CLEP Principles of Marketing Study Notes

B2b business to business commerce transactions

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B2B (Business to Business) – commerce transactions between business (i.e., manufacturer to wholesaler or wholesaler to retailer) . Volume of B2B transactions is much higher than B2C due to many transactions involving raw materials. Communication is among business employees. B2C (Business to Consumer) – only 1 transaction – sale to consumer. Communication is w/ consumers. Micro-Macro Dilemma – what is good for some prodcuers may not be good for society as a whole. Macro-Marketing – looks at marketing function in relation to society as a whole. Micro-marketing – looks at activities of individual organizations. Marketing Information Systems (MIS) – organized way of continually gathering & analyzing data to provide marketing managers w/ the most up-to-date- info they need to make decisions. Decision Support Systems (DSS) – computerized systems that help any decision maker, not just marketing managers. Time Series Analysis – statistical forecasting tool Marketing Research – helpful to solve non-routine problems. Consumer Panels – groups of customers who collect data. Sales Era Production Era – focused on production of products. Marketing Company Era – time when companies embraced marketing concept. Simple Trade Era – wen middlemen were introduced in the early role of marketing involving simple distribution. Marketing Department Era – tied together various marketing efforts under 1 department. Market-Directed Economic Systems – prices vary to allocate resources and distribute income according to consumer preferences, so price is a Marketing (true statements): applies to both for-profit & nonprofit organizations, affects products/services that are bought as well as product prices. Advertising & sales promotion are areas in the marketing mix & marketing decisions would include how to sell products. Pure Subsistence Economy – family units make all the products they consume. (Marketing does not occur in this instance, because 2 or more parties have to be willing to exchange something/for something else.) Planned Economy – government makes all decisions about the production & distribution of products & services. Economies of Scale – as a company produces larger quantities of an item, the cost producing each item goes down. Micro-Marketing – looks at marketing as a set of activities. Possession Utility – concept looks at satisfying customers needs. Form Utility – something that is made out of some other material (s), usually called raw materials. Time Utility – having product ready for customer. Magnuson Act of 1975 – ensures that warranties are clear and definite – not deceptive or unfair. U.S. Common Law – producers of goods must warrant their products as merchantable. UPC Code
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B2B Business to Business commerce transactions between...

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