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What is buyer behaviour? Describe the recent developments in it.(

Consumer behavior studies individuals, groups, or organizations. It also studies the processes they use to select, secure, and dispose of products, services, experiences, or ideas to satisfy needs and wants. It also sees the impacts that these processes have on the consumer and society. It blends elements from psychology, sociology, social anthropology and economics. CBB also studies decision-making processes of buyers, both individually and in groups. It studies characteristics of individual consumers such as demographics and behavioral variables in an attempt to understand people's wants. It also tries to assess influences on the consumer from groups such as family, friends, reference groups, and society in general.

Recent Development in OBB
•      JIT - Just in Time purchasing - aims to supply materials and components as they are required. Stockholding costs are reduced for the purchasing company.

•      Centralised Purchasing - when there are several opportunities for the company to buy in bulk then centralised buying is an attractive option.  Many supermarkets will operate in this way.

•      Online Purchasing - as on-line buying has taken off for the consumer so it has for B2B. Companies display their own B2B websites and have developed extranets where buyers can request intricate product information or can access their own account information.

•      Reverse Marketing - ‘The process whereby the buyer attempts to persuade a supplier to provide exactly what the organization wants, is called reverse marketing.

•      Leasing - ‘A lease is a contract by which the owner of an asset (e.g. car) grants the right to another party to use the asset for a period of time in exchange for payment of rent.’


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