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| practice of using barter rather than money for making global sales |
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| GDP; monetary value of all goods and services produced in a country during one year |
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| difference between monetary value of nation's exports and imports |
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clandestine collection of trade secrets or proprietary information about competitors
1996 act - makes theft of trade secrets by foreign entities a US fed crime |
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in some way reprocess a product or service they buy before selling it again to the next buyer
-optical fiber cable, bank selling loans, legal advice, auto repair, dry cleaning |
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wholesalers and retailers that buy physical products and resell them again without any reprocessing
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federal, state, and local agencies that buy goods and services for the constituents they serve
-NASA |
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| an industrial buying practice in which two organizations agree to purchase each other's products and services |
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| a group that shares common goals, risks, and knowledge important to a purchase decision |
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Term
| what are the roles in the buying center? |
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Definition
users, influencers, buyers, deciders, gatekeepers
users - people who actually use the product
influencers - affect the buying decision by helping define the specifications for what is bought
buyers - have formal authority and responsibility to select the supplier and negotiate the terms of the contract
deciders - have the formal or informal power to select or approve the supplier that receives the contract
gatekeepers - control the flow of information in the buying center |
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| what are the varying buying situations/buy classes? |
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new buy- first time buyer of product or service
straight rebuy - reordering an existing product or service from the list of acceptable suppliers (without checking)
modified rebuy - users, influencers, or deciders want to change the product specifications (price, delivery schedule, supplier) |
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| the demand for industrial products and services is driven by, or derived from, demand for consumer products and services |
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| government tax on goods and services entering a country - primarily serve to raise prices on imports |
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| restriction placed on the amount of a product allowed to enter or leave a country |
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| WTO/world trade organization |
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| formed in 1995, addresses an array of world trade issues, is a permanent institution that sets rules governing trade between its members |
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| 27 member countries that have eliminated most barriers to the free flows of goods, services, capital, and labor across their borders. uses the euro as currency. combined gdp > US gdp |
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| NAFTA/north american free trade association |
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| lifted many trade barriers between the us, canada, and mexico. stimulates trade flow between these countries |
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| represent personally or socially preferable modes of conduct or states of existence that tend to persist over time |
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| what is considered normal and expected about the way people do things in a specific country |
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| the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions |
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| what are the steps in the marketing research approach? |
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Definition
1 - define the problem: set research objectives, identify possible marketing actions
2 - develop the research plan: specify constraints, identify data needed for marketing actions, determine how to collect data
3 - collect relevant information: primary/secondary data
4 - develop findings: analyze data, present findings
5 - take marketing actions: make action recommendations, implement the action recommendations, evaluate results |
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| what are the 3 types of marketing research? |
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Definition
exploratory research - provides ideas about a relatively vague problem
descriptive research - generally involves trying to find the frequency that something occurs or the extent of a relationship between 2 factors
casual research - the most sophisticated, tries to determine the extent to which the change in one factor changes another one |
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| what are the differences between primary and secondary data? |
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Definition
primary - facts and figures that are newly collected for the project
secondary - facts and figures that have already been recorded before the project at hand |
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| involves aggregating prospective buyers into groups that have common needs, and will respond similarly to a marketing action |
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| involves a firm using different marketing mix activities, such as product features and advertising, to help consumers perceive the product as being different and better than competing products |
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| products purchased by the ultimate consumer |
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| products that organizations buy that assist in providing other products for sale |
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| what are the different types of consumer products? |
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Definition
convenience products - purchased frequently, conveniently, and with a minimum of shopping effort (think convenience stores)
shopping products - items for which the consumer compares several alternatives on criteria such as price, quality, or style
specialty products - items the consumer makes a special effort to search out and buy (special things bought in other states)
unsought products - items that the consumer does not know about or knows about but does not initially want (locksmith, ambulance) |
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| what are the different types of business products? |
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Definition
components - items that become part of the final product; can include raw materials, as well as assemblies or parts
supply products - items used to assist in producing other goods and services including: installations (buildings and fixed equipment), accessory equipment (tools/office equipment), supplies (stationery, paper clips, brooms), industrial services (maintenance, repair, and legal services) |
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| markets for products and services bought by individuals for their own or family use |
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buyers and sellers of services, finished goods, raw materials, product components, and equipment used in the manufacture or delivery of other products and services; also called a business market. In contrast to the consumer market, the producer market revolves around personal service and selling, profit considerations, reliability, and customization to meet the needs of individual customers
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Term
| inelastic and elastic demand |
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Definition
inelastic - demand is not sensitive to price changes
elastic - demand for a product is sensitive to price changes. for example, if the selling price of a product is increased, there will be fewer units sold. |
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| the partial or complete prohibition of commerce and trade with a particular country, in order to isolate it. |
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| internal and external data |
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Definition
internal - inside the firm (financial statements, research reports, files, customer letters, sales call reports, customer lists)
external - outside the firm (us census reports, trade association studies and magazines, business periodicals, and internet based reports) |
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| one product - multiple markets |
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Definition
| organization produces only a single product or service and attempts to sell it to two or more market segments, it avoids the extra costs of developing and producing additional versions of the product (baseball magazines) |
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| multiple products - multiple markets |
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Definition
| ford's different lines of cars, suvs, and pickup trucks are each targeted at a different type of customer - examples of multiple products aimed at multiple markets |
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| tiffany's/walmart strategy |
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| many firms now offer different variations of the same basic offering to high end and low end segments (think old navy, gap, banana republic) |
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| manufacturing a product only when there is an order from a customer (dell) |
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the negative impact of a company's new product on the sales performance of its existing related products (business is basically eating its profits)
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| organizational buying behavior |
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Definition
| decision-making process that organizations use to establish the need for products and services, and identify , evaluate, and choose among alternative brands and suppliers |
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| an evaluation of whether components and assemblies will be purchased from outside suppliers or built by the company itself |
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| systematic appraisal of the design, quality, and performance of a product to reduce purchasing costs |
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| list of firms believed to be qualified to supply a give item |
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| online trading communities - bring together buyers and supplier organizations |
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| seller puts an item up for sale and would-be buyers are invited to bid in competition with each other |
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| buyer communicates a need for a product/service and would be suppliers are invited to bid in competition with each other |
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| marketing of goods and services to companies, governments, or not for profit org for use in the creating of all goods and services that they can produce and market to others |
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manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale
-all buyers in the nation except ultimate consumers
three markets - Industrial, reseller, government |
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North American Industry Classification System
provides common industry definitions for canada, mexico and the US making it easier to measure economic activity |
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| organizational buying criteria |
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Definition
objective attributes of the supplier's products/services and the capabilities of the supplier itself
-price, ability to meet the quality specifications required for the item, ability to meet required delivery schedules, technical capability, warranties and claim policies in the event of poor performance, past performance on previous contracts, production facilities and capacity |
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| standards developed by International standards organization -for registration and certification of a manufacturers quality management and assurance system based on on-site audit of practices and procedure |
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| deliberate effort by organizational buyers to build relationships that shape suppliers' products, services, and capabilities to fit a buyer's needs and those of its customers |
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| two organizations decide to purchase each others products and services |
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| a buyer and its supplier adopt mutually beneficial objectives, policies, and procedures for the purpose of lowering the cost or increasing the value of products and services delivered to the ultimate consumer |
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| individuals participating in the buying process - share common goals, risks, and knowledge important to a purchase decision |
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types of buying situations -
1) new buy - first time buyer of product/service, more time and more people dedicated to making sure buy is right
2)straight rebuy - reordering existing product/service
3)modified rebuy - want to change the product specifications, price, delivery schedule, or supplier |
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