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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.

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
Q
  1. Behavioral Segmentation.
A

Divides buyers into groups based on their knowledge, attitudes , uses , or responses , to a
product Occasions benefits sought user status Usage rate Loyalty status.

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26
Q

Business Market Segmentation:

A

Consumer & business marketers use many of the same variables to segment their markets

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27
Q

Additional Variable include:

A
  1. Customer operating
    characteristic
    1. Purchasing approaches.
    2. Situational factors.
      Personal characteristic
28
Q

Segmentation International Markets:

A
  1. Geographic Locations:
  2. Economic Factors.
  3. Political Factors.
  4. Culture Factors.
29
Q

Requirements for Effective Segmentation:

A
  1. Measurable.
    1. Accessible.
    2. Substantial.
    3. Differentiable.
      5.Actionable.
30
Q

Customer Driven Marketing Strategy:

  1. Market Targeting:
A

Is the process of evaluating market segments & selecting one or more to serve.

31
Q
  1. Target Market:
A

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
Q

Target Marketing Strategies:

A
  1. Undeferential Marketing
  2. Differentiated segmented Marketing.
  3. concentrated Niche Marketing
  4. Micro Marketing.
33
Q

Differentiated / Segmented Marketing:

A

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
Q

Concentrated Market / Niche Marketing:

A

A market coverage strategy in which a firm goes after a large shares of one or a few segments
or niches.

35
Q

Micro Marketing

A

Tailoring products and marketing programs to the needs & wants of specific individuals & local
customer segments : It includes local marketing & individual marketing.

36
Q

Local Marketing:

A

Tailoring brands and marketing to the needs & wants of local customer segments cities- neighborhoods , & even specific stores.

37
Q

Individual Marketing:

A

Tailoring products & marketing programs to the needs & preference of individual customers.

38
Q

Concentrated Niche Marketing:

A

A market - coverage strategy in which a firm goes after a large share of one or a few segments
or niches.

39
Q

Product Position:

A

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
Q

Competitive Advantage:

A

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
Q

Choosing a Differentiation & Positioning Strategy:

A

Options:
1. Product differentiation.
2. Service differentiation
3. Channel differentiation
4. People differentiation
5.Image differentiation.

42
Q

Differentiation & Positioning:

A

Value Preposition:
Is the full mix of benefits upon which a brand is positioned.

43
Q

Product:

A

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
Q

Type Of Product:

A
  1. Consumer Products.
    Products & services for personal consumption.
45
Q

Classification of Consumer Products:

A
  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
Q
  1. Shopping products.
A

Are consumer products & services that the customer compares carefully on suitability, quality ,
price , & style. Like Furniture , Cars , Appliances.

47
Q
  1. Specialty Products.
A

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
Q
  1. Unsought Products.
A

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
Q
  1. Industrial Products
A
  1. Industrial Products.
    Products purchased for further processing or for use in conducting a business.
50
Q

Classification Of Industrial Products:

A
  1. Capital items.
    Capitals items are industrial products that aid in the buyer’s production or operations.
51
Q
  1. Materials & Parts
A

Materials & parts include raw materials & manufactured materials & parts usually sold
directly to industrial products

  1. Supplies & services.
52
Q

Special Concept:

A

Organization Marketing

Consists of activities undertaken to create, maintain, or change attitudes & behavior of target
consumers toward an organization.

53
Q

Organization Marketing

Components:

A
  1. Person Marketing
    Consists of activities undertaken or change attitudes & behavior of target consumers toward
    particular people.
54
Q
  1. Place Marketing
A

Consists of activities undertaken to create maintain , or change attitudes & behavior of target
consumer toward particular places.

55
Q
  1. Social Marketing
A

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
Q

Individual Product Decision:
Types:

A
  1. Product attributes.
    Product attributes are the benefits of the product or services.
    • Quality.
    • Features.
      • Style & design.
57
Q
  1. Branding.
A

Is the name term, sign , or design - or a combination of these __ that identifies the maker or seller
of a product or services

58
Q
  1. Packaging.
A

Involves designing & producing the container or wrapper for a product.

59
Q
  1. Labeling
A

Identify the product or brand , describe attributes , & provide promotion.

60
Q
  1. Support Services
A

Generally include after sale services warranties etc.

61
Q

Product Line:

A

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
Q

Product Mix:

A

Consists of all the products and items that a particular seller offer for sale.
* Width
* Length
* Depth
* Consistency

63
Q

Brand & Branding:

A

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
Q

Brand Positioning:
Marketers can position brands at any of three levels

A
  1. Attributes.
  2. Benefits.
  3. Beliefs & values.
65
Q

Brand Name Selection:

A

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
Q

Brand Sponsorship:

A
  • Manufacturer’s Brand
    • Private Brand
    • Licensed Brand
      • Co-Brand

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

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