Quick Answer: Which Of The Following Statements Regarding The Business Market Is Correct?

What is the main factors to be considered in buying process?

Economic Factor.

The most important and first on this list is the Economic Factor.

Functional Factor.

The factor is totally about needs, backed by a logic that what makes sense and also fits in the best interest of the customer.

Marketing Mix Factors.

Personal Factors.

Psychological Factor.

Social Factors.

Cultural Factors..

What is a business market transaction?

A market transaction may involve goods, services, information, currency, or any combination of these that pass from one party to another. Markets may be represented by physical locations where transactions are made.

What does a company do to start the strategic planning process?

What is the Strategic Planning Process?Identify Your Strategic Position. The first stage prepares you for the rest of the strategic planning process. … Gather People and Information. … Perform a SWOT Analysis. … Formulate a Strategic Plan. … Execute Your Strategic Plan. … Constantly Monitor Performance.

How do you classify business transactions?

Businesses are profit-motivated, so one basic type of transaction is obvious: profit-making transactions. In a nutshell, profit-making transactions consist of making sales and incurring expenses. A business may have other income in addition to sales revenue, and it may record losses in addition to expenses.

What is the first step of the buyer decision process?

Problem/need recognition This is often identified as the first and most important step in the customer’s decision process. A purchase cannot take place without the recognition of the need.

What is a business transaction example?

A business transaction is an economic event with a third party that is recorded in an organization’s accounting system. … Examples of business transactions are: Buying insurance from an insurer. Buying inventory from a supplier. Selling goods to a customer for cash.

What is the business buying process?

Business buying process is the process where business buyers determine which products and services are needed to purchase and then find, evaluate, and choose among alternative brands.

What is buying center concept?

A buying center, also called decision-making unit (DMU), brings together “all those members of an organization who become involved in the buying process for a particular product or service”.

Which of the following statements is a difference between buyers in consumer markets and buyers in business markets?

Which of the following statements is a difference between buyers in consumer markets and buyers in business markets? … Buyers in consumer markets involve more people in a single purchase decision, while buyers in business markets involve less people in a single purchase decision.

In which type of buying situation will a buyer usually go through all the stages of the business buying process?

In which type of buying situation will a buyer usually go through all the stages of the business buying process? A new task buying situation.

What are the four general characteristics that influence consumer purchases?

How can you use that knowledge to increase your profitability? In general, there are four factors that influence consumer behaviour. These factors impact whether or not your target customer buys your product. They are cultural, social, personal and psychological.

What are the types of business transactions?

Types of business transactionPurchasing goods and materials. … Purchasing services, for example, repair s to equipment, advertising, printing costs.Sales. … Paying wages and salaries.Purchase of non-current assets.Raising finance and paying rewards to the suppliers of finance. … Accounting for and paying tax.More items…

What is the nature of demand in business markets?

The Nature of Demand. Demand—The amount of a good or service that a consumer is willing and able to buy at various possible prices during a given period of time. Quantity Demanded—Amount consumer is willing and able to buy at each particular price during given time period.

Which of the following is a difference between business markets and consumer markets?

Business marketers do not entertain consumers who purchase products and services for their end-use. They deal only with other businesses/firms to sell their products. In consumer markets, products are sold to consumers either for their own use or use by their family members.

What is demand nature?

The Nature of Demand. The Nature of Demand. Demand—The amount of a good or service that a consumer is willing and able to buy at various possible prices during a given period of time. Quantity Demanded—Amount consumer is willing and able to buy at each particular price during given time period.