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Introduction to Business: Homework Help Resource25 chapters | 508 lessons | 1 flashcard set
Video: Buying Situations: Types & Concept
Buyers face different buying situations every day. In this lesson, you'll learn about different buying situations and related concepts. You'll also have a chance to take a short quiz after the lesson to reinforce your knowledge.Buying Situations: Types & Concept
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Lesson Transcript
Instructor:
Shawn Grimsley
Buyers face different buying situations every day. In this lesson, you'll learn about different buying situations and related concepts. You'll also have a chance to take a short quiz after the lesson to reinforce your knowledge.
Situations and Types
A buying situation relates to the circumstances surrounding a purchase that can be defined by the quality of information and experience that the buyer has concerning the products and vendors available, as well as the effort it will take to make the purchase decision.
There are three primary buying situations. Let's take a look at each of them in some detail.
Straight Rebuy
This is the probably the easiest buying situation for a purchaser. In this situation, you are engaging in the routine purchase of standard products from a familiar supplier where you don't make any modifications from the most recent order. A perfect example is ordering some boxes of copier paper, pens, and pencils from your office supplier. It doesn't take much effort except to confirm the sales order has been satisfied.
Modified Rebuy
This is a situation where the purchaser is going to buy a similar product, but there is a significant difference in the purchase from the previous purchase. The difference may include a change in the product specifications or a new supplier. An example may be switching to a different type of software provided by a different vendor. This buying situation involves more effort because you are going to have to research product specifications and evaluate vendors, as well as possibly negotiate new contracts.
New Task Buy
This is probably the hardest and most involved buying situation. It usually involves you purchasing an entirely new type of product. An example may be the purchase of specialized equipment to manufacture a new product designed by your research and development department. You'll have to engage in a significant amount of research regarding products, different specifications, and different vendors. Once a decision is made, you will often have to enter negotiations with the vendor regarding terms of the purchase.
Lesson Summary
Let's review. Companies face different buying situations every day. A buying situation is simply the set of circumstances surrounding a purchase, such as the knowledge and experience the purchaser has regarding the products and vendors, as well as the level of effort required to make the purchase.
A straight rebuy occurs when the purchaser makes a routine buy that doesn't take much effort. A modified rebuy occurs when a buyer is purchasing a similar product to one purchased in the past but through a different vendor or with different product specifications. It usually requires some research regarding product or vendor choices. A new task buy involves purchasing an entirely new product and involves a substantial amount of research and effort.
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Lesson
14 in chapter 16 of the course:
- Services Marketing: The Difference Between Services and Goods 9:02
- How Non-Profit Marketing Differs from For-Profit Marketing 5:43
- Marketing Channel: Definition and Function in the Marketplace 5:15
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- Channel Conflict: Horizontal & Vertical Conflict 5:25
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- Supply Chain Management: Technology, Measurement, Relationship & Material Integration 6:21
- Logistics of Goods and Services 5:31
- Physical Distribution in Marketing: Definition, Functions & Importance 7:04
- Buying Situations: Types & Concept 2:56
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- Product Launch: Process, Strategy & Example
- Product Safety: Definition & Concept 7:47
- What Is a Manufacturing Process? - Steps, Overview
- Go to Product Distribution & Supply Chain Management: Homework Help
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