Chapter 1

Question 0

Business markets

Answer 0

Consist of all organizations that purchase goods and services to use in the creation of their own goods and services

Question 1

Entrepreneurial marketing

Answer 1

Conducting marketing in a way that involves innovation, acting proactively, and taking calculated risks

Question 2

Business marketing

Answer 2

Process of matching and combining the capabilities of the supplier with the desired outcomes of the business customers

Creation of value for business customers

Question 3

Four p’s of marketing mix

Answer 3

Product
Price
Place
Promotion

Question 4

Product

Answer 4

A core product or service that can be augmented by additional features and options that will appeal to different buyers

Question 5

Total offering

Answer 5

Offering that provides a complete solution to the buyers needs

-financing, delivery, service

Question 6

Place

Answer 6

Getting product to customer in the right form at a useful time with minimum inconvenience associated of purchase and with possession ease

Question 7

Economic utility

Answer 7

Often appears as satisfaction of consumer preferences in locational convenience, required purchase quantities, temporal convenience, and acquisition convenience

Question 8

Supply chain management

Answer 8

Planning coordination and delivery of the place part of the marketing mix

Works to deliver the economic utility of form time place and possession as a minimized cost and at a maximized value

Question 9

Promotion mix

Answer 9

Advertising
Sales promotion
Personal selling
Public relations

Question 10

Most used and effective type of promotion in B2B

Answer 10

Personal selling

Question 11

Marketing concept

Answer 11

States that to be successful the firm should be contextually market sensitive, understand customer needs, meet those needs in a coordinated way that provides value to the customer and do so in a way that meets organizations goals

Question 12

Consumer demand

Answer 12

The quantity of goods and services desired to be bought, given market conditions

Question 13

Derived demand

Answer 13

Demand experienced by the chain of suppliers and producers that contribute to the creation of a total offering

Question 14

Supply chain

Answer 14

Chain of organizations operations and transactions traceable back to raw materials extracted from the earth

Question 15

Derived nature of demand consequences

Answer 15

Bullwhip effect

Volatility of demand

Question 16

Bullwhip effect

Answer 16

As consumer demand varies, either as a result of seasonality or other market factors, “upstream” suppliers of services and components that contributed to the total offering experience a leveraged impact

Question 17

Discontinuous demand

Answer 17

Condition in which quantity demanded in the market makes large changes up or down in response to changes in market conditions

Issue of capacity throughout the supply chain resulting from the desire of manufacturers to closely monitor capacity utilization

Question 18

Elasticity of demand

Answer 18

Percentage change in quantity demanded relative to the percentage change in price

Question 19

Inelastic

Answer 19

Price change produces a change in demand that is less in percentage than the percentage price change

Question 20

Outsourcing

Answer 20

The purchasing of part of the company continuing operations, such as recruiting or manufacturing, rather than investing in the infrastructure to accomplish the task internally

Question 21

Switching costs

Answer 21

Costs of switching suppliers

Question 22

International standards organization

ISO

Answer 22

Created a common language to define and specify the technical performance of manufacturing and quality systems

Question 23

Value of an offering

Answer 23

Net value of satisfaction delivered to customer

Question 24

Value

Answer 24

Sum of all benefits that a customer receives in the process of buying and using a product or service is less the costs involved

Question 25

Evaluated price

Answer 25

Total cost of owning and using the product

Question 26

Value chain

Answer 26

The chain of activities that creates something of value for the targeted customers

Companies compete with each other to be selected by buyers

Question 27

Hyper competition

Answer 27

New companies that emerge quickly or create new markets and industries almost overnight that challenge established companies

Question 28

Channel facilitators

Answer 28

Those service providers to the channel that are not necessarily part of channel design, but who make possible the efficient operation of the channel

Question 29

Time compression

Answer 29

An increase in the speed of doing business