Stages of the Business Buying Decision Process
Step 1: Recognize the Problem.
Machine malfunction, firm introduces or modifies a product, etc.
Step 2: Develop product specifications to solve the problem.
Buying center participants assess problem and need to determine what is necessary to resolve/satisfy it.
Step 3: Search for and evaluate possible products and suppliers.
Look in company files and trade directories, contact suppliers for information, solicit proposals from known vendors, examine websites, catalogs, and trade publications conduct a value analysis - an evaluation of each component of a potential purchase; examine quality, design, materials, item reduction/deletion to save costs, etc. conduct vendor analysis - a formal and systematic evaluation of current and potential vendors; focuses on price, quality, delivery service, availability and overall reliability.
Step 4: Select product and supplier and order product.
An organization can decide to use several suppliers, called multiple sourcing. Multiple sourcing reduces the possibility of a shortage by strike or bankruptcy. An organization can decide to use one supplier, called sole sourcing.
Step 5: Evaluate Product and supplier performance
Understanding the stages of business buying and the nature of customers' buying behavior is important to a marketing firm if it is to market its product properly. In order to entice and persuade a consumer to buy a product, marketers try to determine the behavioral process of how a given product is purchased.
Option 'C' hence is the correct answer here.