Business Marketing Concepts Quiz

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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 (A)

What are the key considerations marketers must make about distribution?

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

What are the extended Ps of the service marketing mix?

<p>People, Process, Physical Environment (A)</p> Signup and view all the answers

What does marketing refer to?

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

Intangibility is a property that distinguishes services from products.

<p>True (A)</p> Signup and view all the answers

What does the marketing concept reflect?

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

What is the task of any business?

<p>To deliver customer value at a profit.</p> Signup and view all the answers

What is the solution to price competition?

<p>Developing a differentiated offer, delivery, and image (B)</p> Signup and view all the answers

What does customer perceived value refer to?

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

What is consumer behavior?

<p>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.</p> Signup and view all the answers

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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.

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