Chaper 6 and 8 Flashcards
B2B marketing covers what part of the strategic marketing process ?
The whole thing
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
B2B Marketing
What % of dollars spent in digital transactions are B2B transactions ?
70%
What is the target audience of B2C Marketing ?
Large group: target segment of consumers and influencers
What is the target audience of B2B Marketing ?
Smaller group: key decision makers in organizations
Type of Benefit of B2C marketing ?
More emotion based: how will the consumer feel when they purchase the product
Type of benefit of B2B marketing ?
More logic based: what specific outcomes will the business realize when they purchase the product
Buying Cycle of B2C marketing ?
Shorter process: purchase decision is usually made by one person and can be made in minutes
Buying cycle of B2B marketing ?
Longer Process: purchase decision is usually made by a buying center and can take months
Importance of Brand of B2C marketing ?
Very important: the brand helps simplify the buying process and reduces the risk of adoption
Importance of Brand of B2C marketing ?
Very important: the brand helps simplify the buying process and reduces the risk of adoption
Cost of B2C marketing ?
Less expensive per conversion, but more expensive in aggregate because of the purchase size
Cost of B2B marketing ?
More expensive per conversion, but less expensive in aggregate because of the purchase size
These are examples of ?
Paper, Abbott, Tesla, Hood Packaging
Physical goods industrial markets
These are examples of ?Accenture, Great Clips, Chase, Delta
Services industrial markets
These are examples of ?
Amazon, Walmart, Kohls, Wholesale groceries
Reseller Markets
These are examples of ?
NASA, ARMY, BMV, Local services
Government markets
Which is bigger industrial markets or reseller markets ?
Industrial markets
Which is the smallest market ?
Government markets
Who are the 3 organization buyers in B2B marketing ?
- Industrial markets
- Reseller markers
- Government markets
Content marketing is also known as ?
Inbound marketing
What is this ?
All about trying to create such engaging content that people search me out
Content marketing/inbound marketing
If you remember 3 things…1
- B2B BUSINESS TRANSACTIONS FAR OUTNUMBER B2B TRANSACTIONS in terms of size of spend, and marketing is a key driver of success
If you remember 3 things… 2
- Versus B2C marketing, B2B marketing typically has a SMALLER, MORE-EXPENSIVE TARGET AUDIENCE who makes LOGIC-BASED BUYING DECISIONS on a LARGER BUYING CYCLE
If you only remember 3 things… 3
- Digital marketing is not JUST FOR B2C MARKETING, in fact it can drive CREDIBILITY, TRUST, AND REVENUE, in B2B marketing
What part of the strategic marketing process is market research ?
- Conduct a SWOT: Situation Analysis
What is this?
The process of answering “WHY” and “WHAT NOW”
Market Research
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
The benefits of market research
What are the two main categories of market research
- Primary
- Secondary
Primary research is ?
conducted by the company to answer a specific question
Qualitative research is ?
Discussion based
Sample size of qualitative research is ?
smaller
*helps generate ideas
Quantitative research is ?
Survey based
*determine the path forward
What is Secondary research ?
Research already done and available out there
What is this ?
1. Define the problem
2. Develop the research plan
3. Collect relevant information
4. Develop findings
5. Take marketing actions
The five step market research approach
Step 1 of the five step market research approach is what ?
*Set research objectives
*identify possible marketing actions
Define the problem
Step 2 of the five step marker research approach is what ?
*Specify constraints
*Identify data needed for marketing actions
*Determine how to collect data
Develop the research plan
Step 3 of the five step market research approach is what ?
*Obtain secondary date
*Obtain primary data
Collect relevant information
Step 4 of the five step market research approach is what ?
*Analyze the date
*Present the findings
Develop findings
Step 5 of the five step market research approach is what ?
*Market action recommendations
*Implement action recommendations
*Evaluate results
Take marketing actions
What is this ?
1. Increase breadth of awareness
2. Increase frequency of consumption
3. Refresh sources of brand equity
Marketing action in glucerna
If you only remember 3 things…1
- Market research can be defined as the process of answering “WHY” and “WHAT NOW”
If you only remember 3 things… 2
- 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
If you only remember 3 things…3
3.
The five step marker research approach DEFINES THE PROBLEM, DEVELOPS THE RESEARCH PLAN, COLLECTS RELEVANT INFORMATION, DEVELOPS FINDINGS, and TAKES MARKETING ACTION
What are the two types of primary research ?
Qualitative and quantitative
