Business Marketing Exam

Important functions of marketing

1. Communicate the benefits of the product/service 2. Deliver the Product/Service 3. Facilitate Exchange

The 3 broad and varied group of people that provide market research information

1. Consumers 2. Shareholders 3. Stakeholders

Why are B2B sales based on selling?

1. Customers demand personal service for larger investments 2. Large Purchases cost more and are complex

Businesses use market research to segment the consumer market using characteristics as:

1. Demographic Information 2. Personality Differences

Methods of Segmenting markets

1. Demographics 2. Geographic

4 Steps Marketing Mix

1. Design product 2. Determine brand name 3. Select distribution system 4. Design promotional program

Intermediaries

1. Getting products to consumers when and where they are wanted. 2. An important link in the distribution of products from companies to consumers that act as middle links

Importance properly defining the question during the Marketing Research Process

1. Identify the question as a problem or opportunity 2. Decide how to gather the data 3. Determine what information is needed 4. Discover the present situation

Promotion involves:

1. Informing people about products 2. Motivating potential customers to buy

Industry Benefits Population over 65

1. Prescription Drugs 2. Recreation 3. Nursing Homes

Decision Making Process

1. Problem Recognition 2. Information Search 3. Alternative Evaluation 4. Purchase Decision 5. Postpurchase evaluation

2 online sources provide market research information

1. Social networks 2. Blogs

States use marketing to attract

1. Tourists 2. New Businesses

Economic Environment

1. Unemployment 2. Disposable Income

3 factors part of sociocultural environment

1. Values 2. Population Shifts 3. Attitudes

1. Tire manufacturers sell: to auto manufacturers 2. use: to sell to ultimate consumers

1. directly 2. intermediaries

Reference Group

A group such as a group of friends, that an individual uses as a focal point in forming beliefs, attitudes, values, or behaviors

Concept testing

Asking people if your business idea appeals to them

Consumer behavior is the study of people's

buying decisions

State governments use to compete with other states and countries to locate plans in their areas

marketing

Many people still think of marketing as selling, marketing, and distribution in the past:

marketing focused on a flow of goods from seller to buyer

Changes in the economy force marketers to adjust: and adapt their products to take into account consumers' income

pricing

Business buyers are generally more: and less emotional than household consumers

rational

What buying procedure factor is part of the B2B market?

Buyers are well trained

Cognitive Dissonance

Consumers who make a major purchase may have doubts about whether they got the best product at the best price

The Production era philosophy was to produce as much as possible because the: was unlimited

Demand

Selling Era

Era learning as much as possible about present customers

Customers in the B2B markets are:

Few and Large

Specific generation group whose values and attitudes important to study in-depth

Generation Y

Sociocultural influence

Influence includes: 1. Reference Groups 2. Family 3. Social Class

One reason that the B2B market is larger than the consumer market is that:

Large businesses produce most of the goods and services

There are fewer customers in the B2B market because there are fewer: than there are in households

Manufacturers

Intermediaries may assist with moving product from producers to the consumer. This affects what factor in the marketing mix?

Place

Auto companies truly seem to be listening to customers who are environmentally concerned by offering more fuel- efficient cars. They are adjusting the: factor of the marketing mix

Product

Business buyers use: to guide rational buying choices and look at the total product offer

Product Information

The consumer market concentrates on goods and service for personal consumption, and the business-to-business market focuses on goods and services to be used in:

Production

Businesses can't fill the needs of every consumer group. Therefore, a business might decide which groups to serve, and then develop: specially tailored to their needs

Products

When businesses developed mass-production techniques and capacity exceeded immediate demand, the:

Selling Era began

Marketers had to adapt by offering products that were less expensive and more tailored to consumers with modest incomes because:

The economy slowed

Subculture

The set of values, attitudes, and ways of doing things that results from belonging to a certain ethnic, racial, or other group

The segmentation technique that divides the market by the amount of a product used

Volume Segmentation