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Description
Flashcards by Johannes Tsouchlos, updated more than 1 year ago
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Created by Johannes Tsouchlos
over 4 years ago
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| Question | Answer |
| B2C Marketing General definition | B2C marketing is promoting anything people would buy for themselves |
| B2C Marketing Business Definition | B2C marketing is promoting individual products to individual buyers, most commonly in a retail or e-commerce setting |
| B2C Marketing Technical Definition | B2C marketing is promoting products to individuals for personal use, consumption, and/or enjoyment |
| B2B Marketing General Definition | B2B marketing is a business promoting its products or services to another business |
| B2B Marketing Business Definition | B2B marketing is the marketing of products or services to other businesses for use in production, general business operations, or resale to other consumers |
| B2B Technical Definition | B2B marketing is promoting products and services to other businesses, typically: (1) at large volumes, (2) with lengthy sales cycles, (3) to multiple decision-makers, and (4) with more complexity than consumer products |
| Differences Between B2B and B2C Marketing - Products and services | B2B: Products and services are intended for use by any kind of business. B2C: Products and services are made for and marketed to individual consumers and intended for personal use. |
| Differences Between B2B and B2C Marketing - Purchases | B2B - High price tag usually to companies with sizeable budget B2C - Purchases often less expensive |
| Differences Between B2B and B2C Marketing - Selling Cycle | B2B - Selling cycle usually long and complex, purchase is a commitment. Hope they won’t be repeating the process any time soon. B2C: Selling cycle is often quick; not as much thought goes into these decisions, and there are often repeat purchases |
| Differences Between B2B and B2C Marketing - Purchasing decisions | B2B: commitment, multiple decision-makers, interpersonal relationships, quality of interactions B2C: decisions more emotional, based on impulse and needs |
| Differences between B2B and B2C Marketing - online | B2B marketers are focused on breaking through the professional’s busy work day. B2C: B2C marketers also use digital channels, such as social media and email marketing, but are often more likely to utilize additional offline channels such as television commercials and magazine ads |
| Differences between B2B and B2C Marketing - promotion | B2B: logic-driven, focuses on time, money and resouces saved, favours in-depth promotion B2C: favours simple, easy messaging. appeals to emotions, focuses on benefits and solving problems |
| B2B Marketing broad Definition | Business Marketing is the practice of individuals, or organizations, including commercial businesses, governments and institutions, facilitating the sale of their products or services to other companies or organizations that in turn resell them, use them as components in products or services they offer, or use them to support their operations |
| Marketing Definition | the process of planning and executing the conception (product), pricing, promotion, and distribution of ideas, goods, and services to create relationships that satisfy individual and organizational objectives |
| B2B Marketing Definition | is marketing of goods and services to companies, government bodies, institutions, non-profit organisations to resell, for use in producing their products and/to facilitate their operations |
| Derived Demand | demand for business products that arises from the demand for consumer products. |
| Elasticity Definition | the exact relationship between price and quantity demanded |
| Inelastic Demand | demand that is not significantly affected by a price increase or decrease |
| Elastic Demand | demand, when the quantity demanded moves easily with a little change in prices |
| Joint Demand | demand that occurs when two or more products are used in combination to produce another product |
| FMCG Markets | markets where customers are purchasing products, which generally involve relatively low financial outlay |
| Acceleration effect | a given percentage rise in consumer demand can lead to a much larger percentage in demand for plant and equipment necessary to produce the additional output |
| Demand generation | used to create awareness and attract new people to your business, |
| Lead generation | used to qualify those people into “leads” and get them ready for the next step in your marketing or sales process |
| Types of demand generation content | Blog posts or articles Resource pages Infographics YouTube videos |
| Types of lead generation content | Any type of gated content (such as an eBook, PDF, checklist, cheat sheet, whitepaper, webinars etc.) Courses Free-Trials |
| Classification of industrial products | |
| Business market | type of market, where the customers are not consumers, private individuals or households: instead the target customers are other businesses and organisations that purchase a specific type of product or service for resale, for use in making other products or for use in their daily operations. |
| Producer markets | buyers of raw materials and semi-finished and finished items used to produce other products or in their own operations. |
| Wholesalers | intermediaries who purchase products for resale to retailers, other wholesalers and producers, governments and institutions. |
| Retailers | intermediaries that purchase products and resell them to final consumers |
| Government markets | departments that buy goods and services to support their internal operations, and to provide the public with education, water, energy, national defence, road systems and healthcare. |
| Public sector markets | Government and institutional not-for-profit customers and stakeholder groups. |
| Institutional markets | organisations with charitable, educational, community or other non business goals. |
| Third sector | - includes charities, the voluntary sector, not-for-profit organisations and NGOs. |
| Reciprocity | an arrangement unique to business-to-business marketing in which two organisations agree to buy from each other |
| New task purchase | an organization’s initial purchase of an item to be used to perform a new job or to solve a new problem. |
| Modified re-buy purchase | a new task purchase that is changed when it is reordered or when the requirements associated with a straight re-buy purchase are modified. |
| Straight re-buy purchase | a routine repurchase of the same products under approximately the same terms of sale. |
| Buying centre (DMU, Decision Making Unit) | the group of people within an organization who are involved in making business-to-business purchase decisions. |
| Sole sourcing | a buying process that involves the selection of only one supplier |
| Multiple sourcing | a business’s decision to use several suppliers. |
| Standard Industrial Classification (SIC) System | a system that provides information on different industries and products, and classifies economic characteristics of industrial, commercial, financial and service organizations. |
| Value analysis | an evaluation of each component of a potential purchase. |
| Heavy users | are consumers who make up the majority of a product's sales |
| Relationship management | - the process of encouraging a match between the seller’s competitive advantage and the buyer’s requirements over an item’s life cycle. |
| Relationship marketing | all of the activities an organisation uses to build, maintain and develop customer relations |
| Methods of business buying | |
| Kraljic's purchasing model - purpose | Kraljic purcasing model (1983) is used to determine an adequate purchasing strategy per product (or service) that optimises the trade-off between costs and risks. |
| Kraljic's purchasing model - 2 dimensions | The model categorises products on the basis of two dimensions: financial impact and supply risk |
| Kraljic's purchasing model - meaning of every segment of the model | |
| Kraljic's purchasing model - own practical example of the model's usage | The model is used to develop different strategies for each of the suppliers, and enables an organisation to make its purchasing functions more effective and efficient due to the structured and systematic approach of the model - Daimler supplying new parts to the factory |
| the meaning of Producer markets (definition, items, specifics, practical examples) | |
| the meaning of Reseller markets (definition, items, specifics, practical examples) | |
| the meaning of Institutional markets (definition, items, specifics, practical examples) | |
| the meaning of Government markets (definition, items, specifics, practical examples) | |
| Reseller Markets | intermediaries, such as wholesalers and retailers, who buy finished goods and resell them to make a profit |
| Key account Management | dedicated and close support for individual business customers whose volume of business is significant and warrants one-to-one handling. |
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