Explain the Concept of Generic Brands

question 71

Essay

Explain the concept of generic brands.

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Definitions:

Reseller Firm

A business that purchases products from manufacturers, wholesalers, or distributors and then sells them to the public or to other businesses.

Organizational Buying

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.

Derived Demand

The demand for industrial products and services that is driven by, or derived from, the demand for consumer products and services.

Organizational Buying Criteria

Factors that businesses consider when making purchasing decisions, including price, quality, service, and supplier relationships.