MKTG Exam 2 Study Guide 6 7 8 9 10

Some consumers had negative attitudes toward hyundai

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: Some consumers had negative attitudes toward Hyundai because most believee that the durability of Hyundai cars was not very good. How do you address this problem as a Hyundai manager? Possible solutions? What do they focus on today in ads? Ch 7. Business Marketing: B2B Marketing Key Learning Elements Consumer marketing vs. business marketing The four major categories of business buyers North American Industry Classification System Unique features of business buyers and business demand Business Marketing and the Internet Relationship marketing and strategic alliance Seven types of business goods and services 4
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Business buying behavior Business Marketing Business marketing is the marketing of goods and services to individuals and organizations for purposes other than personal consumption. Consumer products vs. business products: intended use is the determinant (same or different models). Business Product Uses: Are used to manufacture other products Become part of another product Aid the normal operations of an organization Are acquired for resale without change in form Are used to provide services Types of Business Buyers Producers (goods and services) Resellers (wholesalers and retailers) Governments Institutions (NPOs and NGOs) – without standard business goals such as profit NAICS A common industry classification system Valuable tool for marketers in analyzing, segmenting, and targeting markets Data can be used to determine Number, size, and geographic dispersion of firms Market potential / market share estimates Sales forecasts Sales prospects Structure of NAICS - a 6-digit Classification System First two digits: economic sector Third digit: economic subsector Fourth digit: industry group Fifth digit: NAICS industry Sixth digit: subdivision of an NAICS industry in individual countries Business Buyers (vs. Consumers) Fewer, but larger customers Larger, but fewer purchases Geographically concentrated Distribution structure: typically shorter (fewer intermediaries) Nature of buying: formal and professional Buying influence: multiple influences Negotiations Reciprocity Use of leasing Promotion: personal selling is very important Special Features of Demand for Business Products 5
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Derived demand : the demand for business products derives from the demand for final consumer products. Inelastic demand : especially in the short run (change in price, very little change in Q). Joint demand : two or more business products are used together in a final product. Fluctuating demand : the demand for business products tends to be less stable than the demand for the related consumer products (the multiplier effect, or accelerator principle).
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