Study Guide for Lecture 4 - business markets

Study Guide for Lecture 4 - business markets - Study guide...

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Study guide for lecture 4: Business Markets What is a business consumer 0. Definition: Business marketing is the marketing of goods and services to individuals and organizations for  purposes other than personal consumption. 0. It is the intended purpose, rather than the product that determines whether or not it is  a business purchase 1. Someone who doesn’t get to enjoy what they bought 0. Use to make other stuff 1. Resell to other people 2. Used to run the organization 2. Frequently, its usually another business 3. B2B 3. And if you thought the consumer market was big… 4. Retail sales $4.1 trillion (Census 2005) 5. GDP $14.2 trillion (BEA 2008) 6. You do the math 4. Most marketing is B2B Marketing 7. Textbooks devote most of their attention to B2C marketing 0. Kotler, “Marketing Insights from A to Z”, 2003 Classifying business customers 8. Producers 1. Finished goods 2. Components (OEM) 9. Resellers 3. Retail 4. Wholesale 10. Government 5. Federal 6. State/local 11. Institutions 5. NAICS 12. North American Industy Classification System 13.  Way of categorizing businesses by industry type 14. 6 Digit code Marketing 431 Study Guides © 2009 Lecture 4: Business Markets page 1
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7. 2 digit industry code 8. 3 digit industry subsector 9. 4 digit industry group 10. 5 digit NAICS industry (three-country) 11. 6 digit NAICS industry (country specific) 15. Why is NAICS important 12. Industry Sales 13. Employment 14. Number of firms 15. Salaries 16. 2007 Economic census     16. The downside 17. Only one NAICS code per company 18. Government data is relatively old Characteristics of Business Markets Demand 6. B2B products are a means to an end – not an end in themselves
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Study Guide for Lecture 4 - business markets - Study guide...

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