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MGT (301) Principle OF Marketing Topic # 1 > Business Market: > Flashcards

Business Market: Flashcards

All the organization that buy goods & services for use in the production of other products & services that are sold , rented , or supplied to others. (66 cards)

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1
Q

What is Business Market:

A

All the organization that buy goods & services for use in the production of other products & services that are sold , rented , or supplied to others.

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2
Q

What is Business Buyer Behavior:

A

Refers to the buying behavior of the organization that buy goods & services for use in production
of other products of other products & services that are sold , rented , or suppliers to others.

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3
Q

The Business buying process:

A

Is the process where business buyers determine which products & services are needed to purchase
& then find, evaluate , & choose among alternative brands.

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4
Q

Is the process where business buyers determine which products & services are needed to purchase
& then find, evaluate , & choose among alternative brands.

A
  1. Fewer & Larger
  2. Geographic Concertation
  3. Derived Demand
  4. Buyer & seller dependency
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5
Q

Understanding Business Buyer Behavior:
Business buying Process:

A

a) Marketing Stimuli:
* Product
* Price
* Place
* Promotion.

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6
Q

b) Other Stimuli

A

b) Other Stimuli
* Economic
* Technological.
* Political
* Culture
Competitive

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7
Q

c) The buying Organization

A
  • The buying center
    • Buying decision process.
    • Interpersonal & individual influences
    • Organizational influences
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8
Q

d)Buyer Reponses:

A
  • Product or service choice.
    • Supplier choice
    • Order quantities
    • Delivery terms & times
    • Service terms
    • Payment
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9
Q

Understanding Business Buyer Behavior:

  1. Environmental:
A
  • Economic developments.
    • Supply conditions.
    • Technological change
    • Political & regulatory.
    • Competitive developments
    • Culture & customs
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10
Q
  1. Organizational:
A
  • Objectives.
    • Polices.
    • Procedures.
    • Organizational Structure
    • System
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11
Q
  1. Interpersonal
A
  • Authority.
    • Status.
    • Empathy.
      Persuasiveness.
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12
Q
  1. Individual :
A
  • Age.
    • Income
    • Education.
    • Job Position.
    • Personality.
      Risk attitudes.
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13
Q

What are the Major Types of Buying Situations?

A

1.Straight Rebuy
Is a buying situation in which the buyer routinely reorders something without any modification.

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14
Q

Modified Rebuy.

A

Is a purchase decision that requires some researches where the buyer wants to modify the product
specification, price , terms , or suppliers.

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15
Q

New Task

A

Is a buying situation in which the buyer purchases a product or services for the first time.

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16
Q

Participants in the Business Buying Process:

A
  1. User.
    1. Influencers.
    2. Deciders.
    3. Purchasers.
      1. Gatekeepers.6. End Users.
  2. Stakeholders.
  3. Advisors.
  4. Collaborators.
  5. Regulators.1. User.
    1. Influencers.
    2. Deciders.
    3. Purchasers.
      1. Gatekeepers.
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17
Q

The Business Buyer’s Purchasing Process:

A
  1. Identifying the issue.
  2. Describing the overall need.
  3. Specifying the product.
  4. Searching for suppliers.
  5. Requesting proposals.
  6. Selecting a supplier.
  7. Specifying order routines.
  8. Reviewing performance.1. Problem recognition.
  9. General need description.
  10. Product Specification.
  11. Supply search.
  12. Proposal solicitation.
  13. Supplier selection.
  14. Order-routine specification.
  15. Performance review.
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18
Q

Institutional Marketers:

A

Comprises hospitals, nursing homes, and prisons that offer goods and services to people. Limited budgets (“Captive audience”)

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19
Q

Institutional & Government markets:

A

Federal, state, and local government units purchase or rent goods and services to carry out their main functions.

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20
Q

Customer Driven Marketing Strategy:
Two Questions Involve:

A
  1. Which customer will we serve?
  2. How will we serve them?
    It has further parts:
  3. Select customer to serve
    a) Segmentation:
    Divide the total market into smaller segments
    b) Targeting:
    Select the segment or segments to enter.

a) Differentiation:
Differentiate the market offering to create superior customer value.
b) Positioning:
Position the market offering in the minds of target customer.

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21
Q

Market Segmentation:

A

Is the process to divide large heterogenous markets into small markets that can be
reached more efficiently & effectively with products & services that match their unique
needs.

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22
Q

Types Segmentation for Consumer Markets:

A
  1. Geographic Segmentation divides the market by location into nations, regions, states, provinces, or cities.
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23
Q
  1. Demographic Segmentation.
A

Divide market into groups based on age, gender, family, income, occupation, education, religion, race, generation, & nationality.

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24
Q
  1. Psychographic Segmentation.
A

Segments a market based on social class, lifestyle, or personality traits.

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25
4. Behavioral Segmentation.
Divides buyers into groups based on their knowledge, attitudes , uses , or responses , to a product Occasions benefits sought user status Usage rate Loyalty status.
26
Business Market Segmentation:
Consumer & business marketers use many of the same variables to segment their markets
27
Additional Variable include:
1. Customer operating characteristic 2. Purchasing approaches. 3. Situational factors. Personal characteristic
28
Segmentation International Markets:
1. Geographic Locations: 2. Economic Factors. 3. Political Factors. 4. Culture Factors.
29
Requirements for Effective Segmentation:
1. Measurable. 2. Accessible. 3. Substantial. 4. Differentiable. 5.Actionable.
30
Customer Driven Marketing Strategy: 1. Market Targeting:
Is the process of evaluating market segments & selecting one or more to serve.
31
2. Target Market:
Is a set of buyers who share common needs or characteristic that the company decide to serve. 1. Segment Size & growth. 2. Segment structural attractiveness 3.Organizational Objectives & resources
32
Target Marketing Strategies:
1. Undeferential Marketing 2. Differentiated segmented Marketing. 3. concentrated Niche Marketing 4. Micro Marketing.
33
Differentiated / Segmented Marketing:
Targets several different market segment & design separate offers for each & its goal is to achieve higher sales & stronger position. This is more expensive than undifferentiated marketing.
34
Concentrated Market / Niche Marketing:
A market coverage strategy in which a firm goes after a large shares of one or a few segments or niches.
35
Micro Marketing
Tailoring products and marketing programs to the needs & wants of specific individuals & local customer segments : It includes local marketing & individual marketing.
36
Local Marketing:
Tailoring brands and marketing to the needs & wants of local customer segments cities- neighborhoods , & even specific stores.
37
Individual Marketing:
Tailoring products & marketing programs to the needs & preference of individual customers.
38
Concentrated Niche Marketing:
A market - coverage strategy in which a firm goes after a large share of one or a few segments or niches.
39
Product Position:
Is the way the product is defined by consumers on important attributes - the place the product occupies in consumer's mind relative to competing products.
40
Competitive Advantage:
Is an advantage over competitors gained by offering consumers greater value , either through lower prices or by providing more benefits that justify higher prices.
41
Choosing a Differentiation & Positioning Strategy:
Options: 1. Product differentiation. 2. Service differentiation 3. Channel differentiation 4. People differentiation 5.Image differentiation.
42
Differentiation & Positioning:
Value Preposition: Is the full mix of benefits upon which a brand is positioned.
43
Product:
A product is anything that can be offered in a market for attention, acquisition, use, or consumption that might satisfy a need or want.
44
Type Of Product:
1. Consumer Products. Products & services for personal consumption.
45
Classification of Consumer Products:
1. Convivence products. Are consumer products & services that the customer usually buys frequently , immediately , & with a minimum comparison & buying effort Like newspaper , candy , fast food.
46
2. Shopping products.
Are consumer products & services that the customer compares carefully on suitability, quality , price , & style. Like Furniture , Cars , Appliances.
47
3. Specialty Products.
Are consumer products & services with unique characteristic or brand identification for which a significant group of buyers is willing to make a special purchase effort Like Medical services , Designer Cloths & High - end electronics.
48
4. Unsought Products.
Are consumer products that the consumer does not know about or knows about but does not normally think of buying. Like Life insurance , Funeral services , Blood donations.
49
2. Industrial Products
2. Industrial Products. Products purchased for further processing or for use in conducting a business.
50
Classification Of Industrial Products:
1. Capital items. Capitals items are industrial products that aid in the buyer's production or operations.
51
2. Materials & Parts
Materials & parts include raw materials & manufactured materials & parts usually sold directly to industrial products 3. Supplies & services.
52
Special Concept:
Organization Marketing Consists of activities undertaken to create, maintain, or change attitudes & behavior of target consumers toward an organization.
53
Organization Marketing Components:
1. Person Marketing Consists of activities undertaken or change attitudes & behavior of target consumers toward particular people.
54
2. Place Marketing
Consists of activities undertaken to create maintain , or change attitudes & behavior of target consumer toward particular places.
55
3. Social Marketing
The use of commercial marketing concepts and tools in programs designed to influence individual's behavior to improve their well - being & that of society.
56
Individual Product Decision: Types:
1. Product attributes. Product attributes are the benefits of the product or services. * Quality. * Features. * Style & design.
57
2. Branding.
Is the name term, sign , or design - or a combination of these __ that identifies the maker or seller of a product or services
58
3. Packaging.
Involves designing & producing the container or wrapper for a product.
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4. Labeling
Identify the product or brand , describe attributes , & provide promotion.
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5. Support Services
Generally include after sale services warranties etc.
61
Product Line:
Closely related products: Similar function Same customer groups Shared marketing channels Similar price ranges Examples: Smartphone brands within a market segment Cereal varieties from the same manufacturer Clothing lines aimed at a specific demographic
62
Product Mix:
Consists of all the products and items that a particular seller offer for sale. * Width * Length * Depth * Consistency
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Brand & Branding:
Brand: represents the consumer's perceptions & feelings about a product and its performance. It is the Organization's promise to deliver a specific set of features , benefits , & experiences.
64
Brand Positioning: Marketers can position brands at any of three levels
1. Attributes. 2. Benefits. 3. Beliefs & values.
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Brand Name Selection:
Desirable Qualities: 1. Suggest benefits & qualities. 2. Easy to pronounce, recognize , & remember. 3. Distinctive. 4. Extendable. 5. Translatable for the global economy 6. Capable of registration & legal protection.
66
Brand Sponsorship:
* Manufacturer's Brand * Private Brand * Licensed Brand * Co-Brand

MGT (301) Principle OF Marketing Topic # 1 (1 decks)

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