BUSML 3250 Exam 2 Study Guide 2023

BUSML 3250 Exam 2 Study Guide 1. Pure tangible good: any product that can be offered to the market for acquistion or consumption that does not include a service 2. pure service: only a service no product to sell 2. service: nontangible product, where a benefit, activity, or safisfaction is offered 3. business buyer behavior: buying behavior of organizations 4. business buying process: decision process which business buyers determine what product/service to buy 5. derived demand: business demand that ultimately comes from demand for consumer goods 6. supplier development: development of networks of suppliers to ensure dependable supply of products for making products to sell to consumers 7. straight rebuy: business buying stituation where the buyer routinely reorders something without any modifications 8. modified rebuy: buyer wants to modify product specifications, prices, terms, or suppliers 9. New task: buyer purchases a product or service for the first time 10. Systems selling (or solutions selling): buying a packaged solution from a single seller 11. buying center: all individuals and units that play a role in decision making process of purchase 12. users: members of the buying company who will actually use the product 14. influencers: people in the organization's buying center who affect the buying decision 13. buyers: people making the actual purchase 14. deciders: people in the buying center that have the formal or informal power to select or approve the final suppliers 15. gatekeepers: people in an organization's buying center who control the flow of information to others 16. Problem recognition: stage in business buying process which a company recognizes a problem that needs to be met by aquiring a good or service 17. general need description: stage is bbp which a buyer describes the characteristics and quantity of what is needed 18. product specification: stage of bbp which buying organization decides on and specifies the best technical product characteristic for a needed item 19. Supplier search: stage of bbp which the buyer tries to find the best vendors 22. Proposal solicitation: stage of bbp which buyer invites qualified suppliers to submit proposals 20. 23. supplier selection: Stage of business buying process which the buyer reviews proposals and selects a supplier 21. 24 order-routine specification: stage of bbp which buyer writes final order to supplier 22. performance review: stage of bbp which buyer assess the performance of the supplier and decides to continue, modify, or drop the arrangement