Brainscape's Knowledge GenomeTM

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


See full index

B2B marketing > Lecture 2 > Flashcards

Lecture 2 Flashcards

1
Q

8 Steps of the buying process

A
  1. Problem recognition
  2. General description of need
  3. Product specifications
  4. Supplier search
  5. Acquisition and analysis of the proposal
  6. Supplier selection
  7. Selection of order routine
  8. Performance review
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

How to define need

A
  • What is the extent of the problem?
  • What alternatives can solve the problem?
  • Where can the solution be purchased?
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What are the 7 supplier selection criteria

A
  • Price
  • Quantity
  • Delivery times
  • Level of service
  • Warranties
  • Payment schedules
  • Host of final details that determine selection
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What are 4 factors of the buying process?

A
  • Economic conditions
  • Competition
  • Basic shifts in organisational objectives
  • Buying situation
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What are the 3 buying situations?

A
  • New Task (Perceived problem or need that is totally different from previous experiences)
  • Straight re-buy (Problem or need that is recurring or a continuing requirement)
  • Modified re-buy (Decision makers feel there are benefits to reevaluate alternatives)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

How can marketers gain advantage, in a new task? If they…

A
  • Initiate problem recognition
  • Get involved very early in the decision making process
  • Get involved early in the procurement process
  • Understand the buying organisation’s behaviour patterns
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What do marketers need to understand in order to consider their business strategy?

A
  1. Who are the decision makers?
  2. What are their problems?
  3. What are their purchasing patterns?
  4. What is the importance of their purchase?
  5. What is the timing of the purchase?
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Name 4 forces influencing organizational buying behaviour

A
  • Environmental forces
  • Orgnaizational forces
  • Group forces
  • Individual forces
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Name 3 costs of ownership

A
  • Acquisition costs
  • Posession costs
  • Usage costs
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Buying center

A

Consists of individuals who participate in the purchase decision and share goals and risks

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

6 Roles within the buying center

A
  • Initiator (initially perceives a problem and initiates the buying process to solve it)
  • Influencer (affects purchasing decision by providing technical or other relevant information)
  • Gatekeeper (controls the information to be reviewed by members of the buying group)
  • Decider
  • Buyer
  • User
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

5 steps to identify powerful buying center members

A
  1. Isolate personal stakeholders
  2. Follow the information flow
  3. Identify the experts
  4. Trace the connections to the top
  5. Understand purchasing’s role
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Industrial users value

A
  • Prompt delivery

- Efficient and effective

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Engineering values

A
  • Product quality
  • Standardization
  • Testing
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Purchasing values

A
  • Price advantage and economy

- Shipping and forwarding

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

4 types of informations processing

A
  • Selective exposure
  • Selective attention
  • Selective perception
  • Selective retention
17
Q

Selective exposure

A

Individual accepts communication messages consistent with their attitutde and beliefs

18
Q

Selective attention

A

People filter out stimuli only to allow certain ones to cognition

19
Q

Selective perception

A

People interpret stimuli in terms of their attitudes and beliefs

20
Q

Selective retention

A

People recall information that pertains to their own need and dispositions

21
Q

The higher the risk, the….

A
  • Larger the buying center with members with high levels of organizational status and authority
  • active the information search
  • greater the effort and the more careful the purchase process
  • More favourable are sellers who have proven track records with the firm
22
Q

Relationship marketing

A

To identify and establish, maintain and enhance relationships with customers and other stakeholders at a profit, done by mutual exchange and fulfilment of promises

23
Q

3 types of relationships

A
  • Transactional exchanges
  • Value-adding exchanges
  • Collaborative exchanges
24
Q

Customer relationship management

A
  1. Acquiring the right customer
  2. Crafting the right value proposition
  3. Institute best practices
  4. Motivation employees
  5. Retaining customer

B2B marketing (4 decks)

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