Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business to Business Marketing > Intro to Business to Business Marketing > Flashcards

Intro to Business to Business Marketing Flashcards

0
Q

Entrepreneurial Marketing is defined as what…?

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
1
Q

What three concepts function differently in B2B Markets than in Consumer Markets?

A

Relationships, value, and buyer decision making functions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Entrepreneurial marketing can be practiced by start-ups and established companies?

A

True

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Business markets consist of…

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

T or F: Business markets consist of more and smaller customers than consumer markets

A

False: The consist of fewer and larger customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Business Marketing is defined as …

A

The process of matching and combining the capabilities of the supplier with the desired outcomes of the business customer. Also involves creating value for the business customer.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What are the Four Ps of marketing?

A

Product, price, place, and promotion

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Product is referred to as…

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Total offering

A

the offering that provides a complete solution to the buyer’s needs. This may include financing, delivery, service, or based on the buyer’s preference only the core product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is the augmented B2B product referred to as?

A

Total offering

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Price refers to what…?

A

The mutually agreed upon amount that satisfies both sides in an exchange

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What determines price?

A

Price is determined by the market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

How does pricing differ in B2B markets?

A
  • Price determination can result from collaborative efforts

- Only in small quantities or generic products does the price charged come from a “list” price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

How does pricing vary from B2B and Consumers?

A
  • pricing from business customers often varies from fixed pricing
  • pricing for consumers are often fixed and discounted
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What are the four types of economic utility?

A

Form, time, place, and possession

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is the major difference between consumer and B2B channels?

A

Length and concentration of the channels

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Supply chain management

A

The planning, coordination, and delivery of the place part of the marketing mix. Overall supply chain management works to deliver the economic utility of form, time, place, and possession as a minimized cost at a maximized value- value as determined by the customer. This effort usually involves many companies at different stages of the supply chain.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Advertising plays the largest role in the promotion mix for B2B markets: T or F

A

False

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Personal selling is the most used and effective type of promotion in B2B markets: T of F

A

True

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Personal selling

A

Allows rapid and accurate feedback to the marketer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Two major differences between B2B marketing and consumer marketing are…?

A

Closeness and duration of the relationship with B2B relationships being closer and lasting longer than consumer marketing relationships

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Marketing Concept

A

to be successful, a company should understand customers’ needs, met those needs with a coordinated set of activities, and do so in a way that mets organizational goals

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

A firm operating under this concept focuses al of its efforts and resources toward satisfying the needs of its customers

A

Marketing concept culture

23
Q

Consumer Demand

A

the quantity of goods or services desired to be bought, given market conditions (usually expressed as a function of market price)

24
Q

Derived Demand

A

the demand experienced by the chain of suppliers and producers that contribute to the creation of a total offering. Without initial consumer demand, there will not be any demand on the chain of suppliers.

25
Q

Supply Chain

A

the chain of entities and activities that results in products provided to end users. It starts with raw materials and traces the flow of materials and sub-assemblies through suppliers, manufacturers, and channel intermediaries to the final customer.

26
Q

Supply chains are stable in most organizations, yet flexible enough to meet market demand: T or F

A

True

27
Q

A small percentage of change in customer demand has what effect on business markets?

A

It leads to much greater changes in business markets

28
Q

Bullwhip effect

A

As consumer demand varies, ether 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.

29
Q

Discontinuous demand

A

The condition in which quantity demanded in the market makes large changes up or down in response to changes in market conditions. The transition from one state to another occurs in large increments rather than incremental changes in demand.

30
Q

Demand in business markets is elastic or inelastic in the short term?

A

Inelastic in the short term

31
Q

Elasticity of demand

A

refers to the percentage change in quantity demanded relative to the percentage change in rice. if a price change produces a change in the demand that is less than the percentage change in price then demand is said to be inelastic.

32
Q

Outsourcing

A

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

33
Q

Switching Costs

A

the cost of switching suppliers that is increased by the need for close relationships in B2B marketing

34
Q

Is mass promotion efficient and effective as a means to market in the B2B world..?

A

It is not as effective as it is for consumer marketing

35
Q

Brand image and name is important in both B2B and consumer markets: T or F

A

True

36
Q

Integrated supply

A

when companies vertically integrate supplies into their business instead of outsourcing to other firms

37
Q

Networked supply

A

Purchasing supplies and component parts from other companies rather than integrating their production into its own business

38
Q

Younger companies tend to use which method to supply their operations

A

networked supply

39
Q

large companies tend to use what method supply component parts

A

vertical integration

40
Q

Vertical integration does what to the flexibility of a firm?

A

It reduces the firm’s flexibiity

41
Q

Operating globally is different for B2B marketers and consumer marketers in what way?

A

International business is less complex for B2B marketers than consumer marketers

42
Q

Consumers do not purchase products, they purchase what…?

A

Offerings that create solutions and satisfaction

43
Q

Value is defined as what?

A

The sum of all of the benefits that a customer receives in the process of buying and using a product or service lessthe costs involved

44
Q

Evaluated price

A

the total cost of owning and using a product. This may include transportation, inventory carrying costs, financing costs, potential obsolescence, installation, flexibility to upgrade, cost of failure, and obsolescence of existing products or equipment, plus the price paid to the vendor

45
Q

What is a chain of activities that creates something of value for the targeted customers

A

Value Chain

46
Q

Everything that the customer or prospect perceives as contributing to benefits and costs and goes further than simply the product and service

A

The offering that is the end result of the value chain

47
Q

What does evaluated price include?

A

All of the costs that are subtracted from benefits to produce value

48
Q

The offering is a combination of what factors?

A

product, service, image, availability, and quantity

49
Q

What contributes directly to the offering?

A

Direct Activities

50
Q

What makes it possible for a firm to perform the direct activities?

A

Support Activities

51
Q

The value chain concept provides a framework for pursuing what concept?

A

The Marketing Concept

52
Q

What is hyper-competition?

A

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

53
Q

What are the trends and changes taking place in business marketing?

A 
Hyper-competition
Formation of partner networks
Adoption of information technology and the internet
Supply Chain Management
Time compression
54
Q

What is a channel facilitator?

A

service providers to the channel that are not necessarily part of channel design but who make possible the efficient operation of the channel. They are financial institutions, transportation and logistics companies, and third-party service providers. These organizations provide outsourced services to facilitate the effective operation of the channel.

55
Q

An increase in the speed of doing business is called what?

A

time compression

Business to Business Marketing (8 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions