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mgmt 4 Lamb/Hair/McDaniel Chapter 7
Terms in this set (52)
The marketing of goods and services to individuals and organizations for purposes other than personal consumption.
The key characteristic distinguishing business products from consumer products is ____ ___, not physical characteristics.
business-to-business electronic commerce (B2B e-commerce, B-to-B)
The use of the internet to facilitate the exchange of goods, services, and information between organizations.
Three of the most important measurements of online success are recency, ___, and monetary value.
Relates to the fact that customers who have made a purchase recently are more likely to purchase again in the near future than customers who haven't purchased for a while.
This data help marketers identify frequent purchasers who are definately more likely to repeat their purchasing behavior in the future.
This is important because big spenders can be the most profitable customers for a business.
A measure of a Web site's effectiveness; frequency x duration x site reach(# of pages viewed during each visit).
Real Simple Syndication (RSS)
An Internet marketing technique that is used to publish frequently updated materials such as blogs, news headlines, audio, and video in a standard format. It hasn't yet lived up to its potential.
The elimination of intermediaries such as wholesalers or distributers from a marketing channel.(cut out the middle man)
The reintroduction of an intermediary between producers and users.
strategic alliance (strategic partnership)
A cooperative agreement between business firms.
A firm's belief that an ongoing relationship with another firm is so important that the relationship warrants maximum efforts at maintaining it indefinately.
The condition that exists when one party has confidence in an exchange partner's reliability and integrity.
The feeling of nurturing concern for, and dependence upon, another (Japan)
A network of interlocking corporate affiliates.
The business market consists of four major catagories of customers: _____, ____, governemtns, and institutions.
original equipment manufacturers (OEM's)
Individuals and organizations that buy business goods and incorporate them into the products that they produce for eventual sale to other producers or to consumers.
Contracts for government purchases are often put out for ___.
U S federal government
The ____ is the world's largest customer buying goods and services valued at ore than $600 billion per year.
North American Industry Classification System (NAICS)(nakes)
A detailed numbering system developed bythe United States, Canada, and Mexico to classify North American business establishments by their main production processes.
Unlike consumer demand, business demand is ____, inelastic, ___, and fluctuating.
The demand for business products in that organizations buy products to be used in producing their customers' products.
The demand for many business products where an increase or decrease in the price of the product will not significantly affect demand for the product.
The demand for two or more items used together in a final product.
multiplier effect (accelerator principle)
Phenomenon in which a small increase or decrease in consumer demand can produce a much larger change in demand for the facilities and equipment needed to make the consumer product.
Business customers buy in much _____ quantities than consumers.
Business marketers usually have far ____ customers than consumer marketers.
Business customers tend to be much more ____ concentrated than consumers.
Channels of distribution for business marketing are typically ____.
business-to-business online exchange
An electronic trading floor that provides companies with integrated links to their customers and suppliers.
_____ is common in business marketing.
A practice where business purchasers choose to buy from their own customers.
major equipment (installations)
Capital goods such as large or expensive machines, mainframe computers, blast furnaces, generators, airplanes, and buildings.
Goods, such as portable tools and office equipment, that are less expensive and shorter-lived than major equipment.
____ is a more vital promotional tool for accessory equpment than for major equipment.
Unprocessed extractive or agricultural products, such as mineral ore, lumber, wheat, corn, fruits, vegetables, and fish.
Either finished items ready for assembly or products that need very little processing before becoming part of some other product.
Products used directly in manufacturing other products.
Consumable items that do not become part of the final product. (maintenance, repair, operations supplies or MRO items)
Expense items that do not become part of the final product. (advertising, janitorial services)
All those people in an organization who become involved in the purchase decision.
The person who first suggests making a purchase.
People who influence the buying decision
Group members who regulate the flow of information.
The person who has the formal or informal power to choose or approve the selection of the supplier or brand.
The person who actually negotiates the purchase.
Members of the organization who will actually use the product.
Business buyers evaluate products and suppliers against three important criteria: quality, service, and ____.
A situation requiring the purchase of a product for the first time.
A situation where the purchaser wants some change in the original good or service.
A situation in which the purchaser reorders the same goods or services without looking for new information or investigating other supplies.
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