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MKTG 250 Exam 2
| Term | Definition |
|---|---|
| business to business (B2B) marketing | the marketing of products and services to companies, governments, or nonprofit organizations for use in the creation of products and services that they can produce and market to others |
| organizational buyers | manufacturers, wholesalers, retailers, service companies, nonprofit organizations, and government agencies that buy products/services for their own use or resale |
| 3 types of organizational buyer markets | industrial, reseller, and government |
| Industrial Market | industrial firms in some way reprocess (modify) a product or service they buy before selling it again to the next buyer |
| Reseller Market | resellers are wholesalers and retailers that buy physical products and resell them again without any reprocessing |
| Government Market | government units are the federal, state, and local agencies that buy goods and services for the constituents they serve |
| Market characteristics of organizational buying behavior | demand is derived fewer customers typically exist and their purchase orders are large |
| Product/Service characteristics of organizational buying behavior | many of the goods are raw/semifinished |
| Buying Process characteristics of organizational buying behavior | there are reciprocal arrangements, and negotiation between buyers & sellers is commonplace |
| Marketing Mix characteristics of organizational buying behavior | direct selling to otganizational buyers is the rule |
| organizational buyer example (b2b marketing) | J.C.Penney buying 100,000+ tons of publication paper per year for newspaper inserts & direct mail |
| goal of organization buying | achieve an organization's own objectives |
| derived demand | the demand for industrial products and services that is driven by, or derived from, the demand for consumer products and services |
| example of derived demand | popularity of fidget spinner (consumer product) created a demand for ball bearings (industrial product) |
| organizational buying criteria definition | the objective attributes of the supplier's products and services and the capabilities of the supplier itself |
| organizational buying criteria | price, ability to meet the quality specfications required for the item & required delivery schedules, technical capability, warranties & claim policies in the event of poor performance, past performance, production facilities & capability |
| reciprocity | when two organizations agree to buy from each other |
| supply partnerships | when buyer and supplier adopt mutually benefical objectives |
| sustainable procurement | integrates environmental considerations |
| organizational buying behavior | the decision making process that organizations use to establish the need for products and services and identify, evaluate, and choose among alternative brands and suppliers |
| Organizational buying process steps | problem recognition, information search, alternative evaluation, purchase decision, postpurchase behavior (same as consumer purchase process) |
| most different stage between organizational buying process and consumer purchase decision process | postpurchase behavior stage is the most different- has a formal vendor rating system |
| main difference between organizational buying process and consumer purchase decision process | in comparison to the consumer purchase decision, everything takes more thought and is longer/more drawn out in organizational buying process |
| buying center | group of people in an organization who participate in the buying process and share common goals, risks, and knowledge important to a purchase decision |
| three types of buy classes | new buy, straight rebuy, modified rebuy |
| new buy | the organization is a first time buyer of the product/service -bigger buying center, greater potential risks |
| staright rebuy | the buyer or purchasing manager reorders an existing product or service from the list of acceptable buyers -short decision time, routine |
| modified rebuy | the users, influencers, or deciders in the buying center want to change the product specifications, price, delivery schedules, or suppliers -larger buying center than straight rebuy, to include people outside of purchasing department |
| example of modified rebuy | changing the material of the saddle for a bicycle |
| e-marketplaces | online trading communities that bring together buyers and supplier organizations to make possible the real-time exchange of information, money, products, and services (b2b excahnges, e-hubs) |
| traditional auctions | in an e-marketplace, an online auction in which a seller puts up an item for sale and would-be buyers are invited to bid in competition with each other |
| reverse auction | in an e-marketplace, is an online auction in which a buyer communicates a need for a product or service and would-be suppliers are invited to bid in competition with each other |
| world's leading exports/importers | USA, China, & Germany |
| countertrade | practice of using barter (good for good) for making global sales |
| what USA uses to perceive world trade | Gross Domestic Product (GDP) & balance of trade |
| Gross Domestic Product (GDP) | the monetary value of all products and services produced in a country during one year |
| Balance of Trade | difference between the monetary value of a nation's exports and imports |
| Balance of trade: exports > imports = | a surplus in balance of trade |
| Balance of trade: imports > exports = | a deficit in balance of trade |
| Globalization | focus on creating economic, cultural, political, and technological interdependence among individual national istitutions and economies |
| five developments that influence global marketing & globalization | economic protectionism economic integration global competition among global companies for global consumers presence of a networked global marketplace growing prevalence of economic espionage |
| protectionism | the practice of shielding one or more industries within a country's economy from foreign competition through the use of tariffs or quotas |
| economic espionage | the clandestine collection of trade secrets or proprietary information about a company's competitors |
| tariffs | government taxes on imports |
| quotas | a restriction (limit) on the amount of a product allowed to enter/leave a country |
| global competition | exists when firms originate, produce, and market their products and services worldwide |
| 3 types of global companies | international, transnational, multinational |
| international firms | engages in trade and marketing in different countries as an extension of the marketing strategies in its home country |
| multinational firms | views the world as consisting of unique parts and markets to each part differently |
| marketing strategy of multinational firms | Multidomestic marketing strategy |
| Multidomestic marketing strategy | a startegy used by multinational firms that have as many different product variatons, brand names, and advertising programs as countries in which they do businesss |
| example of multinational firm | snuggle fabric softener |
| example of transnational firm | McDonald's |
| transnational firm | views the world as one market and emphasizes cultural similarities across countries or universal consumer wants and needs rather than differences |
| marketing strategy of transnational firms | global marketing strategy |
| global marketing strategy | a strategy used by transnational firma that employ the practice of STANDARDIZING marketing activities |
| global brand | a brand marketed under the same name in countries with similar and centrally coordinated marketing programs |
| cross cultural analysis | the study of similarities and differences among consumers in two or more nations or societies |
| customs | what is considered normal and expected about the way people do things in a specific country |
| cultural symbols | things that represent ideas and concepts in a specific culture (marketers stay away from these) |
| back translation | practice where a translated word or phrase is retranslated into the original language by a different interpreter (a local) to catch errors |
| cultural enthnocentricity | the belief that aspects of one's culture are superior to anothers |
| consumer enthnocentrism | tendency to believe it is immoral and inappropriate to purechase foreign-made profits |
| highest risk global market entry strategy | direct investment |
| owest risk global market entry strategy | exporting |
| factors of a global environmental scan | economic infastructure, consumer income & purchasing power, currency exchange rate |
| currency exchange rate | the price of one country's currency expressed in terms of another country's currency |
| 4 types of global market entry strategies | exporting, licensing, joint venture, direct investment |
| licensing | right to a trademark, patent, or trade secret licensor loses control of product low risk, capital-free entry |
| joint venture | share ownership, control, and profits may disagree on key points |
| direct investment | own a foreign subsidiary requires a very big commitment and acceptance of risk |
| product extension | Same product sold in different countries |
| product adaptation | Change product for different countries |
| product invention | New product for different countries |
| dumping | sell items below cost (losing team of super bowl merchandise) |
| gray market | products are sold through unauthorized channels |
| exporting | in which a company produces products in one country and sells them in another country |
| pepsi challenge ex. of a market research question | which taste do you prefer? |
| Lego ex. of measures of success | assembly time |
| ex. of observational data | nielsen people meter |
| marketing research | the process of defining a mrketing program and opportunity, systematically collecting and analyzing information, and recommending actions |
| 5 steps of marketing research approach | define problem --> develop research plan --> collect relevant findings --> develop findings --> take marketing actions |
| define the problem stage | set research objectives (specificmeasurable goals) measures of success |
| measures of success definition | criteria or standards used in evaluating proposed solutions to the problem |
| develop the researc plan stage | identify constraints identify necessary data needed and how to collect it |
| constraints | restrictions placed on potential solutions to a problem |
| observational data (primary) | facts.& figures obtained by watching how people actually behave, using mechanical, personal, or neuromarkting data collection methods |
| primary data | facts & figures that are newly collected for the project |
| data | the facts & figures related to the project, are divided into main parts: primary & secondary |
| ethnographic research (primary) | specialized observational approach in which trained observers seek to discover subtle emotional and behavioral reactions as consumers encounter products in their HOME/NATURAL USE environment |
| neuromarketing methods (primary) |
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