Business Marketing Concepts Quiz

Questions and Answers

What type of behavior is Mr.Lopez involved in?

Business Buyer Behavior (correct)

Routinized Buying Behavior

Intangibility

Consumer Behavior

What is market-penetration pricing?

Setting high initial prices to ensure quality

Offering discounts to existing customers

Setting low initial prices to attract buyers quickly (correct)

Establishing a pricing strategy based on competition

Routinized buying behavior is displayed when buying milk.

True

What are the key considerations marketers must make about distribution?

Whether to sell via intermediaries or directly, how many outlets to sell through, and control cooperation with other channels. Signup and view all the answers

What are the extended Ps of the service marketing mix?

People, Process, Physical Environment Signup and view all the answers

What does marketing refer to?

A social and managerial process by which individuals and organizations obtain what they need and want through value creation. Signup and view all the answers

Intangibility is a property that distinguishes services from products.

True Signup and view all the answers

What does the marketing concept reflect?

This is what I want, won't you please make it? Signup and view all the answers

What is the task of any business?

To deliver customer value at a profit. Signup and view all the answers

What is the solution to price competition?

Developing a differentiated offer, delivery, and image Signup and view all the answers

What does customer perceived value refer to?

A customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to competing offers. Signup and view all the answers

What is consumer behavior?

The study of how individuals, groups, and organizations select, buy, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and wants. Signup and view all the answers

Study Notes

Business Buyer Behavior

Involves individuals like Mr. Lopez who purchase goods and services for production and resale.
Reflects the complexity of purchasing decisions in business settings.

Pricing Strategies

Market-penetration pricing: Strategy of setting a low initial price to quickly attract buyers and capture market share.

Buying Behavior Types

Routinized buying behavior: Commonly displayed in everyday purchases, such as buying milk.

Distribution Decisions

Marketers face critical choices about distribution including:
- Whether to sell directly to consumers or through intermediaries.
- The number of sales outlets to utilize.
- The degree of control or cooperation with channel members.

Service Marketing Mix

Extended Ps of service marketing mix include:
- People: The staff and customer interaction.
- Process: The procedures and mechanisms of service delivery.
- Physical Environment: The tangible surroundings where the service is delivered.

Definition of Marketing

Describes the process of individuals and organizations obtaining what they need and want, emphasizing value creation.

Service Characteristics

Intangibility: A fundamental service property distinguishing it from physical products, highlighting the challenge of marketing services.

Marketing Concept

Captured in the phrase: "This is what I want, won't you please make it?" indicating a customer-centric approach.

Customer Value

The primary task for businesses is to deliver customer value while ensuring profitability.

Differentiation in Pricing Competition

The solution to avoid price competition involves developing a differentiated approach in:
- Offer: Unique products or services.
- Delivery: The experience provided to customers.
- Image: The brand perception in the marketplace.

Customer Perceived Value

Defined as the customer's assessment of the benefits and costs of a marketing offer compared to competition, influencing purchase decisions.

Consumer Behavior

Refers to the study of how individuals, groups, and organizations select, buy, use, and dispose of goods and services, focusing on satisfying needs and wants.

Description

Test your knowledge on business buyer behavior, pricing strategies, and distribution decisions. This quiz covers fundamental concepts in service marketing mix, including the extended Ps. Ideal for business students seeking to understand key marketing principles.