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Mktg431StudyGuideLecture04
Course: MKTG 431, Spring 2012School: S.F. State
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Word Count: 764
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4 Lecture Business Markets Chapter 6 What is a business consumer *Definition: Business marketing is the marketing of goods and services to companies, governments or not-forprofit organizations for use in goods and services that they can produce and market to others. *It is the intended purpose, rather than the product that determines whether or not it is a business purchase *Someone who doesnt get to enjoy what...
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4 Lecture Business Markets Chapter 6
What is a business consumer
*Definition:
Business marketing is the marketing of goods and services to companies, governments or not-forprofit organizations for use in goods and services that they can produce and market to others.
*It is the intended purpose, rather than the product that determines whether or not it is a
business purchase
*Someone who doesnt get to enjoy what they bought
*Use to make other stuff
*Resell to other people
*Used to run the organization
*Frequently, its usually another business
*B2B
*And if you thought the consumer market was big
*Retail sales $4.1 trillion (Census 2005)
*GDP $14.2 trillion (BEA 2008)
*You do the math
*Most marketing is B2B Marketing
*Textbooks devote most of their attention to B2C marketing
*Kotler, Marketing Insights from A to Z, 2003
Classifying business customers
*Industrial markets
*Finished goods
*Components (OEM)
*Resellers
*Retail
*Wholesale
*Government
*Federal
*State/local
*Institutions
*NAICS
*North American Industry Classification System
* Way of categorizing businesses by industry type
*6 Digit code
*2 digit industry code
*3 digit industry subsector
*4 digit industry group
Study Guide for lecture 4 Business markets 8-29-11 page
1
*5 digit NAICS industry (three-country)
*6 digit NAICS industry (country specific)
*Why is NAICS important
*Industry Sales
*Employment
*Number of firms
*Salaries
*2007 Economic census
*The downside
*Government data is relatively old
Characteristics of Business Markets
Demand
*B2B products are a means to an end not an end in themselves
*It follows that
*Demand is derived
*The consumer products drive demand for components
*Demand for video games depends on how many game systems are out there
*PS4 anyone?
*Joint demand
*Two or more products part of the final product
*Intel cant sell chips without a computer to go around them
*Demand is inelastic
*Business products insensitive to price fluctuations
*Any one component is only a small part of what the consumer buys
*How much corn is in those corn flakes?
*8% by weight
*5% of cost
*Remainder is packaging and advertising
Market Structure
*Larger transactions
*Buying authority
*Competitive bids
*Fewer Customers
*How many car companies are there?
*Mass marketing techniques less effective*
*Location of customers
*Geographic concentration
*Shorter distribution channels
*Direct sales
*More on this later
*Buying objectives
*Organizational objectives
*Maximize profits
*Buying is a cost to be minimized
*Personal objectives?
*Promotion
*Ego
*Friendships
*This is why personal selling is so important to business markets
*All things being equal, people buy from they people like
*Your job is to be liked
Buying Center
*Professional buyers
*Can you imagine shopping for a living?
*Trained negotiators
*Fewer products to consider
*Goal is to minimize costs
*Less susceptible to persuasive advertising
*Or not?
*All those people in an organization who become involved in the purchase decision
*Cross-functional
*May vary from decision to decision
*Many people have influence on a specific decision
*5 roles
*Initiators
*Users
*Influencers
*Deciders
*Gatekeepers
*Buyers
Strategic alliances
*A cooperative arrangement between business firms
*Licensing
*Joint ventures
*Research groups
*Partnerships
*Formalized relationship marketing
Study Guide for lecture 4 Business markets 8-29-11 page
3
*Alliances are for the long-term
*Goal is to improve competitive position
*Partner strength where you are weak
*Your strength where partner weak
*Issues
*Commitment
*How much does each partner have invested in the relationship
*Trust
*Will they honor the commitment over the long-term
Business buying process
*5-Step process the same as consumer markets
*Business buying is problem solving
Problem Recognition
Type of Decision
*Straight rebuy
*Routine purchases
*If you dont have routine purchases automated, somebody else is eating your lunch
*New Task Buying
*First-time or one-time purchase
*Extensive problem solving
*The way to reach new task buyers is through personal relationships. These are the deals
that are made on the golf course
*Modified Rebuy
*Some reason to be dissatisfied with current solution
*This is why you keep calling on customers who arent currently buying from you
Information search
*Product specification
*The ideal is to help your customer design the product specification
*This applies to a job search as well
*Proposals
*RFP
*Bidding
*Value analysis
Evaluate Alternatives
*Buying criteria
*Price
*Lowest overall cost, not lowest price
*Quality
*Technical capability
*ISO 9000 certification
*Service
*Delivery
*Warranties
*Past performance
*Production capacity
*More likely to consider non-financial costs
*Reciprocal arrangements
*Do business in the family
*Multiple suppliers
*Bidders list
*Approved vendors
Decision
*Single source vs. Multiple source
*Production vs. outsourcing
*Make or buy
*outsourcing
*Buy or lease
*Reciprocity
*Terms
*JIT
*Financing
Post-Purchase Evaluation
*Business purchases tend to be longer term
*Value chain
*My customers are your customers
*Relationship marketing
*Long-term cooperative relationships focused on creating value for the end customer
*Customer service
*Repeat business is critical to success
Study Guide for lecture 4 Business markets 8-29-11 page
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