Wednesday, August 1, 2012

EOC Week 4: Business VS. Consumer buying behavior

“Business customer buying decisions are made within the framework of a strategic, problem-solving partnership.” (Marketing: An introduction for education management corporation pg. 158)  Businesses buy because of successful relationships with whom they are purchasing from.  In the world of business, networking and business relationships are very important.  It is important for a business to know who they are buying from, and to develop a trust of each other.  Business purchases are usually in bulk, and if the decision is made to go elsewhere to get their products it could result in a huge loss of the company they are buying from.  Customer buying behavior however, is slightly different.  Customers buy because of an emotional connection, beliefs, social status, religion, etc.  If one customer decides that he or she doesn’t want to continue to buy at a particular store, the store will not take a huge hit as if it would in a bulky business purchase.  Business purchases to not consider social statuses, religious affiliation, or emotional connections.  It’s all about business.  “it might be disappointing when a refrigerator buyer chooses a competing brand, losing a single sale to a large business customer can mean the loss of hundreds of millions of dollars in business.” (Marketing: An introduction for education management corporation pg. 158)  Customers buying habits depend on their age, lifestyle, occupation, economic situation, and whether they are motivated to buy or not.   Business buying is strictly based on loyalty from the buyer to the seller.  When a business finds a great seller, they usually stick with them.   Also, when sellers find a great business that buys in good faith they treat them well.         

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