Examples of Buying Center in the following topics:
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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.
- The employees that constitute the buying center will vary depending on the item being purchased.
- In a generic sense, there are typically six roles within buying centers.
- They control the flow of information to and among others within the buying center.
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- Certain environmental and economic factors can lead to an apprehensive buying center.
- 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.
- Buying center members need to trust each other and operate under full disclosure.
- The personal characteristics of people in the buying center can influence the buying decision process.
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- In the business-to-business (B2B) context (as opposed to B2C), buying decisions are made in groups.
- The group responsible for making the buying decision in companies is referred to as the decision making unit (DMU).
- In some cases, the buying center acts as an informal ad hoc group.
- In other cases, the buying center is a formally sanctioned group with specific mandates, criteria, and procedures.
- The infrastructure buyer - This role influences the buying decision at the execution level.
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- Understanding the stages of business buying is important to a marketing firm if it is to market its product properly.
- Buying center participants assess problem and need to determine what is necessary to resolve/satisfy it
- 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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- President of the Federal Reserve Bank of New York City is a permanent member of the FOMC and is always the FOMC vice-chairperson because New York City is the financial center of the United States.
- The Fed buys and sells government securities through the New York Fed Bank.
- Moreover, the Fed buys securities from the secondary markets.
- If the Fed bought securities directly from the primary market, then it would be buying directly from the U.S.
- Treasury if it buys new securities in the primary market.
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- Another method of doing business overseas has come in the form of US Commercial Centers.
- (Eileen Cassidy Imbach, "US Commercial Centers: The Future of Doing Business Abroad," Business America, November, 1994, pp.25-26. ) A Commercial Center serves the purpose of providing additional resources for the promotion of exports of US goods and services to host countries.
- The Commercial Center does so by familiarizing US exporters with industries, markets, and customs of host countries.
- US Commercial Centers provide business facilities such as exhibition space, conference rooms, and office space.
- These entrepreneurial middlemen typically buy US produced goods at 15 per cent below a manufacturer's best discount and then resell the products in overseas markets.
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- Depending on customer needs, marketing channel strategies can utilize distribution centers or move products directly to a store.
- Depending on the product being sold and ultimate end user, companies can choose a marketing channel strategy that involves utilizing distribution centers (wholesalers) or moving their products directly to a store, or retailer.
- Chain Stores - Chain stores are able to buy a wide variety of merchandise in large quantity discounts.
- The firm must also understand the buying specifications of the retailers themselves.
- Although some retailers prefer to buy directly from the manufacturer, others would rather buy from local distributors who have lenient credit terms and offer a wide array of merchandise.
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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.
- Sometimes the type of product will make a difference in the buying decision.
- 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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- Low interest rates encourage people and speculators to buy houses, inflating both the housing bubble and housing prices.
- If consumers buy this computer, then the corporation earns profits.
- As a government's debt continually grows, investors will reach a point when they stop buying bonds.
- Greece, Spain, Ireland, and Portugal reached their debt limits, and investors no longer want to buy these governments' bonds.
- Cypress is an offshore banking center that attracted sizeable deposits from British and Russians.
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- It personalized the buying experience and insures future business by consistently suggesting products that fit a customer's personal profile.
- The consumer has taken center stage in the future of retailing as new information about their expectations shape the way retailers select, stock and sell their products.
- Look for more hypermarkets, super malls and shopping centers that make the experience easy and convenient for customers.
- Products will be offered based on customer preference, buying habits, suggestions and feedback.
- Social commerce will flourish and become a keystone of the buying experience.