71 Cards in this Set
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________ is the process of buying and selling goods/services to be used in the production of other goods and services, for consumption by the buying organization and/or resale by wholesalers and retailers.
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business to business marketing
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The distinction between B2B an B2C transactions it the ______ _______ of the product.
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ultimate user
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______ ____ reflects the link between consumers' demand and company output
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derived demand
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_____ buy raw materials, components, and parts that allow them to make and market their own goods and ancillary services.
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Manufacturers.
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_____ are marketing intermediaries that resell manufactured products without significantly altering their form.
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resellers
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_____ include hospitals, schools, religious organizations, and non-profits
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institutions
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The _____ also participates in B2B marketing
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government
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Three types of buying situations
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1. New buy
2. Straight re-buy
3. Modified re-buy
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the B2B buying process is more __ than the B2C
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formal
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B2B Buying Process
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1. need recognition
2. Product Specification
3. REP process (request for proposals)
4. Proposal Analysis, Vendor Negotiation, and Selection
5. order Specification
6. Vendor Performance Assessment Using Metrics
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refers to the processes by which goods, services, capital, people, information, and ideas flow across national borders
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globalization
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Buying Center Roles
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1. Initiator
2. Influencer
3. Decider
4. Buyer
5. User
6. Gatekeeper
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the buying center participant who first suggests buying the particular product or service
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initiator
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the buying center participant whose views influence other members of the buying center in making the final decision
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influencer
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the buying center participant who ultimately determines any part of or the entire buying decision
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decider
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the buying center participant who handles the paperwork of the actual purchase
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buyer
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the buying center participant who actually consumes or uses the product/service
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user
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the buying center participant who controls information or access to decision makers and influencers
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gatekeeper
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A firm's _____ reflects the set of values, traditions, and customs that guide its employees' behavior.
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organizational culture
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four types of buying cultures
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1. autocratic
2. democratic
3. consultative
4. consensus
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in an ______ buying center one person makes the buying decision alone
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autocratic
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in a _____ buying center, majority rules in purchase decisions
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democratic
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_____ buying centers use one person to make a purchase decision, but solicits input from others before doing so
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consultative
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___ buying center require that all team members reach a collective agreement before making purchase decisions
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concensus
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in a ____ ___ situation, a customer purchases a good or service for the first time
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new buy
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a ___ ____ situation is more involved because the buyer has no experience with the item
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new buy
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___ ___ situation : a buyer has purchased a similar product in the past but decides to change some specifications
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modified rebuy
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with the exception of cases of dissatisfaction, current vendors have an advantage a in ______ ____ situation.
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modified rebuy
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____ ____ situations - the org. buys additional units of the same product previously purchased.
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straight rebuys
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the most difficult buying situation (for marketing/selling) is the ___ __ because the purchasing firms must change their current behavior
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new buy
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___ ____ are the results of reductions/eliminations of trade barriers, decreasing concerns of distance and time (regarding moving product) , the standardization of laws across borders, and globally integrated production processes
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global markets
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_ _ the country imports more goods than it exports
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trade deficit
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_ _ is a higher level of exports than imports
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trade surplus
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_______ is the market value of goods and services produced by a country within a year
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GDP
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GDP + the net income earned from investments abroad
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GNI (gross national income)
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A theory that states if the exchange rates of two countries are in equilibrium, a product purchased in country A will be the same cost in the other (if expressed in the same currency)
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PPP (purchasing power parity)
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marketers use _____ to understand relative wealth of a particular country. It is not a full picture of economic health
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metrics
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Components of a Country Market Assessment
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1. economic analysis using metrics
2. infrastructure and technology
3. sociocultural analysis
4. government actions
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___ is the basic facilities, services, and installations needed for a community of a society to function (i.e transportation, distribution channels, communications, commerce)
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infrastructure
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4 key elements of infrastructure
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1. transportation
2.distribution
3. commerce
4. communications
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_____ or a duty is a tax levied on a good imported into a country
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tarrif
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Tariffs are intended to make imported goods more expensive and thus ____ ____ with domestic products
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less competitive
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a ___ designates the maximum quantity of a product that may be brought into a country during a specified time period.
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quota
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refers to the regulation of a country's currency exchange rate
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exchange control
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is a intergovernmental agreement designed to manage and promote trade activities for a certain region
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trade agreement
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a _ _ consists of those countries that have signed the particular trade agreement
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trade bloc
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The major trade agreements cover ___ -____of the world's int'l trade
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two thirds
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CAFTA's trade bloc
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US
Costa Rica
DR
El Salvador
Guatemala
Honduras
Nicaragua
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two levels of culture are _____ ____ & __________
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1. visible artifacts
2. underlying artifacts
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Hofstede's cultural dimension concept is based on five dimensions
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1. power distance
2. uncertainty avoidance
3. individualism
4. masculinity
5. time orientation
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BRIC countries include:
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Brazil
Russia
India
China
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Global entry strategies include:
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exporting
franchising
strategic alliance
joint venture
direct investment
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___ is the standardization of products globally, but firms will use different promotional campaigns to sell them
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glocalization
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The STP process includes
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1. strategy/objectives
2. segmentation methods
3. evaluate segment attractiveness
4. select target market
5. identify and develop positioning strategy
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Segmentation Methods are
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1. geographic
2. demographic
3. psychographic
4. benefits
5. behavioral
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Steps to evaluating segment attractiveness
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substantial
identifiable
profitable
responsive
reachable
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the segment attractiveness that determines if the segment who the consumer is and if they are unique
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identifiable
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the segment is ______ if they know the product exists, understand what the product does, and recognize how to buy it
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reachable
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segmentation strategies include
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differentiated
undifferentiated (mass marketing)
concentrated
micromarketing (one on one)
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positioning strategies include
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value
salient attributes
symbol
competition
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steps to positioning
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1. determine consumer perceptions in relation to competitors
2. identify the market's ideal points and size
3. identify competitors position
4. determine consumer preferences
5. select a position
6. monitor a positioning strategy
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____ is a psychographic tool that classifies consumers into eight categories based on their answers to a questionnaire
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VALS
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marketing research process
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define objectives
design the research
collect the data
analyze the data
create an action plan & implement
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______ ___ is any preexisting data
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secondary
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______ is data you collect first hand. takes more time and money
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primary data
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_____ becomes _______ after it is analyzed.
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data, information
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A research action plan contains the following:
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executive summary
body
conclusions
limitations
supplements (tables, figures, appendices)
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Observation
focus groups
in-depth interviews and
social media are examples of
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qualitative
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experiments
scanner
survey
panel
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quantitative
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advantages of secondary data include:
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saves time
free and inexpensive (unless syndicated
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disadvantages of secondary data:
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not focused enough
information ma no
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MKTG 350: Exam 1