Module 5: B2B Marketing

Question 1

how are business customers different than individual customers

Answer 1

they make decisions and are influenced differently in the decision-making process

Question 2

the marketing of products to companies, govs, or not-for-profit orgs for use in creation of g/s that they then produce and market to others

Answer 2

business-to-business (B2B) marketing

Question 3

manufacturers, wholesalers, retailers, gov and non-profit agencies that buy g/s for their own use or for resale

Answer 3

organizational buyers

Question 4

organizational buyers can be divided into 4 different markets

Answer 4

industrial
reseller
gov markets/units
non-profit orgs

Question 5

reprocess a product or service they buy before selling it again to the next buyer

Answer 5

industrial firms

Question 6

wholesalers and retailers who buy physical products and resell them again without any reprocessing

Answer 6

resellers markets

Question 7

the fed, prov, regional, and municipal agencies that buy g/s for the constituents they serve

Answer 7

government firms

Question 8

dont have any financial profit as a goal, and seek to provide g/s for the good of society

Answer 8

non-profit orgs

Question 9

companies who talk directly to consumers without going through a traditional supply chain

Answer 9

direct-to-consumer (DTC)

Question 10

involves providing relevant, valuable, and educational content to potential and current customer at various touhcpoints

Answer 10

content marketing

Question 11

the evolution of _______ has increased the importance of content marketing

Answer 11

technology

Question 12

is provided in variety of ways: videos, news, white papers, e-books, infographics, etc.

Answer 12

content marketing

Question 13

demand for B2B products is (3)

Answer 13

derived, inelastic, and fluctuating

Question 14

does not change relative to a change in price but fluctuates more than demand for consumer products

Answer 14

demand for B2B products

Question 15

the demand for a factor of production or intermediate good that occurs as a result of the demand for another intermediate or final good

Answer 15

derive demand

Question 16

the demand for B2B products is driven by demand for

Answer 16

consumer products

Question 17

for business firms, the buying objective is to -______ through ________

Answer 17

increase profit

reducing costs and increasing sales

Question 18

objective for not-for-profit and gov agencies is to

Answer 18

meet the needs to the groups they serve

Question 19

regardless of if there is an increase or decrease of price of a B2B product, customers will buy still buy same quantity

Answer 19

ineslatic demand

Question 20

small changes in demand for products result in large increases or decreases in demand for the facilities and equipment needed to make the product

Answer 20

fluctuating demand

Question 21

orgs buy p/s to help

Answer 21

achieve their objectives

Question 22

deliberate effort by org buyers to build relationships that shape supplier’s products, services and capabilities to fit a buyer’s needs and those of its customers

Answer 22

reverse marketing

Question 23

B2B buying decisions are usually driven by a desire to

Answer 23

minimize fear by managing risk

Question 24

more likely to involve complex and lengthy negotiations concerning delivery schedules, prices, warranties, and claim policies

Answer 24

organizational buyers

Question 25

where 2 orgs agree tp purchase each other's products and services

Answer 25

reciprocity

Question 26

when buyer and its supplier adopt mutually beneficial objectives, policies and procedures

Answer 26

supply partnership

Question 27

the decision-making process that orgs use to establish the need for p/s

Answer 27

organizational buying behaviour

Question 28

5 steps to the org buying process

Answer 28

1. problem recognition 2. info search 3. evaluate alternatives 4. purchase decision 5. post-purchase behaviour

Question 29

consists of ppl in an org that participate in the buying process and share common goals, risks, and knowledge to make purchase decisions

Answer 29

buying center

Question 30

the composition of the buying center depend on the

Answer 30

items being purchased

Question 31

is almost always a member and individual from other functional areas and included depending on the purchase

Answer 31

buyer or purchasing manager

Question 32

affect the buying decision, usually by helping define the specifications for what is purchased

Answer 32

influencers

Question 33

have formal authority and responsibility to select the supplier and negotiate the terms of the contract

Answer 33

buyers

Question 34

have the formal or informal power to select or approve the supplier that receives the contract

Answer 34

deciders

Question 35

controls the flow of info in the buying center

Answer 35

gatekeepers

Question 36

the number of ppl in the buying center depends on the specific

Answer 36

buying situation

Question 37

3 types of buying situations (buying classes)

Answer 37

straight rebuy modified rebuy new buy

Question 38

where the buyer re-orders an existing product/service from the list of acceptable suppliers

Answer 38

straight rebuy

Question 39

where product specifications, price, delivery schedule, or supplier change but the item is the same

Answer 39

modified rebuy

Question 40

where firm is a first-time buyer or a product involves a larger buying group

Answer 40

new buy

Question 41

purchase involves greater potential risk and is more complex

Answer 41

new buy

Question 42

places consumers into groups that have common needs and respond similarly to marketing programs

Answer 42

consumer marketing segmentation

Question 43

the concept that businesses need to focus on offering experiences to customers

Answer 43

B2B

Question 44

online trading communities that bring together buyers and supplier orgs

Answer 44

e-marketplaces

Question 45

most important advantage to e-marketplace

Answer 45

access to an already engaged audience

Question 46

focus on specific p/s, act as a neutral third party, and charges a fee for their services

Answer 46

e-marketplace

Question 47

large companies favour ______ that link them to their network of qualified suppliers and customers

Answer 47

private exchanges

Question 48

buyers communicate a need for g/s and potential suppliers bid in comp with each other

Answer 48

reverse auction