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Industrial buying behaviour: decision - making in purchasing - Organization buying behaviour: basic characteristics

3 important questions on Industrial buying behaviour: decision - making in purchasing - Organization buying behaviour: basic characteristics

Describe the buying process

Include determining the purchasing needs, selecting the supplier, arriving at a proper price, specifying terms and conditions, issuing the contract or order, and follow up to Ensure proper delivery and payment.

What is the difference between industrial and consumer buying behaviour?

Industrial:

Not spending their own money -> Less careful
Rely on opinions and references from others
Long lasting relationships with supplier
Inelastic prices - not gonna change supplier because of small price changes

Consumer:

Spending their own money -> More careful
Elastic prices - consumers change their product preference very fast if the price changes

What's the difference between consumer marketing and business - to - business marketing?

B2B - marketer has to deal with companies, governmental organizations or institutions, which need the purchased product to feed, support and maintain their primary and supporting processes.
In consumer marketing, however, the marketer faces individuals who strive for an immediate satisfaction of their needs.