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27 Cards in this Set
- Front
- Back
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The marketing of goods and services to individuals and organizations for purposes other than personal consumption |
Business marketing(also called industrial, business-to-business, B-to-B, or B2B marketing) |
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A product used to manufacture other goods or services, to facilitate an organization’s operations, or to resell to other customers |
Business product, or industrial product |
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A product bought to satisfy an individual’s personal wants or needs |
Consumer product |
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A strategic marketing approach that focuses on creating and distributing content that is valuable, relevant, and consistent |
Content marketing |
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A cooperative agreement between business firms |
Strategic alliance(strategic partnership) |
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A firm’s belief that an ongoing relationship with another firm is so important that the relationship warrants maximum effort at maintaining it indefinitely |
Relationship commitment |
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The condition that exist when one party has confidence in an exchange partner’s reliability and integrity |
Trust |
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Individuals and organizations that buy business goods and incorporate them into the product they produce for eventual sale to other producers or to consumers |
Original equipment manufacturers(OEMs) |
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A detailed numbering system developed by the United States, Canada, and Mexico to classify North American business establishment by their main production processes |
North American industry classification system(NAICS) |
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The demand for business products |
Derived demand |
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The demand for two or more items used together in a final product |
Joint demand |
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Phenomenon in which a small increase or decrease In consumer demand can produce a much larger change in demand for the facilities and equipment needed to make the consumer product |
Multiplier effect(or accelerator principle) |
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An increase or decrease in the price of a product will not significantly affect demand for the product |
Inelastic demand |
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The demand for business products— particularly new plants and equipment |
Fluctuating Demand |
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All those people in an organization who become involved in the purchase decision |
Buying center |
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A situation requiring the purchase of a product for the first time |
New buy |
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A situation in which the purchaser want some change in the original good or service |
Modified rebuy |
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A situation in which the purchaser re-order the same goods or services without looking for new information or investigating other supplies |
Straight rebuy |
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Person who first suggest making a purchase |
Initiator |
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Person who first suggest making a purchase |
Initiator |
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People who influence the buying decision |
Influencers/evaluators |
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Person who first suggest making a purchase |
Initiator |
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People who influence the buying decision |
Influencers/evaluators |
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Regulate the flow of information |
Gate keepers |
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Person who has the formal or informal power to choose or approve the selection of the supplier or brand |
Decider |
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Person who actually negotiate the purchase |
Purchaser |
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People who will actually use the product |
Users |
