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| Organizational Business Markets |
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Definition
| buyers of goods and services to be used in the production of goods and services used in daily operations or goods resold to someone else |
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| Business markets include... |
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| producer, reseller, government, and institutions |
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| Business to Business Products (6) |
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Raw Materials
Instalations
Accessory Equipment
Component Parts
Process Materials
Supplies (MRO items) |
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Unprocessed
ex: logs, crude oil |
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office buildings, factories, machinery, large tools
-no middle man involved |
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long negogitatedpeoiod
high caliber sales force
large unit sales
orders made to specification |
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| incorporated into the physical product being produces |
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Directly incorporated in manufacture products but can not be identified
ex.Corn Syrup in Cola, Eggs in cake |
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| Maintenance,repair, operating supplies |
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Companies have choice
ex: own lawyer or hire outside |
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| Derived Demand, Joint Demand, Inelastic Demand |
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demand based upon or derived from the demand for consumer goods
ex:steel demand driven by demand for cars |
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demand for two or more products are interdependent
ex:#of machines increases, so does oil demand |
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not responsive to change in price
ex:Insulin |
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| ex: Pepsi, don't buy less in bad times or more in good times |
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| the people within an organization that make business purchase decisions. |
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1.User
2. Influencer
3.Buyer
4.Decider
5.Gatekeeper |
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anyone who has any influence
ex:student influence textbooks |
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| has formal authority to make business decisions |
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| Decide which product will be used |
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controls flow of information
ex: secretary |
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| 3 types of Organizational purchases |
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1.Straight re-buy
2.Modified Re-buy
3.New Task Buy |
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| business buys a product, they are happy with product, continue to buy product |
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not completely satisfied
-Budget rent-a-car, preferred car not available |
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buying something for first time
-company expanded buy company cars |
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| federal, state, county, or local governments that buy goods and services to support their internal operations and provided products to their constituencies |
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| churches, frats, sororities |
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| pepsi could make cans or buy them |
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| bundle of tangible and intangible attributes that a seller offers |
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| based on consumer search characteristics |
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| 4 categories of product classification |
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1. convenience product
2. shopping product
3. specialty product
4. unsought product |
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relatively inexpensive, frequently purchased items where the buyer uses minimal purchasing effort
ex. soday |
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items for which buyers are willing to expend considerable effort planning and making purchases
ex. car |
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| willing to make special effort to find |
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| products purchased to solve a sudden problem. products of which costumers are unaware and products that people do not think of buying |
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| total set of products a company sells |
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inter-relatedness of product lines
ex. pepsi and frito
ex. pepsi and wilson |
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number of different product lines in the product mix
ex. diagio-beer, spirits, and wine |
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number of items within each product line
ex. pepsi, cherry pepsi, mountain dew |
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| represent the stages a product moves through from its introduction to the market to its disappearance from the market |
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| 4 steps to product life cycle |
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1. intro
2. growth
3. maturity
4. decline |
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industry sales are 0%
profit is negative |
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profit and growth climbing rapidly
industry profit peaks |
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industry sales stabilize
marketing price high
total sales declining |
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get present costumers to buy more
find new costumers |
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| regularly scheduled evaluation of the existing products in the product mix |
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product that is closely related to existing products in the line, but meets different customer needs
ex. colgate has different kinds of toothpaste |
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changing one or more characteristics of the product. the original product does not stay on the line
new models made-old models discontinued |
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| process of deleting a product from the product mix when it no longer satisfies a sufficient number of customers |
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| 3 approaches to product deletion |
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1. phase-out approach
2. run-out policy
3. dropping |
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| exploit any strengths left in product |
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| take product off market because losses are great |
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| person within an organization who is responsible for a product, product line, or several distinct products that make a group |
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| responsible for a single brand |
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| New Product Development Process (7stages) |
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1Idea Generation
2.Screening
3.Concept Development
4.Business Analysis
5.Product Development
6.Test Marketing
7. Commercialization |
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| seeking product ideas to achieve organizational objectives |
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| selecting the ideas with grestest potential for further review |
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| evaluating the potential impact of a product idea on a firms sales, cost, profits |
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| determining if producing a product is technically feasible and cost effective |
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limited introduction of a product in geographic areas chosen to represent the intended market
-Peoria, IL |
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| refining and finalizing plans and budgets for full scale manufacturing and marketing of product |
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| the five series of steps a buyier goes through in deciding to try and regularly use a new product |
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| 5 Stages of Adoption Process |
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1.Awareness
2.Interest
3.Evaluate
4.Trial
5.Adoption |
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| a symbol design, name, or term that uniquely identifies a sellers product |
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| part of a brand that can be voiced |
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part of the brand that can be seen but not voiced
-nike swoosh |
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brandname and or brand mark that the seller has exclusive rights to use
-kleenex, kimberly clark |
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legal name of a organization
-walmart |
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a brand initiated by producers to ensure that producers are identified with their products at the point of purchase
-levi, guess, dole |
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| brand indicating only the product category |
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| branding strategy in which each product is given a different name |
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branding all of the firms products with the same name or part of name
-Pepsi |
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| organization uses one of its existing brands to brand a new product in a different product category |
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| marketing and financial value associated with a brands strength in a market |
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| 50 billion a year on packaging |
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unique packaging
-no drip spout detergent
-pringles |
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