplier search is often managed as part of the initial sourcing strategy. Once sources for products have been defined, the supplier audits are completed and then their products are included in new production builds.

Supplier selection -- the qualification phase of working with suppliers for assistance in creating components and assemblies for new products. The supplier selection process looks at company viability, financial performance, risk assessment and effectiveness of product strategies.

Systems buying - the strategy.....

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