Business-to-Business Marketing Chapter 5

<p>Order Specification (B)</p> Signup and view all the answers

<p>It reflects the set of values guiding managers and employees' behavior. (C)</p> Signup and view all the answers

<p>Conducting competitor analysis (D)</p> Signup and view all the answers

<p>Balancing quality and cost in selection (A)</p> Signup and view all the answers

<p>The group of individuals involved in making purchasing decisions (A)</p> Signup and view all the answers

<p>Blogs and social media (B)</p> Signup and view all the answers

<p>When buying a product for the first time (D)</p> Signup and view all the answers

<p>They are already familiar with the client's needs. (C)</p> Signup and view all the answers

<p>It typically involves a simpler decision process compared to new purchases. (C)</p> Signup and view all the answers

<p>B2C purchases are typically based on individual consumer needs. (C)</p> Signup and view all the answers

<p>They review products and share opinions on platforms like YouTube. (B)</p> Signup and view all the answers

<p>Balancing cost, quality, and timing in supply chain decisions. (C)</p> Signup and view all the answers

<p>Most B2B purchases fall into the category of buying additional units. (B)</p> Signup and view all the answers

<p>Identifying decision makers in the organization (D)</p> Signup and view all the answers

<p>Larger order sizes and fewer customers (D)</p> Signup and view all the answers

<p>Technical nature and based on specifications (D)</p> Signup and view all the answers

<p>Involvement of multiple participants in purchase decisions (C)</p> Signup and view all the answers

<p>Navigating complex financial arrangements (C)</p> Signup and view all the answers

<p>Technical assistance and after-sale service (A)</p> Signup and view all the answers

<p>Business prices are often negotiated and affected by discounts (D)</p> Signup and view all the answers

<p>Larger and more concentrated purchases from fewer clients (B)</p> Signup and view all the answers

<p>Need recognition (C)</p> Signup and view all the answers

<p>Technical specifications and requirements (B)</p> Signup and view all the answers

Methods to improve business-to-business relationships, often involving social media and other digital tools.

Social media tools like blogs and social media can raise awareness, give clients detailed information about products, and improve B2B relationships.

Micro-influencers can review products on social media channels, helping to promote products or services in B2B marketing.

Buying a product or service for the first time in a B2B setting. This often involves a more complex buying process.

Buying more of the same product or service from an established vendor; often easier and faster compared to a first-time buy.

B2B purchases can be categorized into first-time or additional purchases based on the complexity of the purchasing decision.

A complex step-by-step process is usually required in a purchasing situation for the first time.

Existing vendors have a known advantage in subsequent purchases, especially in terms of efficiency.

A detailed description of the product or service needed by the buyer, used to guide suppliers in creating proposals.

A formal document sent by a buyer to potential suppliers inviting them to submit proposals for providing the required goods or services.

While price is important, factors like supplier reputation, experience, ability to meet deadlines, and communication are crucial in choosing a supplier.

A detailed contract specifying the exact terms of the purchase, including the goods/services, quantity, delivery date, payment terms, and any other specific requirements.

A systematic process of evaluating a supplier's performance against agreed-upon metrics, like quality, delivery time, customer service, and cost.

The group of individuals within an organization who are involved in the decision-making process of a purchase.

The shared values, beliefs, and norms that guide behavior within an organization, influencing decision-making and interactions.

Organizational culture deeply influences how buyers approach decisions, affecting their priorities, risk appetite, and the importance placed on different factors.

B2B (Business-to-Business) markets differ significantly from B2C (Business-to-Consumer) markets in several key areas: product characteristics, buying process, and marketing mix.

Demand in B2B markets is often derived from the demand for the final product, and fewer customers. Orders are usually larger and the demand is less influenced by small changes in price.

B2B products are often technical, purchased based on specifications, and include raw materials. Delivery speed, technical support, and after-sales service are crucial.

Business purchasing often involves multiple participants, complex negotiations, competitive bidding, and formal procedures.

B2B marketing often involves direct selling, technical advertising, and pricing that can be negotiated.

The first stage in the B2B buying process, where a need for a product or service is identified, either internally or externally.

Identifying individuals who authorize or influence purchases within a business is crucial for B2B sales.

The process a business uses when buying something, often complex with multiple people involved.

Understanding each potential client's buying process is important for successful B2B sales.

Identifying the key factors that drive purchase decisions in B2B transactions is critical for effective sales strategies.