In considering an observed

price, consumers often compare it to an internal price called a(n) _____ price.

The

buying process starts when the buyer decides to or actually enters a store or

service provider's facility.

In the _____ situation the buyer has to determine product

specifications, price limits, delivery terms and times, service terms, payment

terms, order quantities, acceptable suppliers, and the selected supplier.

The last stage in the industrial buying process is _____.

In _____ pricing the firm

bases its price largely on competitors' prices.

The consumer market

consists of all organizations that acquire goods and services used in the

production of other products or services that are sold, rented, or supplied to

others.

_____ costs do not vary with

production or sales revenue.

_____ pricing is used to

maximize the company's market share.

Webster and Wind define ________ as the decision-making process by which

formal organizations establish the need for purchased products and services and

identify, evaluate, and choose among alternative brands and suppliers.

The buying objective for

institutional markets is not for profit.