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Marketing, Pricing, & Merchandising > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

Define B2B marketing:

A

Organizational sales and purchases of goods and services (to support the production of other products to facilitate daily company operations for resale).

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2
Q

Customer Relationship Management (CRM)

A

Combination of strategies and tools that drive relationship programs, reorienting the entire organization
to a concentrated focus on satisfying customers.

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3
Q

Nearshoring

A

Moving jobs to vendors in countries
close to the business’s home country (Mexico/Canada).

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4
Q

Offshoring

A

Movement of high-wage jobs from
one country to lower costs overseas
locations (China).

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5
Q

Outsourcing

A

Using outside vendors to provide
goods and services formerly produced in-house.

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6
Q

Category Advisor/Captain

A

Trade industry vendor who develops a comprehensive
procurement plan for a retail buyer.

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7
Q

Value Analysis

A

Systematic study of the components of a purchase to determine the most cost-effective approach.

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8
Q

3.5 Components of the B2B market:

A
  1. Governments
  2. Commercial markets
  3. Trade industries
    3.5 Resellers
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9
Q

___% of all internet sales are B2B transactions.

A

91%

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10
Q

Nature of the Business Market: (FOGS)

A
  • Fewer standardized products.
  • Organizations purchase products to fill needs.
  • Goals of an organization must be considered in the B2B buying process.
  • Some are just B2B some are B2All
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11
Q

3 Influences in B2B markets:

A
  1. Environmental
  2. Organizational
  3. Interpersonal
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12
Q

B2B Internet Market:

A
  • Marketers can connect online through affiliate marketing
  • Opens up foreign markets to sellers
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13
Q

Foreign Business Markets

A
  • May differ due to variations in regulations and cultural practices
  • Marketers must be willing to adapt to local customs and business practices
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14
Q

5 Ways to Segment B2B Markets: CC PEN

A
  1. Customer type
  2. NAICS (Industry Classification)
  3. End-use (how they use it)
  4. Purchase categories (1st, repeat)
  5. CRM (relationship)
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15
Q

Describe B2B Geographic Market Concentration

A
  • U.S. B2B market is more concentrated than the consumer market
  • Locate closer to customers
  • Internet may change this
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16
Q

Sizes and # of Buyers for B2B Markets

A
  • Large organizations
  • Limited number of buyers
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17
Q

B2B Purchase Decision Process (compared to b2c):

A
  • Suppliers must work with multiple buyers
  • More formal/professional
  • Longer time frame (more complex)
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18
Q

B2B Buyer-Seller Relationships

A
  • More complex than B2C
  • Require superior communication among the organizations’ personnel
  • Involves developing long-term, value-added customer relationships
  • Relationships with not-for-profit organizations are important
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19
Q

Just-in-time (JIT) increases efficiency by ___.

A

cutting inventory and requiring vendors to deliver inputs as they are needed.

20
Q

JIT leads to sole sourcing. What is that?

A

When you buy a firm’s entire stock of a product from just one vendor.

21
Q

What is JIT II?

A

Suppliers place reps at the customer’s facility to work as part of a customer-supplier team.

22
Q

What 3 options do firms have for acquiring finished goods?

A
  1. Make the good or provide the service in-house
  2. Purchase it from another organization
  3. Lease it from another organization
23
Q

3 Reasons for Outsourcing

A
  1. Cost reduction
  2. Quality and speed of software maintenance and development
  3. Greater value
24
Q

5 Problems with Offshoring/Outsourcing

A
  1. Cost savings are less than expected
  2. Security concerns over proprietary tech and data
  3. Can slow the response to the marketplace
  4. Conflicts between nonunion outside workers and in-house union employees
  5. Can negatively affect employee morale and loyalty
25
Q

Why is the B2B buying process more complex?

A
  1. formal organization’s budget, cost, and profit considerations
  2. Involves many people with complex interactions among individuals and organizational goals
26
Q

Environmental factors that influence purchase decisions:

A
  • Natural disasters
  • economic/political/regulatory
  • competitive environment
  • Tech considerations
27
Q

4 Organizational factors that influence purchase decisions:

A
  • Structures
  • Policies
  • Purchasing systems
  • Multiple sourcing (several vendors)
28
Q

3 Interpersonal influences on purchase decisions:

A
  • People/committees influence B2B buying decisions
  • Know who has sway and what they care about
  • Good technical understanding of their products
29
Q

3 functions of a merchandising unit:

A
  1. Determining needs
  2. Locating/evaluating alternative suppliers
  3. Making purchase decisions
30
Q

8 Step B2B Buying process

A
  1. Recognize Problem & General Solution
  2. Determine Characteristics & Quantity
  3. Describe Char/Quant
  4. Search for & Qualify Sources
  5. Acquire and Analyze Proposals
  6. Evaluate Proposals & Select Suppliers
  7. Select Order Routine
  8. Obtain Feedback & Evaluate Performance
31
Q

4 Purchasing Decision Types:

A
  1. Straight rebuy (run it back)
  2. Modified rebuy (Tweaks)
  3. New-task rebuy (1st time)
  4. Reciprocity (Buyer&Seller)
32
Q

5 Buying Center Roles

A
  • Users (actually use the good)
  • Gatekeepers (control info, middleman)
  • Influencers (supply info/alternatives/settle specs)
  • Deciders (choose a good or service)
  • Buyers (authorized to select supplier and implement the procedures for securing the good)
33
Q

International buying centers vs domestic

A
  • harder to find members of the buying center
  • more team-based
  • more response to political/cultural trends
34
Q

Governments buy products under what 2 types of contracts?

A
  1. Fixed-Price
  2. Cost-Reimbursement
35
Q

Government Purchasing Procedures:

A
  • Many go through government services agency
  • Must go through complex bidding process governed by the Federal Acquisition Regulation
36
Q

3 electronic options for selling to the government:

A
  1. Websites
  2. Federally-issued credit cards
  3. Gov sponsored electronic ordering systems
37
Q

Retail Databases Include:

A
  • Store Within a Store (SWAS) Reports
  • Collaborate, Planning, Forecasting, and Replenishment (CPFR)
38
Q

B2B firms do more of ___ compared to 20 years ago. (4)

A
  1. manage retailer sales data
  2. giving price concessions
  3. shrink product size/portions to remain profitable
  4. take back merchandise
39
Q

B2B firms do LESS of ___ compared to 20 years ago.

A
  1. Provide slotting allowances
  2. Provide fixture funds
  3. Provide advertising funds
  4. decrease quality
  5. provide other trade funds
40
Q

3 Objective Measures:

A
  1. Volume
  2. Profitability
  3. Inventory
41
Q

4 Subjective Measures:

A
  1. Responsiveness
  2. Decision Maker Empowerment
  3. Trust
  4. Information Sharing
42
Q

SCARF =?

A
  • Status (Secure/confident employees)
  • Certainty (trust in management/org)
  • Autonomy (control & flexibility)
  • Relatedness (unity w/ coworkers)
  • Fairness (treated equitably)
43
Q

4 Quadrants of the Buyer Trust Matrix

A

TL: Co-Production (HSup/LRep)
TR: Co-Creation (HSup/HRep)
BL: Transactions (LSup/LRep)
BR: Collaboration (LSup/HRep)

44
Q

8 Ways Amazon Monopolizes the Economy

A
  1. Sells products below cost to run competitors out and hook customers.
  2. Privately controlled market (Prime)
  3. Expands product lines using data gathered to compete against those who sell on their platform. (puts theirs at the top of results)
  4. Kills small businesses
  5. Controls what books you see
  6. Tracks our buying habits, blocks products, penalizes non-prime members
  7. Bankrupts suppliers by raising fees
  8. Kills new businesses, stunts job creation, hurts middle class, inequality
45
Q

What big brands does Amazon own?

A
  1. Diapers.com
  2. Zappos
  3. Shopbop
  4. Audible
  5. Twitch
46
Q

What % does Amazon keep from marketplace sales?

A

15% is most common, but can go as high as 50%

Marketing, Pricing, & Merchandising (2 decks)

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