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Marketing > Chaper 6 and 8 > Flashcards

Chaper 6 and 8 Flashcards

1
Q

B2B marketing covers what part of the strategic marketing process ?

A

The whole thing

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2
Q

What is this ?
The marketing of products and services to COMPANIES, GOVERNMENTS, or NOT-FOR-PROFIT organizations for use in the creation of products and services that they can produce and MARKET TO OTHERS

A

B2B Marketing

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3
Q

What % of dollars spent in digital transactions are B2B transactions ?

A

70%

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4
Q

What is the target audience of B2C Marketing ?

A

Large group: target segment of consumers and influencers

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5
Q

What is the target audience of B2B Marketing ?

A

Smaller group: key decision makers in organizations

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6
Q

Type of Benefit of B2C marketing ?

A

More emotion based: how will the consumer feel when they purchase the product

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7
Q

Type of benefit of B2B marketing ?

A

More logic based: what specific outcomes will the business realize when they purchase the product

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8
Q

Buying Cycle of B2C marketing ?

A

Shorter process: purchase decision is usually made by one person and can be made in minutes

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9
Q

Buying cycle of B2B marketing ?

A

Longer Process: purchase decision is usually made by a buying center and can take months

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10
Q

Importance of Brand of B2C marketing ?

A

Very important: the brand helps simplify the buying process and reduces the risk of adoption

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11
Q

Importance of Brand of B2C marketing ?

A

Very important: the brand helps simplify the buying process and reduces the risk of adoption

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12
Q

Cost of B2C marketing ?

A

Less expensive per conversion, but more expensive in aggregate because of the purchase size

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13
Q

Cost of B2B marketing ?

A

More expensive per conversion, but less expensive in aggregate because of the purchase size

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14
Q

These are examples of ?
Paper, Abbott, Tesla, Hood Packaging

A

Physical goods industrial markets

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15
Q

These are examples of ?Accenture, Great Clips, Chase, Delta

A

Services industrial markets

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16
Q

These are examples of ?
Amazon, Walmart, Kohls, Wholesale groceries

A

Reseller Markets

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17
Q

These are examples of ?
NASA, ARMY, BMV, Local services

A

Government markets

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18
Q

Which is bigger industrial markets or reseller markets ?

A

Industrial markets

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19
Q

Which is the smallest market ?

A

Government markets

20
Q

Who are the 3 organization buyers in B2B marketing ?

A
  1. Industrial markets
  2. Reseller markers
  3. Government markets
21
Q

Content marketing is also known as ?

A

Inbound marketing

22
Q

What is this ?
All about trying to create such engaging content that people search me out

A

Content marketing/inbound marketing

23
Q

If you remember 3 things…1

A
  1. B2B BUSINESS TRANSACTIONS FAR OUTNUMBER B2B TRANSACTIONS in terms of size of spend, and marketing is a key driver of success
24
Q

If you remember 3 things… 2

A
  1. Versus B2C marketing, B2B marketing typically has a SMALLER, MORE-EXPENSIVE TARGET AUDIENCE who makes LOGIC-BASED BUYING DECISIONS on a LARGER BUYING CYCLE
25
Q

If you only remember 3 things… 3

A
  1. Digital marketing is not JUST FOR B2C MARKETING, in fact it can drive CREDIBILITY, TRUST, AND REVENUE, in B2B marketing
26
Q

What part of the strategic marketing process is market research ?

A
  1. Conduct a SWOT: Situation Analysis
27
Q

What is this?
The process of answering “WHY” and “WHAT NOW”

A

Market Research

28
Q

What are these ?
1. Focus your position in market
2. Helps eliminate boardroom biases
3. Helps minimize investment risk
4. Facilitates strategic planning
5. Identifies whitespace opportunities
6. Helps you differentiate vs. competition

A

The benefits of market research

29
Q

What are the two main categories of market research

A
  1. Primary
  2. Secondary
30
Q

Primary research is ?

A

conducted by the company to answer a specific question

31
Q

Qualitative research is ?

A

Discussion based

32
Q

Sample size of qualitative research is ?

A

smaller
*helps generate ideas

33
Q

Quantitative research is ?

A

Survey based
*determine the path forward

34
Q

What is Secondary research ?

A

Research already done and available out there

35
Q

What is this ?
1. Define the problem
2. Develop the research plan
3. Collect relevant information
4. Develop findings
5. Take marketing actions

A

The five step market research approach

36
Q

Step 1 of the five step market research approach is what ?
*Set research objectives
*identify possible marketing actions

A

Define the problem

37
Q

Step 2 of the five step marker research approach is what ?
*Specify constraints
*Identify data needed for marketing actions
*Determine how to collect data

A

Develop the research plan

38
Q

Step 3 of the five step market research approach is what ?
*Obtain secondary date
*Obtain primary data

A

Collect relevant information

39
Q

Step 4 of the five step market research approach is what ?
*Analyze the date
*Present the findings

A

Develop findings

40
Q

Step 5 of the five step market research approach is what ?
*Market action recommendations
*Implement action recommendations
*Evaluate results

A

Take marketing actions

41
Q

What is this ?
1. Increase breadth of awareness
2. Increase frequency of consumption
3. Refresh sources of brand equity

A

Marketing action in glucerna

42
Q

If you only remember 3 things…1

A
  1. Market research can be defined as the process of answering “WHY” and “WHAT NOW”
43
Q

If you only remember 3 things… 2

A
  1. The two major categories of research are PRIMARY RESEARCH, conducted by the company to answer a specific question, and SECONDARY RESEARCH, research readily available and compiled by others
44
Q

If you only remember 3 things…3
3.

A

The five step marker research approach DEFINES THE PROBLEM, DEVELOPS THE RESEARCH PLAN, COLLECTS RELEVANT INFORMATION, DEVELOPS FINDINGS, and TAKES MARKETING ACTION

45
Q

What are the two types of primary research ?

A

Qualitative and quantitative

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