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MKTG 351 > Exam 2 Chap 7 > Flashcards

Exam 2 Chap 7 Flashcards

1
Q

What are the 3 important evaluative criteria?

A
  • quality
  • service
  • price
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2
Q

Quality

A

Refers to technical suitability

- apply to sales people and firm

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3
Q

Service

A

Include pre-purchase (survey of buyer’s need), post-sale (installations of the equipment and training those who will use it), and dependability of supply ( must be able to count on delivery when it is scheduled)

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4
Q

Price

A

Business buyers want to buy at low prices

- buyer who force supplier to cut price to a point supplier lose money (quality is affected)

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5
Q

Relationship marketing

A

Seeking and establishing ongoing partnership with customers.

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6
Q

Why did relationship marketing become an important business marketing strategy?

A
  • customers have become more demanding
  • competition has become more intense
  • business suppliers use social networking site to advertise themselves to business.
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7
Q

What is a proven way to gain repeated business?

A

Maintaining steady dialogue between supplier and customers

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8
Q

Strategic Alliance

A

A cooperative agreement between business firms

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9
Q

What is the other name of strategic alliance?

A

Strategic partnership

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10
Q

What different form can strategic alliance take?

A
  • licensing or distribution agreements
  • joint ventures
  • research and development consortia
  • partnership
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11
Q

Why is strategic alliance formed?

A

Strengthen operation and better compete

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12
Q

For alliance to succeed in the long term it must be built on ______

A

Commitment and trust

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13
Q

Relationship commitment

A

Mean that a firm believes that an ongoing relationship with another firm is so important that the relationship warrants maximum efforts at maintaining it indefinitely.

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14
Q

Trust exist when ____

A

One party has confidence in an exchange partner’s realizability and integrity

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15
Q

Can alliance fail when participants lack trust?

A

Yes.
Ex: Costco and American Express.

Cost move forward with visa.
American Express believed to was a betrayal.

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16
Q

Relationship in other cultures (Japan)

A
  • exchange between firms is based on personal relationship that are developed through what is called AMAE, or indulgent dependency.
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17
Q

What is AMAE?

A

Feeling of nurturing concern for, and dependence on, another

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18
Q

What contributes to AMAE?

A

Reciprocity and personal relationships

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19
Q

What is business marketing

A

Is the marketing of goods and services to individuals and organizations for purposes other than personal consumption.

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20
Q

What is business marketing other name

A 
- industrial 
Or 
- business to business 
Or 
- B to B
OR 
- B2B marketing
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21
Q

Example of business marketing?

A

Sale of a personal PC to your university

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22
Q

Business product or industrial product

A

Used to manufacture other goods or services, to facilitate and organization’s operations, or to resell to other customers

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23
Q

Consumer product

A

Is bought to satisfy an individual’s personal wants or needs

24
Q

What is the key characteristics in distinguishing business product from consumer product?

A

INTENDED USE. Not physical form

25
Q

Consumer product is

A

A product that is purchased for personal or family consumption or gift

26
Q

Business product

A

A product that is purchased for business use.

27
Q

Name the 4 major categories of customers

A
  • producers
  • resellers
  • governments
  • institution
28
Q

Original equipment manufacturers, OEMs

A

Individuals and organizations that buy business goods and incorporate them into the products they produce fro eventual sales to other producers or to consumers

29
Q

Retailers

A

Business that buy finished goods to resell at a profit

30
Q

Government

A

Fed, state.. account for the greatest volume of purchase in the USA

31
Q

Institution

A

Seek to achieve goals other than the standard business (goals of profits,market shares, and return on investment)
Ex: school, church, hospital

32
Q

List the roles in the buying center

A
  • initiator
  • influencer/evaluators
  • gatekeeper
  • the decider
  • the purchaser
  • users
33
Q

User

A

Member of the org who will actually use the product.

34
Q

The purchaser

A

Is the person who actually negotiates the purchase

35
Q

The decider

A

Is the person who has the formal or informal power to choose or approve the selection of the supplier or brand

36
Q

Gatekeepers

A

Are group members who regulate the flow of information

Ex: secretary

37
Q

Influencers/evaluator

A

Are people who influence the buying decision.

38
Q

The initiator

A

Is the person who first suggests making a purchase

39
Q

Buying situations

A
  • new buy
  • modified rebuy
  • straight rebuy
40
Q

New buy

A

Is a situation requirement the purchase of a product for the first time.

41
Q

Modified rebuy

A

Is normally less critical and less time-consuming than a new buy.
- the purchaser wants some change in the original good or service. Ex: new color

42
Q

Straight rebuy

A

Is a situation vendors prefer.

  • the purchaser is not looking for new information or other suppliers.
  • routine because the terms of the purchase have been agreed to in earlier negotiations
43
Q

Type of business products

A
  • major equipment
  • accessory equipment
  • raw materials
  • component parts
  • processed materials
  • suppliers
  • business services.
44
Q

Major equipment

A

Include capital goods (large or expensive machines, generators …) -> called installation.
- depreciation over time

45
Q

Accessory Equipment

A

Generally less expensive and shorter-lived than major equipment
Ex: portable drills, computer software, power tools

46
Q

Raw materials

A

Are unprocessed extractive or agricultural products.

Ex: mineral, fruits, timber

47
Q

Component parts

A

Either finished items ready for assembly, or products that needs very little processing before becoming part of other products

48
Q

Processed materials

A

Are products used directly in manufacturing other products.
- they have some processing compare to raw material
Ex: corn syrup, plastics, chemicals

49
Q

Supplies

A

Are consumable items that do not become part of the final product
Ex: detergents, paper towels, pencils

50
Q

Business service

A

Are expense items that do not become part of a final product.
- retain our side providers to perform
Ex: advertising, legal, janitorial, consulting

51
Q

Demand

A
  • derived demand
  • joint demand
  • multiplier effect (accelerator principle)
52
Q

Derived demand

A

The demand for business product

- organization buy products to be used in productions their customer’s products

53
Q
  • inelastic demand
A

Mean that an increase or decrease in the price of the product will not significantly affect demand for the product

54
Q

Joint demand

A

Happens when two or more items are used together in a final product.
Ex: decline in memory chips availability will slow product and lead to a reduce demand for disk drives.

55
Q

Multiplier effect ( accelerator principle)

A
  • small increase or decrease in consumer demande can produce a much larger change in demande for the stuff needed to make the consumer product.
56
Q

Diff en ce between business and consumer markets

A
  • demande
  • purchase volume
  • number of customers
  • distribution
  • nature of buying
  • nature of buying influencer
  • type of negotiation
    0 use of reciprocity
  • use of leasing
  • promo methods

MKTG 351 (10 decks)

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