MKTG TEST 2 Study GUide

MKTG TEST 2 Study GUide - Marketing Test 2 Study Guide...

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Marketing - Test 2 Study Guide Chapter 6: Business Marketing Business Marketing: Marketing of goods and services for purposes other than personal consumption. E.g. University purchases computers for the SLC. Business products are used to manufacture other products, become part of another product, or aid in operations of the business or organization. Business to Business e commerce: the use of the internet to facilitate the exchange of goods, services, and information between organizations. Recency: The idea that customers who have made a recent purchase are more likely to purchase again in the near future than customers who haven’t purchased for a while. Frequency: data that helps marketers identify frequent purchasers who are likely to repeat their purchasing behavior in the future. Monetary Value: important information because big spenders are the most profitable customers for your business. Stickiness Factor: measurement of a website’s effectiveness. Combines elements of frequency data, duration of visits, and the number of pages viewed per visit. Stickiness = Frequency x Duration x Site Research This measurement can help marketers understand buyer behavior. Disintermediation: eliminating intermediaries such as wholesalers from a marketing channel. Strategic alliance/partnership: a cooperative agreement between business firms. Relationship Commitment: a firm’s belief that an ongoing relationship with another firm is so important that the relationship warrants maximum efforts at maintaining it indefinitely. Trust: when one party has confidence in an exchange partner’s reliability and integrity. Keiretsu: a network of interlocking corporate affiliates Original Equipment Manufacturers (OEM’s): individuals and organizations that buy business goods and incorporate them into the products that they produce for eventual sale to other producers or to customers. E.g. General Motors: buys tires, steel, and paint.
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North American Industry Classification System (NAICS): a detailed numbering system developed to classify North American business establishments by their main production processes. Derived demand: the demand for business products. Joint demand: the demand for two or more items used together in a final product. Multiplier effect (accelerator principle): a small increase in consumer demand can produce a much larger change in the demand for the facilities and equipment needed to make the consumer product. B2B Online Exchange: electronic trading floor that provides companies with integrated links to their customers and suppliers. Reciprocity: practice in which business purchasers choose to buy from their own customers. Major Equipment: capital goods such as large machines. Depreciated over time, not expensed. Accessory Equipment: goods such as portable tools that are less expensive and shorter lived.
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