Quiz 3 Flashcards
B2B marketing has to do with what part of the strategic marketing process?
Every Part
What is B2B marketing
Marketing between organizations
B2B Marketing vs B2C
Target audience
Type of Benefit
Buying Cycle
Important of Brand
Cost
Smaller group
More Logic based
Longer process
Very important
More expensive per conversion
Industrial Market Organizational Buyers
Largest group, buy raw materials and turn them into products
Resellers
Product doesn’t change
Government Markets
Smallest
How does digital marketing affect B2B marketing
It can drive credibility, trust, and revenue
Market Research has to do with what part of the strategic process?
Situation Analysis
What is market research
The process of answering “why” and “what now”
Benefits of market research
Focus your position in market
Eliminate boardroom biases
Minimize investment risk
Facilitate strategic planning
Identify whitespace opportunities
Differentiate vs competition
Primary research
Your own
Qualitative vs Quantitative Primary Research
Qualitative is better for generating ideas and is done with less people
Secondary Research
3rd party research, already done
Five-Step Market Research Approach
Define the problem
Develop the research plan
Collect relevant information
Develop findings
Take marketing action
