Evaluate the Key Factors That Affect Business Buyer Behavior
Mariam Peyton is a professional Financial Analyst. She holds a Masters degree in Economics. She specialises in financial analysis and forecasting. Her expertise includes studying the financial performance of companies, markets and entire industries looking for trends, insights and information that can help you glean rich insights for use in academic and market research.
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Business buyer behavior is the buying behavior of businesses that purchase goods and services that they use to manufacture other products that are later sold or supplied to others. Here, organizations acquire goods and services for their commercial use and use them in their production process to come up with a final product or service for their customers.
This assignment evaluated some of the major factors that influence the Business Buyer Behaviour of organizations. Organizational buying behavior is influenced by a number of both internal and external factors namely; Environmental, Organizational, Interpersonal, and Individual factors.
Environmental factors include government regulations, the location of the organization, and technological changes. Organizations have to adjust to these factors so as to cautiously take decisions on the purchase of goods. Organizational factors are the internal features of the organization, such as its size, structure, objectives, policies, procedures, and culture. These factors determine the rules that govern the buying process. Interpersonal factors are the relationships and interactions among the buying center members, such as their communication styles, characters, attitudes, emotions, and conflicts. Individual factors are the personal characteristics of each buying center member, such as their age, gender, education, experience, motivation, perception, learning style, and risk attitude. These factors affect how each member observes and assesses the buying situation.
[https://www.geektonight.com/business-buyer-behaviour-type-process-factors-roles]
By understanding these key factors that affect business buyer behavior, marketers can tailor their marketing mix to meet the needs and expectations of different types of business buyers
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Evaluate the Key Factors That Affect Business Buyer Behaviour a Case Study
Key Learning Outcomes
By the end of the case, students should be able to:
- Understand the meaning of business buyer behavior and explain how it differs from consumer behavior.
- Examine the impact of organizational, interpersonal, and individual factors on business buying decisions.
- Assess the influence of digital technologies and social media on business buyer behavior.
1.0 INTRODUCTION
Business buyer behavior is the buying behavior of businesses that purchase goods and services that they use in the manufacturing of other products that are later on sold or supplied to others. Business buyers are those organizations that purchase goods or services for their own commercial use. Business buyers may be classified into three main categories namely producers, resellers, and institutional buyers. Each one of these categories has its own features, wants, and policymaking processes that influence their buying behavior.
In this assignment, we will evaluate the key factors that affect business buyer behavior .there are four main factors that influence business buying behavior and these are; environmental, organizational, interpersonal, and individual.
Environmental factors
These are the external forces that influence business buyers, such as economic conditions, market trends, technological developments, political and legal regulations, and social and cultural norms. These factors can create opportunities or threats for business buyers and affect their demand, preferences, and budgets. For example, a favorable economic condition can increase the purchasing power of business buyers and stimulate their demand for new products or services. On the other hand, a negative market trend can reduce the sales potential of business buyers and force them to cut costs or postpone purchases.
Organizational factors
These are the internal characteristics of the buying organization, such as its size, structure, objectives, policies, procedures, and culture. These factors determine the formal and informal rules that govern the buying process and the roles and responsibilities of the buying center members. The buying center is the group of individuals who participate in the buying decision, such as users, influencers, deciders, buyers, and gatekeepers. Each member has a different level of authority, interest, and influence on the buying decision and may have different criteria for evaluating the alternatives. For example, a user may be concerned about the quality and performance of the product or service, while a buyer may be concerned about the price and delivery terms.
Interpersonal factors
These are the relationships and interactions among the buying center members, such as their communication styles, personalities, attitudes, emotions, and conflicts. These factors affect the level of cooperation or competition among the members and the degree of consensus or disagreement on the buying decision. For example, a positive interpersonal relationship can facilitate information sharing and problem-solving among the members and lead to a faster and smoother buying process. On the other hand, a negative interpersonal relationship can create mistrust and resistance among the members and delay or derail the buying process.
Individual factors
These are the personal characteristics of each buying center member, such as their age, gender, education, experience, motivation, perception, learning style, and risk attitude. These factors affect how each member perceives and evaluates the buying situation and the alternatives. For example, a motivated member may be more proactive and involved in the buying process and seek more information and options. A risk-averse member may be more cautious and conservative in the buying process and prefer familiar and proven alternatives.
By understanding these key factors that affect business buyer behavior, marketers can tailor their marketing mix to meet the needs and expectations of different types of business buyers. Marketers can also use these factors to segment their business markets and target their most profitable customers. Furthermore, marketers can use these factors to build strong relationships with their business customers and increase their loyalty and satisfaction.
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