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MKTG 351 > Exam 2 Chap 7 > Flashcards

Exam 2 Chap 7 Flashcards

1
Q

What are the 3 important evaluative criteria?

A
  • quality
  • service
  • price
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2
Q

Quality

A

Refers to technical suitability

- apply to sales people and firm

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3
Q

Service

A

Include pre-purchase (survey of buyer’s need), post-sale (installations of the equipment and training those who will use it), and dependability of supply ( must be able to count on delivery when it is scheduled)

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4
Q

Price

A

Business buyers want to buy at low prices

- buyer who force supplier to cut price to a point supplier lose money (quality is affected)

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5
Q

Relationship marketing

A

Seeking and establishing ongoing partnership with customers.

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6
Q

Why did relationship marketing become an important business marketing strategy?

A
  • customers have become more demanding
  • competition has become more intense
  • business suppliers use social networking site to advertise themselves to business.
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7
Q

What is a proven way to gain repeated business?

A

Maintaining steady dialogue between supplier and customers

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8
Q

Strategic Alliance

A

A cooperative agreement between business firms

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9
Q

What is the other name of strategic alliance?

A

Strategic partnership

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10
Q

What different form can strategic alliance take?

A
  • licensing or distribution agreements
  • joint ventures
  • research and development consortia
  • partnership
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11
Q

Why is strategic alliance formed?

A

Strengthen operation and better compete

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12
Q

For alliance to succeed in the long term it must be built on ______

A

Commitment and trust

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13
Q

Relationship commitment

A

Mean that a firm believes that an ongoing relationship with another firm is so important that the relationship warrants maximum efforts at maintaining it indefinitely.

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14
Q

Trust exist when ____

A

One party has confidence in an exchange partner’s realizability and integrity

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15
Q

Can alliance fail when participants lack trust?

A

Yes.
Ex: Costco and American Express.

Cost move forward with visa.
American Express believed to was a betrayal.

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16
Q

Relationship in other cultures (Japan)

A
  • exchange between firms is based on personal relationship that are developed through what is called AMAE, or indulgent dependency.
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17
Q

What is AMAE?

A

Feeling of nurturing concern for, and dependence on, another

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18
Q

What contributes to AMAE?

A

Reciprocity and personal relationships

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19
Q

What is business marketing

A

Is the marketing of goods and services to individuals and organizations for purposes other than personal consumption.

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20
Q

What is business marketing other name

A 
- industrial 
Or 
- business to business 
Or 
- B to B
OR 
- B2B marketing
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21
Q

Example of business marketing?

A

Sale of a personal PC to your university

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22
Q

Business product or industrial product

A

Used to manufacture other goods or services, to facilitate and organization’s operations, or to resell to other customers

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23
Q

Consumer product

A

Is bought to satisfy an individual’s personal wants or needs

24
Q

What is the key characteristics in distinguishing business product from consumer product?

A

INTENDED USE. Not physical form

25
Consumer product is
A product that is purchased for personal or family consumption or gift
26
Business product
A product that is purchased for business use.
27
Name the 4 major categories of customers
- producers - resellers - governments - institution
28
Original equipment manufacturers, OEMs
Individuals and organizations that buy business goods and incorporate them into the products they produce fro eventual sales to other producers or to consumers
29
Retailers
Business that buy finished goods to resell at a profit
30
Government
Fed, state.. account for the greatest volume of purchase in the USA
31
Institution
Seek to achieve goals other than the standard business (goals of profits,market shares, and return on investment) Ex: school, church, hospital
32
List the roles in the buying center
- initiator - influencer/evaluators - gatekeeper - the decider - the purchaser - users
33
User
Member of the org who will actually use the product.
34
The purchaser
Is the person who actually negotiates the purchase
35
The decider
Is the person who has the formal or informal power to choose or approve the selection of the supplier or brand
36
Gatekeepers
Are group members who regulate the flow of information | Ex: secretary
37
Influencers/evaluator
Are people who influence the buying decision.
38
The initiator
Is the person who first suggests making a purchase
39
Buying situations
- new buy - modified rebuy - straight rebuy
40
New buy
Is a situation requirement the purchase of a product for the first time.
41
Modified rebuy
Is normally less critical and less time-consuming than a new buy. - the purchaser wants some change in the original good or service. Ex: new color
42
Straight rebuy
Is a situation vendors prefer. - the purchaser is not looking for new information or other suppliers. - routine because the terms of the purchase have been agreed to in earlier negotiations
43
Type of business products
- major equipment - accessory equipment - raw materials - component parts - processed materials - suppliers - business services.
44
Major equipment
Include capital goods (large or expensive machines, generators ...) -> called installation. - depreciation over time
45
Accessory Equipment
Generally less expensive and shorter-lived than major equipment Ex: portable drills, computer software, power tools
46
Raw materials
Are unprocessed extractive or agricultural products. | Ex: mineral, fruits, timber
47
Component parts
Either finished items ready for assembly, or products that needs very little processing before becoming part of other products
48
Processed materials
Are products used directly in manufacturing other products. - they have some processing compare to raw material Ex: corn syrup, plastics, chemicals
49
Supplies
Are consumable items that do not become part of the final product Ex: detergents, paper towels, pencils
50
Business service
Are expense items that do not become part of a final product. - retain our side providers to perform Ex: advertising, legal, janitorial, consulting
51
Demand
- derived demand - joint demand - multiplier effect (accelerator principle)
52
Derived demand
The demand for business product | - organization buy products to be used in productions their customer’s products
53
- inelastic demand
Mean that an increase or decrease in the price of the product will not significantly affect demand for the product
54
Joint demand
Happens when two or more items are used together in a final product. Ex: decline in memory chips availability will slow product and lead to a reduce demand for disk drives.
55
Multiplier effect ( accelerator principle)
- small increase or decrease in consumer demande can produce a much larger change in demande for the stuff needed to make the consumer product.
56
Diff en ce between business and consumer markets
- demande - purchase volume - number of customers - distribution - nature of buying - nature of buying influencer - type of negotiation 0 use of reciprocity - use of leasing - promo methods

MKTG 351 (10 decks)

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