Topic 5 - B2B Flashcards Preview

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Flashcards in Topic 5 - B2B Deck (13)
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1

What are the types of B2B?

- Trade
- Industrial
- Professional influencers/opinion leaders

2

Key factors involved in organisational buying?

- Longer buying processes
- Fewer buyers - stronger relationships
-More rational transaction
-reciprocal buying e.g Negotiations based on helping each other

3

What is the DMU?

- decision making unit
- in b2b markets its very rare for an individual to make all the decisions

4

What are the 6 parts involved in the DMU?

Initiator
User
Influencer
Decider
Buyer
Gatekeeper

5

What is an initiator?

Someone who begins the purchase process and makes the first initial contact

6

What is a user?

People who use the end product. May trigger purchasing process through reporting a need

7

What is an influencer?

- Affects the outcome of the decision making process through their influence on others

8

What is a decider?

Have the formal or informal authority to make the decision

9

What is the buyer?

They have the authority to select and negotiate with suppliers

10

What is a gatekeeper?

Control flow into the next stages

11

What is joint demand?

- Demand for one product is tightly coupled with demand for other

12

What are the three types of B2B buying?

- New task purchase e.g customer goes to you because they have a new problem
- Straight re-buy e.g routine purchasing of same product
-Modified re-buy - Existing customers come back but want new things/have new needs

13

What is CRM?

Customer relationship management is a process where firms gather info about the wants and needs of its customers to allow offers to fit their needs