L1, Introduction Flashcards
what is a market?
- a public place where people meet to buy and sell goods
2. A mechanism for meeting individual and organizational needs
what is B2C?
Business to customer
- personal use
- fixed price
- singel piece
- no bargain
- emotionally driven
- consumer marketing
what is B2B?
- business consumption
- variable price
- bulk purchase
- always bargain
- rationally driven
- business marketing
what is direct demand?
demand of products which are directly consumed by people
what is derived demand?
when the demand of a product is derived from the demand of another product
name some common B2B products and markets
- installations
- accessory equipment
- MRO: Maintainance, repair and operating
- raw material
- manufactured materials
- services
what is business marketing management?
The process of understanding, creating and delivering value to targeted customers
Name 4 principles of business marketing management!
- regard value as cornerstone
- focus on business market processes
- stress doing business across borders
- accentuate working relationships and business networks
what is included in understanding value?
- market sensing
- understanding firms as customers
- crafting market strategy
what is included in “creating value”?
- managing market offerings
- new offering realization
- business channel management
what. is included in “delivering value”?
- gaining new business
- sustaining reseller partnerships
- managing customers
name a definition of business purchasing!
The process of acquiring resources and capabilities for the firm from outside providers
