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Basic Marketing McCarthy 17e
MKT350 ch. 7
18
Marketing
Undergraduate 4
03/16/2011

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Term
Business and organizational customers
Definition
are any buyers who buy for resale or to produce goods and services.
ex. producers of goods and services, intermediaries, government units, nonprofit orgs.
Term
purchasing specifications
Definition
a written description of what the firm wants to buy
Term
ISO 9000
Definition
a way for a supplier to document its quality procedures according to internationally recognized standards
Term
purchasing managers
Definition
buying specialists for their employers, usually in specific product areas. Assures customer that the supplier has effective quality checks in place
Term
buying center
Definition
all of the people who participate in or influence a purchase
Term
vendor analysis
Definition
a formal rating of suppliers on all relevant areas of performance
Term
requisition
Definition
a request to buy something
Term
new-task buying
Definition
when a customer organization has a new need and wants a great deal of information.
Term
Straight rebuy
Definition
a routine repurchase that may have been made many times before
Term
modified rebuy
Definition
the inbetween process where some review of the buying situation is done, though not as much as in new task buying
Term
competitive bid
Definition
the terms of sale offered by the supplier in response to the purchase specifications posted by a buyer
Term
just-in-time delivery
Definition
providing a customer with inventory when it is needed, reliably getting products there just before the customer needs them
Term
negotiated contract buying
Definition
agreeing to contracts tjat allow for changes in the purchase arrangments
Term
outsource
Definition
contract with an outside firm to produce goods or services rather than to produce them internally
Term
North american industry classification system (MAICS) codes
Definition
the number of establishments, sales volumes, and number of employees, broken down by geographic areas
Term
open to buy
Definition
buyers have budgeted funds that can be spent during the current period
Term
resident buyers
Definition
independent buying agents who work in central markets for several retailer or wholesaler customers based in outlying areas or other countries
Term
foreign corrupt practices act
Definition
prohibits US firms from paying bribes to foreign officials.
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