Ch 6. Business-to-Business (B2B) Marketing – Flashcards
Unlock all answers in this set
Unlock answersquestion
Business-to-business marketing
answer
Organizational sales and purchases of goods and services to support production of other products, to facilitate daily company operations, or for resale.
question
Commercial Market
answer
Individuals and first that acquire products to support, directly or indirectly, production of other goods and services.
question
Trade Industries
answer
Retailers or wholesalers that purchase products for resale to others.
question
Resellers
answer
marketing intermediaries that operate in the trade sector.
question
Customer-based segmentation
answer
Dividing a business-to-business market into homogeneous groups based on buyer's product specifications.
question
North American Industry Classification System (NAICS)
answer
Classification used by FAFTA countries to categorize the business marketplace into detailed market segments.
question
End-use Application Segmentation
answer
Segmenting a business-to-business market based on how industrial purchasers will use the product
question
Customer relationship Mangement (CRM)
answer
Combination of strategies and tools that drives relationship programs, reorienting the entire organization to a concentrated forces on satisfying customers.
question
Global Sourcing
answer
Purchasing goods and services from suppliers worldwide.
question
Derived Demand
answer
Demand for a resource that results from demand for the goods and services produced by that resource.
question
Joint Demand
answer
Demand for aproduct that depends on the demand for another product used in combination with it.
question
Inelastic Demand
answer
Demand that, throughout an industry, will not change significantly due to a price change.
question
Just-in-time (JIT)/ JIT II
answer
Inventory practices that seek to boost efficiency by cutting inventories to absolute minimum levels.
question
Sole sourcing
answer
Purchasing a firm's entire stock of an item from just one vendor.
question
Offshoring
answer
movement of high-wage jobs from one country to lower-cost overseas locations.
question
Nearshoring
answer
Moving jobs to vendors in countries close to the business's home country.
question
outsourcing
answer
Using outside vendors to provide goods and services formerly produced in-house.
question
Multiple Sourcing
answer
purchasing from several vendors
question
Merchandisers
answer
Trade sector buyers who secure needed products at the best possible prices.
question
Systems Integration
answer
Centralization of the procurement function within an internal division or as a service of an external supplier.
question
Category Advisor (Category Captain)
answer
Trade industry vendor who develops a comprehensive procurement plan for a retail buyer.
question
Straight Rebuy
answer
Recurring purchase decision in which a customer repurchases a good or service that has performed satisfactorily in the past.
question
Modified Rebuy
answer
Situation in which a purchaser is willing to reevaluate available options for repurchasing a good or service
question
New-task Buying
answer
First-time or unique purchase situation that requires considerable effort by decsion makers.
question
Reciprocity
answer
Buying from suppliers who are also customers
question
Value analysis
answer
Systematic study of the components of a purchase to determine the most cost-effective approach
question
Vendor analysis
answer
Assessment of supplier performance such as price, back orders, timely delivery, and attention to special requests
question
Buying Center
answer
Participants in a n organizational buying decision
question
User
answer
Individual or group that actually uses a business good or service
question
Gatekeeper
answer
Person who controls the information that all buying center members will review.
question
Influencer
answer
Typically, technical staff such as engineers who affect the buying decision by supplying information to guide evaluation of alternatives or by setting buying specifications.
question
Decider
answer
Person who chooses a good or service although another person may have the formal authority to complete the sale.
question
Buyer
answer
Person who has the formal authority to select a supplier and to implement the procedures for securing a good or service.
question
Remanufacturing
answer
Efforts to restore older products to like-new condition.
