Chapter 7: Business Marketing Flashcards Preview

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Flashcards in Chapter 7: Business Marketing Deck (16)
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1
Q

Business-to-business (B2B) marketing

A

The process of matching capabilities between two non-consumer entities to create value for both organizations and the “customer’s customer”; also referred to as business marketing.

2
Q

Relationship commitment

A

A firm’s belief that an ongoing relationship with another firm is so important that the relationship warrants maximum efforts at maintaining it indefinitely.

3
Q

Trust

A

Confidence in an exchange partner’s reliability and integrity.

4
Q

Derived demand

A

Demand in the business market that comes from demand in the consumer market.

5
Q

Joint demand

A

The demand for two or more items used together in a final product.

6
Q

Multiplier effect (accelerator principle)

A

The 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.

7
Q

Reciprocity

A

A practice where business purchasers choose to buy from their own customers.

8
Q

Business services

A

Complementary and ancillary actions that companies undertake to meet business customers’ needs.

9
Q

Original equipment manufacturers (OEMs)

A

Individuals and organizations that buy business goods and incorporate them into the products that they produce for eventual sale to other producers or to consumers.

10
Q

North American Industry Classification System (NAICS)

A

An industry classification system developed by the United States, Canada, and Mexico to classify North American business establishments by their main production processes.

11
Q

Buying centre

A

All those people in an organization who become involved in the purchase decisions.

12
Q

New task buy

A

A situation requiring the purchase of a product for the first time.

13
Q

Modified rebuy

A

A situation where the purchaser wants some change in the original good or service.

14
Q

Straight rebuy

A

A situation in which the purchaser reorders the same goods or services without looking for new information or new suppliers.

15
Q

Buying centre’s six types of members:

A

Initiator, influencer, decider, purchaser, user, gatekeeper.

16
Q

Companies evaluation

A

Quality, service, price.