Online buying in organizational markets is prominent because Internet technology
allows companies to increase their innovation cycles.
conveys timely information quickly.
substantially increases brand loyalty.
eliminates marketing costs.
narrows the potential customer base for many products.
The correct answer and explanation is:
The correct answer is:
“conveys timely information quickly.”
Explanation:
Online buying in organizational markets has become increasingly prominent due to the ability of Internet technology to convey timely information quickly. In business-to-business (B2B) transactions, speed and efficiency are crucial. Organizations need real-time access to pricing, product specifications, availability, and order tracking to make informed purchasing decisions. The internet allows businesses to communicate instantaneously with suppliers and vendors, ensuring smooth operations and reducing delays.
- Real-Time Information Access: Companies can instantly compare different suppliers, check inventory levels, and track shipments in real-time, leading to faster decision-making.
- Efficiency and Cost Savings: The ability to quickly exchange information reduces the need for back-and-forth emails, phone calls, or in-person meetings, cutting down on administrative costs and time spent on procurement.
- Improved Supplier-Buyer Relationships: Online platforms, e-procurement systems, and cloud-based supply chains enable seamless communication between buyers and sellers, enhancing collaboration and trust.
- Global Reach and Market Expansion: Businesses can quickly access new suppliers and markets worldwide, leading to better pricing, competitive bidding, and diverse product options.
- Reduced Errors and Enhanced Accuracy: Automated ordering systems and online catalogs reduce manual errors, ensuring that businesses receive the right products at the right time.
In contrast, the other options are not correct:
- Innovation Cycles: While technology impacts innovation, the primary reason for online buying is information speed.
- Brand Loyalty: B2B transactions are often based on efficiency and pricing rather than emotional brand loyalty.
- Marketing Costs: Online presence may reduce some costs but does not eliminate marketing.
- Narrowing the Customer Base: The internet actually expands access to global customers.
Thus, timely information access is the key driver for online buying in organizational markets.
Now, I will generate an image representing online buying in organizational markets.
Here is the generated image representing a modern B2B online marketplace, showcasing real-time product updates, live order tracking, and instant supplier-buyer communication. Let me know if you need any modifications!
