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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
Dual Adaptation
Both product and promotion adaptation
26
Product Invention
Unique foreign market opportunities to match needs. Hand-powered washing machine.
27
Entering Foreign Market Strategies
``` Exporting Franchising and foreign licensing Subcontracting International divisions Acquisitions Joint ventures ```
28
Exporting
Companies to distribute goods globally without setting up formal operations. Typically first step in international business.
29
Franchising and Foreign Licensing
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
Subcontracting
When the production of goods or services is assigned to local companies
31
International Divisions
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
Acquisition
Company buys existing firm; fully functioning operation in new country, requires large investment
33
Joint Ventures
Companies share risk, costs, and management with one or more partners. Problems in language, culture, operational differences
34
Consumer Market Segmentation
Geographic Demographic Psychographic Behavioral
35
Geographic Segmentation
Dividing overall market into homogeneous groups based on locations Market size Market density Climate Region
36
Strategies for Reaching Target Markets
Undifferentiated (mass) Differentiated Concentrated (niche)
37
Undifferentiated Marketing
Mass marketing; all customers targeted using a single marketing mix
38
Differentiated Marketing
Targeting several different market segments using a different marketing mix for each segment
39
Concentrated Marketing
Niche marketing; selecting single market segment and concentrating efforts on profitability satisfying that segment
40
Demographic Segmentation
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
Psychographic Segmentation
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
4 Positioning Strategies
Value Product Attributes Competitive Product Use/Application
43
Value
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
Competitive
Focus on product/company attribute, specifically in relation to competition (comparison)
45
Product Attributes
Specific features are highlighted to create desired perception of the brand or consistency.
46
Product Use or Application
Specifically associate a product with a particular use or application.
47
6 Business Products
``` Installations Accessory equipment Component Parts and Materials Raw Materials Supplies Business Services ```
48
Brand Name
American Marketing Association: "part of a brand that can be spoken." Not associated with design
49
Trademark
Brand for which owner claims exclusive legal protection. "Bud" and "Coke" also

MKTG 3832 (2 decks)

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