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Chapter 6
Chapter 6
Chapter 6
Chapter 6
Chapter 6
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What is Business Marketing by definition?
The marketing of good and services to individuals and organizations for purposes other than personal consumption.
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What are (2) of 4 major categories of business customers?
Resellers - wholesalers (takes ownership, agents don’t) or retailers, they buy finished good to resell at a profit.
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What are the Three Digit Industry Sub-sector?
Publishing industries ( except internet ) Motion Picture and sound recording industries Broadcasting( except internet )
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What is Business Market vs Consumer Market for: "# of CUSTOMERS"
Business Market - Fewer Consumer Market - Many
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What is reciprocity?
When two businesses benefit from one another, a “you scratch my back and I’ll scratch yours” mentality.
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What is the key to business marketing?
WHO is buying and WHAT is the products intended use.
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What are (3) of 4 major categories of business customers?
Governments - examples are federal, state and local. This is the largest single market for goods and services in the world.
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What are the 4 criteria of good segmentation scheme?
sustainability identifiability/measurability accessibility responsiveness
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What is Business Market vs Consumer Market for: "DISTRIBUTION"
Business Market - More Direct Consumer Market - More Indirect
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What are the various types of business products?
Major Equipment - computers, airplanes and buildings Accessory Equipment - personal computers, power tools Raw Materials - minerals, timber, wheat,corn and fish Component Parts - finished items ready for assembly Processed Materials - sheet metals... Supplies - supplies used for maintenance repair Business Services - janitorial, advertising, legal and marketing research
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What is a Japanese term that means a network of interlocking corporate affiliates?
What is a Keiretsu?
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What are (4) of 4 major categories of business customers?
Institutions - (a.k.a. non-profit) examples of these are schools, churches, civic clubs, hospitals, unions, foundations, colleges, fraternal groups and nonbusiness organizations.
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What is cannibalization?
The negative impact of a company's new product on the sales performance of its existing and related products
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What is Business Market vs Consumer Market for: "NEGOTIATIONS"
Business Market - More Complex Consumer Market - Simpler
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Who works at the buying center?
All those people in an organization who become involved in the purchase decision, it’s a formal and larger organization.
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What strategic relationships are highly integrated?
Companies have executives sitting on each other’s boards. Maintain dedicated trade efforts. Joint development, finance and marketing.
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What is the largest business customer
The government
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What is synergy?
The increased customer value achieved through performing organizational functions like marketing or manufacturing more efficiently.
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What is Business Market vs Consumer Market for: "RECIPROCITY"
Business Market - Yes Consumer Market - No
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In the buying center the initiator is who?
The person who suggests the purchase, the one who has the problem
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What are (1) of 4 major categories of business customers?
Producers - OEMs: Produce finished good and services
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What does NAICS stand for?
North American Industry Classification System
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What is Business Market vs Consumer Market for: "VOLUME"
Business Market - Larger Consumer Market - Smaller
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What is Derived Demand?
Demand for business products results from demand for consumer products. there is no B2B without consumer demand.
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Who is the person that helps define the specifications and provide info for evaluating options
The Influencer aka evaluator