Marketing 350 Worshman

question

B2B marketing
answer

business as buyers use in reselling, marketing, production, and consumption
question

derived demand
answer

business only needs products because consumer needs product down the line ex: contractor buys 2×4 to build house not as final product
question

resellers
answer

not transform product; manufacturer→retailer= their responsibility
question

institutions
answer

operating as business but not for profit ex: USC, museums, hospitals
question

manufacturers
answer

Raw Material→Finished goods; emphasis on personal selling
question

government
answer

largest business buyer; USA #1; buying national defense, buy according to bid—required to take lowest bid
question

NAICS
answer

1st 2 digit-industry//after 1st 2 makes it more specific ex: if you sell Raw Materials this helps identify customers
question

need recognition, product specification, request for proposal process, proposal analysis, order specification, vender analysis
answer

stages in b2b buying
question

need recognition sources
answer

internal or external; source examples: suppliers, salespeople, competitors
question

product specifion
answer

used by suppliers to develop proposals; can be done collaboratively with suppliers ex: playground- age group, materials in slide, mulch
question

RFP
answer

product open for bid
question

Negotiation
answer

often several vendors negotiate with each other (top 1 or 2); state can’t, industry can pick top contenders; negotiate: price, quality, delivery, financing terms, ease of ordering; retailers- repurchase of products
question

Initiator
answer

come up with idea, doesn’t need position in company
question

Users
answer

generate their input because they will be using new system
question

Influencers
answer

ear of decision maker, influence decision maker
question

Buyer
answer

makes actual purchase
question

Gatekeepers
answer

controls flow of information; official or unofficial capacity, funnels right bid, personal assistant, etc.
question

Decider
answer

ultimately says yes or no; want to get to decider directly
question

Democratic
answer

majority rules
question

Consultative
answer

1 decision maker who consults with everyone
question

Autocratic
answer

1 decision maker who makes all decisions alone
question

Consensus
answer

everyone has to agree
question

Globalization
answer

the process by which goods, services, capital, people, information, and ideas cross international borders
question

Offshoring
answer

Types: financial management, IT, Call centers, accounting
question

WTO
answer

Only organization to deal with global rules of trade (160 members as of June 2014)
question

Economic analysis using metrics
answer

general economic environment, market size and population growth, real income
question

Infrastructure and technology
answer

transportation, channels, communication, commerce
question

government actions
answer

tariff, quota, exchange control, trade agreement
question

sociocultural analysis
answer

power distance, uncertainty avoidance, individualism, masculinity, time orientation
question

GDP
answer

value of goods and services produced in a country in a year
question

GNI
answer

includes income from American companies that are operating abroad
question

HDI
answer

measures relative world economic health; 1. Life expectancy at birth 2. Education attainment 3. Average income is sufficient enough to meet basic needs of life
question

Marketing size and population growth
answer

less developed countries have faster growing birth rates; Urban: easier to do business Rural ex: India
question

transportation
answer

no interstate or railroads→is not good
question

communication
answer

systematic distribution of information ex: media
question

distribution channel
answer

product from manufacturer to consumer; needs to be timely and at a reasonable cost ex: US- very efficient
question

New Buy
answer

new purchase; BIG DEAL; new to company, more risk, go through process very carefully
question

Modified rebuy
answer

ex: switch PC contract to MAC; still computer but different brand
question

straight rebuy
answer

buy exact same thing ex: every year school buys 100 packs of Expo markers
question

Commerce
answer

commercial infrastructure, legal system, banking system, regulation system
question

Trade Surplus
answer

Results when country exports more than it imports
question

Trade Deficit
answer

Results when a country imports more goods than it exports.
question

Tariffs
answer

a tax levied on a good imported into a country
question

Quotas
answer

designates the maximum quantity of a product that may be brought into a country during a specified time period; restricting number of goods that come into a country
question

dumping
answer

anti dumping policies: take product to another country and sell it for lower price
question

contertrade
answer

Trade between two countries where goods are traded for other goods and not for hard currency.
question

trading bloc
answer

Consists of those countries that have signed a particular trade agreement.
question

power distance
answer

how you accept social inequality ex : classroom : dont need to raise hang to get up, etc.
question

uncertainty avoidance
answer

rules for orderly, consistent behavior
question

individualism
answer

extent of what a person can make own decision
question

masculinity
answer

dominance vs. equality
question

time orientation
answer

we expect things to happen immediately ex: China 100 year business plan
question

Global entry strategies
answer

export, franchising, strategic alliance, joint venture, direct investment
question

undifferentiated
answer

Early in the product life cycle you might have seen this especially with basic commodities such as salt, sugar, etc. Smaller firm might try this strategy
question

differentiated
answer

recognize there are different target markets, much more common, decided our strategy is going to appeal to different market segments, Ex: McDonald’s has different items on the menu. Can get a larger market sale, larger companies
question

concentrated
answer

realize that there are different segments out there but we as a company have decided to concentrate on one segment because this is our best chance for making money , pick a niche market and serve very well
question

micromarketing
answer

make a product for each individual customer, example: Dell, getting a suit made
question

geographic
answer

where you live; neighborhoods, cities, countries, etc. ex: get pizza in range of delivery zone
question

demographic
answer

easy to understand, certain times when its useful such as feminine and masculine products, however doesn’t work for some products i.e. apple computers
question

psychographic
answer

self-concept (how you view yourself), values (what it is we think is important, ex: greening of America, sustainability), lifestyles (how we live: our activities, interests, and opinions. Can use Vals 2 to judge lifestyle)
question

benefits
answer

ex: toothpaste > cavity protection, whitening, fresh breath.
question

behavioral
answer

occasions such as holidays can make you purchase different items,
question

geodemographic
answer

the people that live together also have some similar purchase behaviors.
question

identifiable
answer

who is in their market; are the segments unique; does each segment require a unique marketing mix
question

substantial
answer

too small and it is insignificant; too big and it might need its own store; enough buying power?
question

reachable
answer

know the product exists; understand what it can do; recognize how to buy
question

responsive
answer

find a segmentation basis for the customers that response positively; will it be profitable for a long period of time; getting the product to the customer at the right price
question

positioning
answer

The place the product occupies in the mind of the consumer
question

core competencies
answer

look at the figure out which target markets will be easiest to satisfy
question

value
answer

get more for your money. Example: Walmart
question

salient attribute
answer

product characteristics
question

symbol
answer

something to distinguish themselves
question

competition
answer

compare themselves to the competition
question

reposition/rebranding
answer

sometimes a product will be out there and sales are sliding so the company realizes they need to change the idea of the product
question

systematic nature of research
answer

plan in place for asking questions; same process no matter what person/research
question

marketing research
answer

set of techniques and principles for systematically collection, recording, analyzing and interpreting that can aid design makers
question

data warehouse
answer

every time a customer checks out you get information about them so you can go back and analyze
question

internal secondary data
answer

data your company has already collected like sales receipts etc.
question

data mining
answer

when you go into data warehouse and try to look for patterns in the data example: putting bananas at the end of the cereal isle
question

primary data
answer

develop marketing research project that will answer a question; is specific to your needs but takes a lot of time and money
question

secondary data
answer

data that has already been collected for some other purpose, we like this because we don’t have to go out and do the work but it might not be exactly what you want but can still give a good head start; can be cheaper
question

external secondary data
answer

anything you can find in journals, the internet, books, etc.
question

scanner data
answer

UPC labels
question

panal data
answer

collected from a group of consumers (ex: what they bought responses to questions)
question

syndicated secondary data
answer

data that you purchase from another company like Nelson, JD power and associates; can be expensive
question

observation, social media, in depth interviews, focus groups
answer

Types of qualitative research
question

qualitative research
answer

can’t generalize, specific
question

quantitative research
answer

structured responses that are statistically tested
question

survey, experiments, panal, scanner
answer

types of quantitative research
question

back translating
answer

Back translate before translate into a language to make sure it is correct
question

errors in international research
answer

in English throughout the world but can answer questions better in their native tongue, lack of consideration for language

Get instant access to
all materials

Become a Member