How do institutional buyers and government agencies do their buying
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Transcript of How do institutional buyers and government agencies do their buying
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INSTITUTIONAL AND GOVERNMENT MARKETS
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Institutional markets provide and services to people in their care. They are characterized by low budgets and a captive clientele.
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● Government Markets are major buyers of goods and services.
● They typically require suppliers to submit bids and often the contract is awarded to lowest bidder.
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● The government also buys on a negotiated contract basis, primarily in the case of complex projects involving major R&D costs and risks.
● Considerable paperwork is required from suppliers.
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● The procedures followed by the government are very elaborate and have to meet legal requirements.
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● Global tenders are floated for large projects inviting tenders from international suppliers.
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Disclaimer:““These slides were created by Shine Ali, MEC Cochin, during a marketing internship by Prof. Sameer Mathur, IIM Lucknow (See www.IIMinternship.com)”