5.01
What is Purchasing?
The buying of goods and services for a business
What are final consumers?
Individuals, Buy for personal use
What is an example of primary data?
new research
Three types of purchasing?
Resale, Transformation, Business use
What does buying behavior start with?
A need or want
What is an example of secondary data?
Sources that already exist
Who does this purchasing?
Purchasing specialists and Purchasing agents
Steps of the buying process
Recognize need, search for information, assess options, buy
Internal data/Sales information includes...
Sales invoices, call reports, sales reports, expense reports
Identifying needs, selecting suppliers, placing the order, evaluating supplier performance
What are the influences on final consumers' buying behavior?
Cultural, social, individual, psychological, situational
Internal information/Customer Information includes...
Customer records, customer complaints, digital marketing analytics
What is purchasing's importance?
Generates further profit, provides needed goods and services, participates in strategic planning, helps with new product development.
What are environmental influences on business buying behavior
Economy, Politics, Laws and regulations, Competition, Technology
Internal data/Product Information includes...
Product returns, service calls, product reviews