B2B Marketing Fundamentals Quiz

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20 Questions

What percentage of Canadians recently made an online purchase?

87 percent

What is cited as a reason for four out of ten businesses only selling, receiving, or taking orders online?

Data concerns

What is highlighted as a great resource for HR looking to hire, lead generation, new vendors, customers, partners, and other business transactions?

LinkedIn

What is mentioned as an important trend in the online business market?

Growth of mobile

What is the main difference between business marketing and consumer marketing?

Business marketing involves an active seller and an active buyer, while consumer marketing involves an active seller and a passive buyer

Why are relationships critical in business marketing?

Because there are so few, and achievement of one’s own company goals through cooperation

In business-to-business transactions, what is common in a typical supply chain?

Companies purchase components and products for use in manufacturing processes

What is the purpose of business-to-business marketing?

To ensure needs are met through active connections and cooperation

What percentage of B2B marketers rely on lead conversion?

70%

What is the projected annual growth rate of the B2B E-commerce market by 2030?

11.8%

How many pieces of content do B2B buyers engage with before engaging with a sales rep?

5-7 pieces

What percentage of B2B buyers turn to online channels to identify new suppliers?

90%

What is the focus of the network approach in B2B marketing?

Building relationships over time

What are the fundamental aspects of business marketing?

Fewer but crucial customers

What are the different classifications of business products?

Major equipment, accessory equipment, raw materials, component parts, supplies, and services

How are business customers classified?

Producers, resellers, profit-oriented retailers, governments, and institutions

How are business consumers classified by industry?

Using the North American Industry Classification System (NAICS)

What are the different buying situations in business buying behavior?

New task buy, straight rebuy, and modified rebuy

What are the evaluative criteria for business buyers?

Quality and service

What does the network and relationships approach to business marketing emphasize?

Cooperation, trust, and commitment

Study Notes

Business Marketing Overview

  • B2B marketing involves complex, long-lasting relationships and interactions among buyers, sellers, and third-party partners, lasting months or years.
  • Key statistics show that 70% of B2B marketers rely on lead conversion, personalized marketing leads to 60% business growth, and 97% use content marketing as part of their strategy.
  • The B2B E-commerce market is projected to reach $47,772.6 billion by 2030, with an estimated annual growth rate of 11.8%.
  • B2B buyers engage with 3-7 pieces of content before engaging with a sales rep, and 90% turn to online channels to identify new suppliers.
  • The network approach in B2B marketing involves developing relationships over time to achieve common goals, different from the sales approach of generating leads through persuasion.
  • Fundamental aspects of business marketing include different types of demand, fewer but crucial customers, and the use of reciprocity and leasing to build relationships.
  • Business products are classified into major equipment, accessory equipment, raw materials, component parts, supplies, and services, which impact customer willingness to buy and maintain relationships.
  • Business customers are classified into producers, resellers, profit-oriented retailers, governments, and institutions, each with specific buying behaviors and goals.
  • Business consumers are also classified by industry using the North American Industry Classification System (NAICS).
  • Business buying behavior involves buying centers with varying membership and influence, nature of buying, and different buying situations such as new task buy, straight rebuy, and modified rebuy.
  • The evaluative criteria for business buyers often include quality and service among other factors.
  • The network and relationships approach to business marketing emphasizes cooperation, trust, and commitment, as well as interaction with customers to create content and experiences that will be shared.

Test your knowledge of B2B marketing with this comprehensive overview quiz. Covering key statistics, market projections, buyer behavior, product classifications, and relationship-building strategies, this quiz will help you understand the fundamental aspects of business marketing and enhance your expertise in this domain.

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