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MKT 444 Exam #1 > Chapter 2 > Flashcards

Flashcards in Chapter 2 Deck (17)
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1

Business-to-business (B2B)

business interaction between two organizations

2

Business-to-consumer (B2C)

interaction between a consumer and buyer

3

Buyer

person responsible for making purchase or org purchase

4

Salesperson

responsible for selling to buyer

5

Supplier/vendor

selling organization

6

Who represents the largest group of buyers?

consumers

7

Retail buyers

purchase already manufactured products and services, resell them in stores

8

Direct procurement

purchase of products and services used to create the product or service produced to end-users

9

Indirect procurement

purchase of products or services used in company operations

10

Value

a comparison of benefits to costs (money, time, effort, and mental focus)

11

Situation repair

when something is broken and requires a repair or replacement

12

Situation improvement

when an opportunity resulting in business improvement exists

13

Situation continuance

when the buyer does not see the value in changing and elects to remain the status quo

14

Feature

a characteristic or attribute of a product or service

15

Benefit

the value of a product or service feature that the buyer perceives or experiences

16

Multi-attribute model

weighted sum of buyer’s preferences for product or brand attributes

• Common criteria includes price, quality, satisfaction, and ability to delivery on time

17

Business decision process

reflects the buyer's journey that begins with the recognition of a need for a product or service and ends w/ an evaluation of the performance of the supplier