What is a Market? A market is a place where buyers and sellers meet and negotiate the terms of the purchase and sale of products. The place could be both physical and virtual. The markets facilitate the exchange of goods and services between sellers and buyers. This becomes a means where a buyer can easily…
Business Buying Process The business buying process refers to a series of steps companies used to take to purchase a product. The first step includes the recognition of the problem, followed by determining buying specifications, identifying suppliers, selecting the supplier, making a purchase decision, and the supplier’s performance evaluation. The buying process may differ from…
What is Business Buying Behavior? Business buying behavior refers to the action taken by any business or organization before making a purchase of any product, service, or raw materials. It is also called organizational and institutional buying behavior or simply industrial buying. Businesses purchase products mainly for three purposes one is for consumption, the second…
Factors Influencing Consumer Buying Behavior Consumer behavior refers to any action taken by the consumer before purchasing the product. The behavior consumer shows while buying the product is affected by different factors. The following are the five main factors (psychological, social, cultural, personal, and economic) that influence consumer buying behavior. Let’s understand them individually. Psychological…
Consumer Buying Process The consumer buying process also called the consumer decision making process includes a series of steps consumers used to take when buying any product or service. The steps begin with the identification of the need for the product or service, followed by an information search, alternative evaluation, purchase decision, and evaluation of…
Types of Buyer Behavior Consumers purchasing decisions largely depend upon the nature of the product they want to buy. If a buyer is buying a car he may wish to know more about the pros and cons of that car whereas when he buys daily usage items he may choose without investing much effort. It…
What is Consumer Buying Behavior? Any action taken by a buyer before making the purchase of the product or service is known as consumer buying behavior. It is also called a consumer buying decision. Consumers buy products mainly for consumption purposes. It is obvious that often we take many actions like asking friends, searching for…
What is Buyer Behavior? Buyer behavior refers to the actions and reactions buyers show while buying any product. Buyers’ actions and reaction largely depends on their personal factors and the nature of the product. Buyer behavior is commonly also known as consumer buying behavior. Knowing how and why consumers behave will help your business to…
What is Marketing Information System (MKIS)? A marketing information system, shortly called MKIS, is a system of collecting, analyzing, storing, and disseminating market information to marketing managers for making marketing decisions. MKIS is a systematic tool that aids marketing organizations in making effective marketing decisions. It collects data from both internal and external environments of…