The document outlines key characteristics of business markets, including that they consist of organizations that acquire goods and services for use in production. Business markets typically have fewer, larger buyers who have close relationships with suppliers and involve professional purchasing through multiple decision makers. The buying process in business markets can involve straight rebuys, modified rebuys, or new tasks, and follows steps from problem recognition through performance review.

2.  The business market consists of all the
organizations that acquire goods and services
used in the production of other products or
service that are sold, rented , or supplied to
others.

3.  Fewer, larger buyers
 Close supplier-customer relationship
 Professional purchasing
 Multiple buying influences
 Multiple Sales calls
 Derived Demand
 Inelastic demand
 Fluctuating demand
 Geographically concentrated buyers
 Direct purchasing

4.  Straight rebuy
◦ Reorder items like office supplies
 Modified rebuy
◦ Change product specifications
 New task
◦ Buy for the first time

5.  The buying center
◦ Initiator
◦ Users
◦ Influencers
◦ Deciders
◦ Approvers
◦ Buyers
◦ Gatekeeper

6.  Problem recognition
 General Need description and product
specification
 Supplier search
 Proposal Solicitation
 Supplier Selection
◦ Vendor analysis
 Order-Routine Specification
 Performance Review

7.  Communication and branding
 System Buying and Selling
 Role of Service

8. Turnkey solution
desired;
bids solicited
Prime
contractors
Second-tier
contractors
System
subcomponents
assembled

9.  Institutional Markets
◦ Schools, Hospitals etc.
 Government Markets
◦ Paperwork, Through bid