Brainscape's Knowledge GenomeTM

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


See full index

UCC > MG1006 CHAPTERS 4,6,7 > Flashcards

MG1006 CHAPTERS 4,6,7 Flashcards

1
Q

what is B2B marketing?

A

is concerned with the marketing of a huge range of products and services that are bought and sold between organisations

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

what are the key difference between B2C and B2B

A
  • B2B marketing is fundamentally different from consumer goods or services marketing because organisational buyers do not consume the products or services themselves
    • Decisions are made by organisations not individuals
    • While organisations are often structurally and legally independent, they are also interdependent
    • Fewer customers!
    • B2B markets serve demand, which is driven by firms (intermediaries) across the value chain, whereas B2C markets serve demand at the end of the value chain
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Types of B2B markets

A

-industrial market
- Reseller Markets
- Government and institutional markets

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

What are the dimensions in B2B marketing

A

The purchase dimension
The sales dimension
The communication dimension

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

The decision making unit of B2B have how many roles?

A

6

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

what are the 6 roles in DMU of B2B

A

initiator
user
decider
influencer
buyer
gatekeepers

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

what are the 3 ways sales and marketing strategy can affect a sale?

A
  • Through influencing need recognition
  • Through the design of production specifications
  • By clearly presenting the advantages of the product or service over those of the competition
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What are the stages in the Decision making process of B2B?

A
  • recognition of a problem
  • Determination of specification and quantity of needed item
  • search for and qualification of potential sources
  • Acquisition and analysis of proposals
  • evaluation of proposals and selection of suppliers
  • selection of an order routine
  • Performance feedback and evaluation
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

B2B buying is characterised by? (choice criteria)

A

Economic
technical
social
personal

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

how many categories are there in segmenting B2B markets

A

2

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

What are the categories in segmenting B2B markets

A

Macrosegmentation
microsegmentation

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

The Characteristics of organisational buying

A
  • The organizational purchase depends on:
  • The risks and uncertainty
  • Negotiations
  • Complexity of buying
  • Nature and size of customers
  • Network technology and e-commerce
    *Derived demand
  • Economical and technical choice criteria
  • Buying to a specific requirements
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

what is the market research?

A

The process of gathering, interpreting and reporting information to help marketers solve specific problems or to take advantage of marketing opportunities

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

what are the benefits of market research?

A
  • making important business decisions
  • securing investments and funding
  • determining new business opportunities
  • avoiding business failures
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

how many stages are there in the market research process?

A

5

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

what are the stages in the market research process?

A
  1. Research Planning:
  2. Exploratory Research
  3. Main data collection considerations
  4. Data analysis and interpretation
  5. Report writing and presentation
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

what are the research approaches in the market research process?

A

Qualitative research
Quantitative research

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

Qualitative research

A
  • Research where you analysis and understand consumers
  • They are focus groups and in-depth interviews
  • They gather verbal data
  • small samples, rarely above 30
  • content analysis of the data
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Quantitative research

A
  • Provide information that can be generalised to the population
  • Gather numerical data
  • large, representative samples
  • surveys using a structured questionnaire
  • statistical analysis of data
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

what do we find in research planning

A

Initial contact
research brief
research proposal

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

what is Initial contact (research planning)

A

Realisation of a problem, information to resolve

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

what is Research Brief (research planning)

A

Outline the research objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

what is Research Proposal (research planning)

A

Statement of objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

what do we find in initial contact?

A

Meetings with the Internal marketing research staff or outside agency

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

what do we find in Research Brief?

A

Background information, sources of information, scale of the project, timetable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

what do we find in Research Proposal?

A
  • Work to be completed, research design etc.,
  • Timetable
  • Costs
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

what are the types of research in the explanatory research?

A

primary research
secondary research

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

what is primary research in explanatory research?

A
  • Creating new data for the purpose of the research
  • The Data Collection is under the supervision of the investigator
  • Research conducted for the first time
29
Q

what is secondary research in explanatory research?

A

Secondary data collection and analysis

30
Q

Questions the marketer needs to ask? (secondary research)

A

– Accuracy/dependency of the data?
– Qualitative vs quantitative?
– What is more appropriate to answer their research question?
– When was the original data collected?
– Purpose of the study?
– Content of the dat

31
Q

what do we find in macrosegmentation

A

indutry
organizational size
geographic location

32
Q

what do we find in micro-segmentation B2B

A

choice criteria
DMU structure
DMProcess
buy class
purchasing organisation
organisation innovativeness

33
Q

what is B2B segmentation?

A

profiles the organisation and the buyers. It has two types of segmentation. (macro and micro segmenation)

34
Q

What is B2C segmentation?

A

Focuses on grouping individuals into marketing related segment

35
Q

What is Choice criteria in B2B?

A

It refers to the criteria used by member of the DMU to evaluate suppliers proposals

36
Q

what is market segmentation?

A

the process that consists of sectioning the target market into smaller groups that share similar characteristics such as age, income, interest, needs, location…

37
Q

what is mass marketing?

A
  • selling the same product to all consumers.
  • companies try to communicate with the largest possible number of consumer, with the aim of selling the highest possible volume
38
Q

what is targeted marketing?

A

Selecting a group of consumers for marketing

39
Q

why should we segment?

A
  • everybody is different
  • it is unlikely for a company to appeal to an entire market
  • identifies segments that have viable target market.
  • reduces the risk of a product life cycle declining
40
Q

target marketing , what is segmentation?

A

Identifying potential company’s customers and splitting them into groups with those who have similar needs.

41
Q

target marketing, what is targeting?

A

identifying target market involves evaluating segments and deciding on which segment is worth pursing, having considered issues such as size, value , potential.

42
Q

target marketing, what is positioning?

A

designing product to meet segment needs and develop a marketing mix

43
Q

target market has three processes what are they?

A

segmentation
targeting
positioning

44
Q

what are the three processes in market segmentation?

A

the disaggregated market
the segmented market
the target market

45
Q

what happens in The disaggregated market ?

A

The characteristics of individual customers are understood.

46
Q

what happens in The segmented market

A

Customers are grouped into segments on the basis of having similar characteristics.

47
Q

what happens in The target market ?

A

Find the Segment that is most attractive and a design a marketing mix is for that target market.

48
Q

What happens in the positioning process in target market?

A

Marketing Mix is introduced and developed so that it fits the target markets needs and wants.

49
Q

what are the advantages of market segmentation?

A

1) Differentiation
2) Target market selection
3) Tailored marketing mix
4) Opportunities and threats

50
Q

consumer segmentation is divided into 3 groups what are they?

A
  • behavioural
  • psychographic
  • profile
51
Q

what happens in Behavioural segmentation ?

A

It divides the market into groups based on their knowledge, attitudes, uses and responses to the product.

52
Q

Examples of segmentation criteria include

A

usage frequency
brand loyalty
purchase occasion

53
Q

benefits of Behavioural segmentation?

A

provides an understanding of why people buy in a market and can aid in identifying opportunities.

54
Q

what is Psychographic Segments ?

A

involves dividing your market into segments based upon different personality traits, values, attitudes, interests, and lifestyles of consumers.

55
Q

what is Profile Segments

A

allow consumer groups to be classified in a way that they can be reached by communications media.

56
Q

Profile variable are objective and can be assessed using….

A

demographic
socio-economic
geographic
……segmentation variables.

57
Q

Geographic segmentation examples?

A

region, climate, population density, population growth rate and culture

58
Q

Demographic segmentation examples?

A

age, race, religion, gender, family size, ethnicity, income, and education.

59
Q

what are the 4 criteria’s for selecting market segments?

A

measurable
accessible
substantial
profitable

60
Q

give me 4 target marketing strategies

A

undifferentiated marketing
differentiated marketing
focused marketing
customised marketing

61
Q

what is Undifferentiated marketing?

A

a company develops a single marketing mix for the whole market

62
Q

what is Differentiated marketing?

A

: a company develops specific marketing mixes to appeal to some or all of the segments

63
Q

what is Focused marketing?

A

a company develops a single marketing mix aimed at one target (niche) market

64
Q

what is Customized marketing ?

A

a company develops a discrete marketing mix for each customer

65
Q

what are multi segment approach?

A
  • Focuses on a variety of different segments
  • Develops a different marketing mix for each
  • Applicable to many situations – easy to implement
  • Different packaging type of the same product
  • Little additional marketing cost (sometimes)
    Must be implemented carefully
66
Q

what do companies decided in positioning?

A

they decided the value position – how it will create differentiated value for targeted segments and what positions it wants to occupy in those segments

67
Q

what are the key tasks in positioning?

A

market segmentation
target market
differentiated advantage

68
Q

what changes are involved in repositioning ?

A

target market
the differentiated advantage
or both

69
Q

what are Repositioning strategies?

A

image Repositioning
product Repositioning
intangible Repositioning
tangible Repositioning

UCC (17 decks)

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