BMtoMR

Question 1

, also known as B2B, refers to the practice of selling products and services to
other businesses or organizations rather than to individual consumers.
Unlike consumer marketing, which targets individual consumers, _________ focuses on transactions between businesses

Answer 1

Business marketing

Question 2

Business marketing sells

Answer 2

Raw materials
Machinery
Services that support business operations

Question 3

Types of Business Markets

Answer 3

Industrial Markets
Reseller Markets
Government Markets
Institutional Markets

Question 4

Businesses that purchase goods and
services to produce other products. For example, a
manufacturer purchasing raw materials or machinery.

Industrial Markets
Reseller Markets
Government Markets
Institutional Markets

Answer 4

Industrial Markets:

Question 5

Government agencies that purchase
goods and services to run operations or provide public
services. These purchases are often regulated and require a
bidding process.

Industrial Markets
Reseller Markets
Government Markets
Institutional Markets

Answer 5

Government Markets:

Question 6

These businesses buy finished products to
resell them to consumers or other businesses. Examples
include wholesalers and distributors.

Industrial Markets
Reseller Markets
Government Markets
Institutional Markets

Answer 6

Reseller Markets:

Question 7

Non-profit organizations, educational
institutions, hospitals, and other entities that purchase goods
and services to operate or deliver services to the public.

Industrial Markets
Reseller Markets
Government Markets
Institutional Markets

Answer 7

Institutional Markets:

Question 8

Stages of b2b buying process

Answer 8

Problem Recognition
General Need Description Product Specification
Supplier Search
Proposal Solicitation
Supplier Selection
Order-Routine Specification
Performance Review

Question 9

The process starts when a business identifies a problem or need. This
could be a new requirement for a machine, an upgrade to existing
equipment, or the need for a service to improve operations.

Problem Recognition
General Need Description Product Specification
Supplier Search
Proposal Solicitation
Supplier Selection
Order-Routine Specification
Performance Review

Answer 9

Problem Recognition

Question 10

The business outlines the broad requirements for a solution. For
example, if a company needs new software, they might identify the need
for a software system that integrates accounting, inventory, and sales

Problem Recognition
General Need Description Product Specification
Supplier Search
Proposal Solicitation
Supplier Selection
Order-Routine Specification
Performance Review

Answer 10

General Need Description

Question 11

The business defines the exact specifications of the product or service it
requires. This could involve technical requirements, performance
features, or customization needs.

Problem Recognition
General Need Description Product Specification
Supplier Search
Proposal Solicitation
Supplier Selection
Order-Routine Specification
Performance Review

Answer 11

Product Specification

Question 12

The company searches for potential suppliers that can meet its needs.
This may involve a formal bidding process, research into potential
vendors, or industry referrals.

Problem Recognition
General Need Description Product Specification
Supplier Search
Proposal Solicitation
Supplier Selection
Order-Routine Specification
Performance Review

Answer 12

Supplier Search

Question 13

Once suppliers are identified, the company may request proposals or
quotes from suppliers. This could include detailed specifications, pricing,
and delivery timelines.

Problem Recognition
General Need Description Product Specification
Supplier Search
Proposal Solicitation
Supplier Selection
Order-Routine Specification
Performance Review

Answer 13

Proposal Solicitation

Question 14

The business evaluates proposals based on factors like cost, quality,
reputation, and delivery capability. Supplier negotiation may occur at
this stage

Problem Recognition
General Need Description Product Specification
Supplier Search
Proposal Solicitation
Supplier Selection
Order-Routine Specification
Performance Review

Answer 14

Supplier Selection

Question 15

After purchase, the company evaluates the performance of the product
or service and whether it meets the specified needs. If the product or
service fails to meet expectations, the process may start over.

Problem Recognition
General Need Description Product Specification
Supplier Search
Proposal Solicitation
Supplier Selection
Order-Routine Specification
Performance Review

Answer 15

Performance Review

Question 15

The terms of the order are finalized, including delivery schedules,
payment terms, and conditions.

Problem Recognition
General Need Description Product Specification
Supplier Search
Proposal Solicitation
Supplier Selection
Order-Routine Specification
Performance Review

Answer 15

Order-Routine Specification

Question 16

Factors Affecting B2B Buying Behavior

Answer 16

A. Environmental Factors
B. Organizational Factors
C. Interpersonal Factors
D. Psychological Factors

Question 17

A. Environmental Factors

__________Economic downturns, recessions, or booms can
significantly impact a business’s willingness to make purchases.

_________Rapid advancements in technology can influence the
types of products and services a company buys.

______________Legal and regulatory requirements often dictate the
buying process, especially for industries like healthcare or construction.

Government Regulations

Technological Changes

Economic Conditions

Answer 17

Economic Conditions
Technological Changes
Government Regulations

Question 18

B. Organizational Factors

_____________A business’s overall goals (e.g., cost reduction,
productivity improvement, growth) will influence its purchasing decisions.

__________The financial limitations of an organization can affect
the type and volume of purchases.

__________Organizational rules and guidelines that define how
purchasing decisions are made, such as vendor approval processes or
sustainability considerations.

Purchasing Policies

Company Objectives

Budgetary Constraints

Answer 18

Company Objectives
Budgetary Constraints
Purchasing Policies

Question 19

C. Interpersonal Factors

_________: In a business purchase, a _______ is a group of individuals
within the organization involved in the buying process.

________________: The dynamics and power relationships among the
people involved in the buying process can affect the outcome of a purchase
decision.

Buying Center
Power and Influence

Answer 19

Buying Center
Power and Influence

Question 20

D. Psychological Factors

__________-:Business buyers are often risk-averse and prefer products and
services that provide certainty and reliability.
________: Similar to consumers, businesses may show loyalty to particular
suppliers due to past positive experiences or trusted relationships.

Risk Aversion
Brand Loyalty

Answer 20

Risk Aversion
Brand Loyalty

Question 21

Businesses often segment their market based on:

Answer 21

Industry: Different industries (e.g., automotive, technology, healthcare) have
different needs.

Company Size: The size of a company can affect purchasing needs, such
as large enterprises requiring more sophisticated products.

Geography: Geographic location can influence product offerings (e.g., local
regulations or climate factors).

Usage Rate: Segmenting by how often a company will use a product or
service (e.g., high-volume or low-volume buyers).

Question 22

. Business Marketing Strategies

Answer 22

Market Segmentation in B2B
Product Positioning
Relationship Marketing
Branding in B2B

Question 23

n B2B marketing, ______ emphasizes trust, reputation,
and long-term value. The _______ must convey reliability
and expertise in solving the business’s problems.

Answer 23

branding / branding

Question 24

Marketing Channels in B2B ______These events allow businesses to showcase products, network with potential customers, and establish partnerships. _______Products may be sold through intermediaries, especially when targeting resellers or specific industries. __________Businesses often use a direct sales force to engage with potential customers, negotiate deals, and close sales. _________-E-commerce platforms, B2B marketplaces, and vendor websites have become critical in B2B marketing, offering businesses the ability to research and procure products efficiently. Direct Sales Force Distributors and Wholesaler Online Platforms Trade Shows and Conferences

Answer 24

3. Direct Sales Force: 2. Distributors and Wholesalers: 4. Online Platforms: 1. Trade Shows and Conferences:

Question 25

B2B Marketing Communication : One-on-one interactions with clients, often through a dedicated sales team. : Providing valuable information (e.g., whitepapers, case studies, webinars) that demonstrates expertise and helps solve business problems. : Targeted email campaigns to nurture leads and maintain relationships. : Online, print, or trade publication advertising focused on promoting a business’s product or service. : Building a positive brand image through media, press releases, and events Email Marketing Public Relations Personal Selling Advertising Content Marketing

Answer 25

Personal Selling Content Marketing Email Marketing Advertising Public Relations

Question 26

Challenges in B2B Marketing __________ Multiple decision-makers are involved, making it more difficult to drive a sale. ______________ B2B purchases typically take longer due to careful consideration, negotiations, and budgeting. _________ Many B2B products require customization to meet the specific needs of the buyer, which can complicate marketing and sales efforts. _____________ The B2B market is often highly competitive, requiring differentiation based on quality, price, or unique offerings. Competition Customization and Integration Long Sales Cycles Complex Decision-Making Process

Answer 26

Complex Decision-Making Process Long Sales Cycles Customization and Integration Competition

Question 27

______________ The process of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers based on some type of shared characteristics. ______________ Once the market has been segmented, targeting involves selecting the segment(s) to focus marketing efforts on, based on their attractiveness and the company's capabilities. Targeting Market Segmentation

Answer 27

Market Segmentation Targeting

Question 28

Key Benefits of Market Segmentation ______________ Helps identify specific needs and wants of different consumer groups. ______________ Allows businesses to allocate marketing resources more effectively and avoid wasteful spending. ______________ Helps businesses differentiate their products or services from competitors by catering to specific segments. ______________ Enables businesses to position their products or services in a way that resonates with targeted groups. Improved Product Positioning Efficient Marketing Resources Competitive Advantage Better Customer Understanding

Answer 28

Better Customer Understanding Efficient Marketing Resources Competitive Advantage Improved Product Positioning

Question 29

Ways of Segmentation

Answer 29

demographical geographical psychological behavioral technological

Question 30

______________ Divides the market based on measurable statistics such as age, gender, income, education, family size, and occupation. ______________ Different age groups have distinct needs (e.g., children, teens, adults, seniors). ______________ Men and women may have different product preferences. ______________ Consumers with different financial levels may require different products (e.g., luxury vs. economy). ______________ The level of schooling can influence product choice (e.g., professional vs. student). ______________ Family needs change depending on the number of members or the age of children. ______________ Job roles may determine product needs (e.g., executive vs. blue-collar workers). Age Gender Occupation Education Demographic Segmentation Family Size/Stage Income

Answer 30

Demographic Segmentation Age Gender Income Education Family Size/Stage Occupation

Question 31

______________ Dividing the market based on geographical criteria such as region, climate, and population density. ______________ Markets may differ by geographic location (e.g., urban vs. rural, North vs. South). ______________ Products may vary depending on climate (e.g., air conditioners in hot climates). ______________ Different products or marketing strategies may be needed for dense urban areas versus sparsely populated rural areas. Region Geographic Segmentation Climate Population Density

Answer 31

Geographic Segmentation Region Climate Population Density

Question 32

______________ Divides the market based on lifestyle, values, attitudes, and personality traits. ______________ Consumer activities, interests, and opinions (e.g., outdoor enthusiasts, health-conscious consumers). ______________ Consumers’ social standing often correlates with product preferences. ______________ For example, introverts vs. extroverts might prefer different products or experiences. ______________ For example, consumers who value sustainability may prefer eco-friendly products. Social Class Psychographic Segmentation Lifestyle Personality Traits Values and Beliefs

Answer 32

Psychographic Segmentation Lifestyle Social Class Personality Traits Values and Beliefs

Question 33

______________ Behavioral segmentation is based on consumers’ behaviors and interactions with products or services. ______________ Consumers may seek different benefits (e.g., convenience, luxury, durability). ______________ Segmenting by frequency of use (e.g., heavy, moderate, light users). ______________ Segments based on brand loyalty (e.g., loyal customers, switchers). ______________ Certain products may be bought on specific occasions (e.g., holidays, birthdays, seasonal events). ______________ Segmenting based on how consumers make purchasing decisions (e.g., impulse buyers, deliberate planners). Occasions Loyalty Status Behavioral Segmentation Usage Rate Benefits Sought Buying Patterns

Answer 33

Behavioral Segmentation Benefits Sought Usage Rate Loyalty Status Occasions Buying Patterns

Question 34

Steps in Market Segmentation ______________ Identify the broad market you're looking to segment. For example, the global smartphone market or the market for running shoes. ______________ Choose the appropriate bases for segmentation (demographics, geography, psychographics, etc.) based on the nature of the product or service and customer behaviour. ______________ Describe each segment in detail, including their characteristics, needs, and potential product or service requirements. ______________ Assess the potential and attractiveness of each segment. Consider factors such as size, growth potential, competition, and company capability. ______________ Based on the evaluation, choose which segments to focus on. Identify Segmentation Variables Evaluate the Segments Select Target Segments Define the Market Develop Profiles of Each Segment

Answer 34

Define the Market Identify Segmentation Variables Develop Profiles of Each Segment Evaluate the Segments Select Target Segments

Question 35

is the process of evaluating the attractiveness of each segment and deciding which segment(s) to focus marketing efforts on

Answer 35

Market targeting

Question 36

Key Benefits of Market Targeting: ______________ By focusing on specific segments, businesses can avoid wasting resources on consumers who are unlikely to convert. ______________ Targeting allows for better-tailored products or services that meet the needs of specific groups. ______________ Tailored marketing efforts increase customer satisfaction and loyalty. Customer Retention Efficiency in Marketing Effective Product Development

Answer 36

Efficiency in Marketing Effective Product Development Customer Retention

Question 37

Types of Market Targeting Strategies

Answer 37

A. Undifferentiated (Mass Marketing) B. Differentiated (Segmented) Marketing C. Concentrated (Niche) Marketing D. Micromarketing (Personalized Marketing)

Question 38

1. _____________ A company targets the entire market with a single offering, assuming everyone has similar needs and preferences. Best for broad-appeal, low-differentiation products. 2. _____________ Targets multiple segments with different offerings tailored to each group’s needs. Aims to satisfy diverse customer demands. 3. _____________ Focuses on a single segment or niche, offering specialized products/services for that group. 4. _____________ An extreme form of segmentation that targets individuals or very small groups with personalized marketing. Micromarketing (Personalized Marketing) Undifferentiated (Mass Marketing) Differentiated (Segmented) Marketing Concentrated (Niche) Marketing

Answer 38

Undifferentiated (Mass Marketing) Differentiated (Segmented) Marketing Concentrated (Niche) Marketing Micromarketing (Personalized Marketing)

Question 39

1. _____________ What makes the product different or better than competitors? 2. _____________ A brief description of how the brand is perceived and what makes it unique. 3. _____________ Deliver consistent messaging across marketing channels (e.g., advertisements, packaging, website content). Choices: Communicate the Positioning Identify the Unique Selling Proposition Develop a Positioning Statement

Answer 39

Answers: Identify the Unique Selling Proposition Develop a Positioning Statement Communicate the Positioning

Question 40

is the process of gathering, analyzing, and interpreting information about a market, including information about the target audience, competitors, and the overall industry. It provides businesses with the insights needed to make informed decisions about product development, marketing strategies, and customer engagement

Answer 40

Marketing research

Question 41

Marketing Research two categories 1. _____________ Is used to describe characteristics of a population or phenomenon. It provides an understanding of "what is" happening in the market. It typically involves collecting data through surveys, observations, or secondary data sources. 2. _____________ Is used to determine cause-and-effect relationships between variables. It answers questions about why and how certain changes in one variable (e.g., price) affect another variable (e.g., sales). Choices: Causal Research Descriptive Research

Answer 41

Answers: Descriptive Research Causal Research

Question 42

Marketing Research Process 1. _____________ Clear identification of the issue to be addressed. A vague definition can lead to wasted time and misleading results. 2. _____________ These are the specific goals that the research seeks to accomplish, such as understanding preferences or evaluating campaigns. 3. _____________ Outlines how data will be collected, including the design, data sources, and sampling plan. 4. _____________ Involves gathering the necessary information using methods like surveys, interviews, and secondary sources. 5. _____________ Involves organizing and evaluating the data to identify trends and generate insights. 6. _____________ Involves summarizing findings in a clear, actionable way for decision-makers through reports or presentations. Choices: Developing the Research Plan Reporting and Presenting Findings Collecting Data Analyzing Data Research Objectives Problem Definition

Answer 42

Answers: Problem Definition Research Objectives Developing the Research Plan Collecting Data Analyzing Data Reporting and Presenting Findings

Question 43

Developing the Research Plan 1. _____________ The overall plan (descriptive, exploratory, or causal) for how data will be collected and analyzed. 2. _____________ Choosing between primary (newly collected) or secondary (existing) data. 3. _____________ Deciding on the target population, sample size, and sampling method (random, stratified, or convenience sampling). Choices: Research Design Data Sources Sampling Plan

Answer 43

Answers: Research Design Data Sources Sampling Plan

Question 44

Collecting Data 1. _____________ Data collected firsthand for the specific research objective (e.g., surveys, interviews, focus groups). 2. _____________ Data that has already been collected and published (e.g., government reports, industry statistics, and past research studies). Choices: Primary Data Secondary Data

Answer 44

Answers: Primary Data Secondary Data

Question 45

Analyzing Data 1. _____________ Statistical techniques like regression analysis, factor analysis, and hypothesis testing. 2. _____________ Content analysis, thematic analysis, or coding techniques for non-numerical data. Choices: Qualitative Analysis Quantitative Analysis

Answer 45

Answers: Quantitative Analysis Qualitative Analysis

Question 46

Types of Data Collection Methods 1. _____________ One of the most common methods in marketing research; can be conducted online, by phone, or in person. 2. _____________ Small, moderated discussions that uncover deep insights into consumer perceptions and attitudes. 3. _____________ Involves watching how consumers behave in a natural or controlled environment. 4. _____________ Involves manipulating variables (e.g., price or advertising) to measure their effect on consumer behavior. 5. _____________ Already collected data such as reports, government stats, or industry studies used for current research. Choices: Experiments Observations Focus Groups Secondary Data Surveys

Answer 46

Answers: Surveys Focus Groups Observations Experiments Secondary Data

Question 47

Survey Types 1. _____________ Cost-effective and quick to distribute, but may suffer from low response rates. 2. _____________ Allow for more direct interaction with respondents but can be time-consuming and costly. 3. _____________ Provide rich qualitative insights, but are expensive and time-consuming. Choices: Face-to-Face Surveys Online Surveys Telephone Surveys

Answer 47

Answers: Online Surveys Telephone Surveys Face-to-Face Surveys

Question 48

Analysis Techniques

Answer 48

Qunatitative Qualitative Statictical Software

Question 49

Challenges in Marketing Research – Fill in the Blanks _____________ occurs when the sample is not representative of the target population, making the results less valid. _____________ refers to inaccurate, outdated, or incomplete information that can skew research findings. _____________ can make comprehensive research difficult, especially when using primary data collection methods like focus groups or experiments. _____________ happens when participants provide socially desirable answers or are not completely honest in surveys or interviews. _____________ makes it difficult to identify meaningful insights due to the large volumes of data without the proper tools and techniques. Choices: Respondent Bias Sampling Bias Cost and Time Constraints Analysis Overload Data Quality

Answer 49

Answers: Sampling Bias Data Quality Cost and Time Constraints Respondent Bias Analysis Overloadx

Question 50

Ethical Considerations in Marketing Research – Fill in the Blanks _____________ means participants must be fully informed about the research and give their consent to participate. _____________ involves protecting the privacy of respondents and ensuring that their data is used only for the intended purpose. _____________ requires clearly disclosing the methodology, limitations, and any potential conflicts of interest. _____________ ensures that the research process does not cause any physical, emotional, or psychological harm to participants. Choices: Transparency Avoiding Harm Confidentiality Informed Consent

Answer 50

Answers: Informed Consent Confidentiality Transparency Avoiding Harm

Question 51

is a critical component of decision-making for businesses, offering valuable insights into consumer behavior, market trends, and competitive dynamics. By employing a systematic approach to data collection and analysis, businesses can make informed choices that improve product offerings, marketing strategies, and customer satisfaction

Answer 51

Marketing research

Question 52

Key Roles in the Buying Center – Fill in the Blanks _____________ are the individuals who recognize the need for a product or service. _____________ are those who influence the decision based on expertise. _____________ are the individuals who make the final decision. _____________ are responsible for the negotiation and purchasing. _____________ are the end users of the product or service. Choices: Deciders Users Initiators Influencers Buyers

Answer 52

Answers: Initiators Influencers Deciders Buyers Users