Examples of new buy in the following topics:
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- B2B buying situations vary from B2C buying situations, so B2B marketers must develop different capabilities.
- Such detailed assessment eliminates the risk of buying the wrong product or service.
- Buyers go though three stages of the buying process, which include:
- The problem is that marketers have to face the realities of the B2B buying cycle, which include:
- Like B2C businesses there are similar buying types in B2B sales activities that include new buys, straight re-buys and modified re-buys.
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- Buying decisions are based on buyer behavior.
- Consumers will often buy on emotion or impulse whereas businesses will buy based on need.
- Because consumers often buy on emotion, ads can affect the buying decision.
- Most people can't afford to buy a new car when they want one, they need to wait until their current car needs to be replaced.
- This is why companies can influence what type of car a person will buy, but not when they will buy one.
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- Nationalization of the news refers to the modern phenomenon of the decline of local news networks and the increase in power of national news networks.
- News operations have begun to feel the burden of needing to generate news content on a 24-hour news cycle, while keeping material fresh on their regularly scheduled newscasts.
- The larger networks like ABC News , NBC News, and CBS News are able to afford these technologies and are beginning to buy out the smaller, local networks.
- The news block was divided into local, national and international stories.
- ABC News is an example of a large networks "buying out" smaller ones.
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- Furthermore, the Federal Reserve Bank of New York is responsible in carrying out the general directive.
- The Fed Bank of New York deals with about 40 dealers who specialize in U.S. government securities (i.e. secondary market).
- The New York Fed and dealers are connected electronically.
- The Open Market Trading Desk is the department within the New York Fed Bank that buys and sells the government securities.
- The Fed can influence bank reserves by a little amount by buying few U.S. government securities or by a large amount by buying many securities.
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- For example, the New York Stock Exchange is an organized exchange, while bond dealers buy and sell government and corporate bonds.
- The Dow Jones Average is an average of the top, blue-chip stocks on the New York Stock Exchange.
- Furthermore, some investors borrowed to buy stock, and they cannot repay the loans.
- Adverse selection is a person knows he drives recklessly and buys insurance to protect his car.
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- Buying center participants assess problem and need to determine what is necessary to resolve/satisfy it
- This 5 step process is mainly used with new-task purchases and several stages are used for modified rebuy and straight rebuy.
- Understanding the stages of business buying and the nature of customers' buying behavior is important to a marketing firm if it is to market its product properly.
- Buying one can of soft drink involves little money, and thus little risk.
- Buying B2B products is much riskier.
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- During these formative years, customer demand for new products will likely outstrips supply, while production problems and resource constraints represent more immediate threats to the survival of new businesses.
- New entrants are attracted to potential growth opportunities, and existing producers attempt to differentiate themselves through improved products and more efficient production processes.
- Organizational factors such as the company's objectives, purchasing policies, and resources can influence the buying process.The size and composition of the buying center also plays a role in the business buying decision process.
- The interpersonal relationships between people working in the company's buying center can hinder the buying process.
- The personal characteristics of people in the buying center can influence the buying decision process.
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- A buying center is a group of people within an organization who make business purchase decisions.
- The stock market is an example of a buying center.
- In a generic sense, there are typically six roles within buying centers.
- They are important when products involve new and advanced technology.
- They control the flow of information to and among others within the buying center.
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- An acquisition strategy can also be pursued to enable growth in new geographic markets.
- Moreover, the opportunity for expansion via acquisition is particularly attractive in other countries, where it can be difficult to establish new businesses.
- Firms can also integrate vertically through acquisition, i.e. by buying out suppliers or customers to process more steps in the value chain in-house.
- Cost advantages can arise either through buying or building up cheaper distribution channels (forward integration), or cheap inputs (backward integration).
- The acquisition of other firms can also be a chance to gain technological knowhow, or even new technologies in the form of patents.
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- There is a need to know what the customer needs, where they buy, when they buy, why they buy from certain outlets, and how they buy.
- In much the same way that buying specifications of ultimate users are determined, the manufacturers must also discover buying specifications of resellers.
- Of particular importance is the question, "from whom do my retail outlets prefer to buy?
- In cases when a company is just getting started, or an older company is trying to carve out a new market niche, the channel objectives may be the dominant force on channel choice.
- Growth in sales - by reaching new markets and/or increasing sales in existing markets.