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MKTG 3832 > MKTG 3832 - Exam 2 > Flashcards

MKTG 3832 - Exam 2 Flashcards

1
Q

4 Business Market Categories

A

Commercial
Reseller
Institutional
Government

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2
Q

Commercial Market

A

Largest of the business market. All individuals/firms that get products to support production of other goods and services, both directly and indirectly

Dell buying chips from Intel.

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3
Q

Resellers Market

A

Retailers and wholesalers. Finished goods sold.

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4
Q

Government Market

A

Domestic institutions - federal, state, local - and foreign. Motivator is to provide public benefit, wide purchases like cement, military uniforms, and Internet.

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5
Q

Institutional Market

A

Public and private hospitals, churches, skilled care and rehab centers, colleges, museums, and non-profits.

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6
Q

Business Buying Decision INFLUENCES

A

Environmental
Organizational
Interpersonal

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7
Q

Environmental Factors

A

Economic, political, regulatory, competitive, technological considerations

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8
Q

Organizational Factors

A

Company’s structure, policies, and purchasing processes.

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9
Q

Interpersonal Factors

A

Building rapport with the people/committees involved in making decisions

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10
Q

B2B Buying Process

A
  1. Anticipate problem, need
  2. Define characteristics and qty needed
  3. Search for and qualify potential suppliers
  4. Gather/analyze proposals
  5. Evaluate proposals and select supplier
  6. Select order routine
  7. Obtain feedback and evaluate performance
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11
Q

Buying Center Roles

A 
Users
Influencers
Gatekeepers
Buyers
Deciders
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12
Q

Users

A

Actually use product/service

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13
Q

Influencers

A

Supply information to guide the evaluation of alternatives, or by establishing buying specifications. Typically technical staff, engineers or qa

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14
Q

Gatekeepers

A

Control the info that all buying center members ultimately review.

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15
Q

Buyers

A

Formal authority to select a supplier and begin securing the good or service

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16
Q

Deciders

A

Actually select a good or service. Sometimes same person as buyer. Final decision.

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17
Q

B2B Market Segmentation

A

Demographic
Customer Type
End-Use Application

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18
Q

Free-Trade Area

A

Where participating nations agree to the free trade of goods among themselves, abolishing tariffs and trade restrictions.

One form of multinational economic integration

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19
Q

North American Free Trade Agreement

A

US, Canada, Mexico; removes trade restrictions. Focus on economic cooperation.

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20
Q

International Marketing Environment Factors

A 
Economic
Social-cultural
Political-legal
Technological
Competitive
21
Q

International Marketing Mix Strategies

A 
Straight extension
Promotion adaptation
Product adaptation
Dual adaptation
Product invention
22
Q

Straight Extension

A

One product, one message; permits economies of scale; universal recognition

23
Q

Promotion Adaptation

A

Same product, different promotion

24
Q

Product Adaptation

A

Same promotion, different product.

25
Q

Dual Adaptation

A

Both product and promotion adaptation

26
Q

Product Invention

A

Unique foreign market opportunities to match needs. Hand-powered washing machine.

27
Q

Entering Foreign Market Strategies

A 
Exporting
Franchising and foreign licensing
Subcontracting
International divisions
Acquisitions
Joint ventures
28
Q

Exporting

A

Companies to distribute goods globally without setting up formal operations. Typically first step in international business.

29
Q

Franchising and Foreign Licensing

A
  1. Contractual arrangement, franchisee agrees to meet operating requirements of the manufacturer or franchiser
  2. Grants foreign markers right to distribute firm’s merchandise or use its trademark, patent, or process in a specified geographic area

Access to marketing info/distrib. channels; protection from legal barriers; more control over promotions and sells

30
Q

Subcontracting

A

When the production of goods or services is assigned to local companies

31
Q

International Divisions

A

Company that has resources and commitment to enter a foreign market can invest in building or creating wholly owned facility. Once up, company retains complete control

32
Q

Acquisition

A

Company buys existing firm; fully functioning operation in new country, requires large investment

33
Q

Joint Ventures

A

Companies share risk, costs, and management with one or more partners. Problems in language, culture, operational differences

34
Q

Consumer Market Segmentation

A

Geographic
Demographic
Psychographic
Behavioral

35
Q

Geographic Segmentation

A

Dividing overall market into homogeneous groups based on locations

Market size
Market density
Climate
Region

36
Q

Strategies for Reaching Target Markets

A

Undifferentiated (mass)
Differentiated
Concentrated (niche)

37
Q

Undifferentiated Marketing

A

Mass marketing; all customers targeted using a single marketing mix

38
Q

Differentiated Marketing

A

Targeting several different market segments using a different marketing mix for each segment

39
Q

Concentrated Marketing

A

Niche marketing; selecting single market segment and concentrating efforts on profitability satisfying that segment

40
Q

Demographic Segmentation

A

Consumer groups according to variables such as gender, age, ethnic group, family life cycle stage and household type, income. Census Bureau is primary source

41
Q

Psychographic Segmentation

A

Differentiating population groups according to values and lifestyle factors which are common to group. Conduct large-scale survey asking consumer to agree,disagree.

PRIZM - divides into 66 segments through blends of demographics, consumer lifestyle behavior, media usage, etc.

42
Q

4 Positioning Strategies

A

Value
Product Attributes
Competitive
Product Use/Application

43
Q

Value

A

What the customer receives in exchange for the costs of the product. Doesn’t require lowest price, but that customers believe it was worth it

44
Q

Competitive

A

Focus on product/company attribute, specifically in relation to competition (comparison)

45
Q

Product Attributes

A

Specific features are highlighted to create desired perception of the brand or consistency.

46
Q

Product Use or Application

A

Specifically associate a product with a particular use or application.

47
Q

6 Business Products

A 
Installations
Accessory equipment
Component Parts and Materials
Raw Materials
Supplies
Business Services
48
Q

Brand Name

A

American Marketing Association: “part of a brand that can be spoken.” Not associated with design

49
Q

Trademark

A

Brand for which owner claims exclusive legal protection. “Bud” and “Coke” also

MKTG 3832 (2 decks)

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