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Marketing 3010 Week 6 Notes

by: Hannah Stephens

Marketing 3010 Week 6 Notes Mkt 3010-001

Marketplace > Clemson University > Marketing > Mkt 3010-001 > Marketing 3010 Week 6 Notes
Hannah Stephens

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About this Document

These notes cover what we went over in class week 6.
Principles of Marketing
Carter Willis McElveen
Class Notes
Marketing 3010, Clemson University
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This 6 page Class Notes was uploaded by Hannah Stephens on Thursday February 11, 2016. The Class Notes belongs to Mkt 3010-001 at Clemson University taught by Carter Willis McElveen in Spring 2016. Since its upload, it has received 50 views. For similar materials see Principles of Marketing in Marketing at Clemson University.

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Date Created: 02/11/16
Chapter  7:    Business-­‐to-­‐Business  Marketing     Business  Products   ▯ The  key  is  intended  use!   ▯ Are  used  to  manufacture  other  products   ▯ Become  part  of  another  product   ▯ Aid  the  normal  operations  of  our  organization   ▯ Are  acquired  for  resale  without  change  in  form     B2B  Markets   1. Manufactures  or  Procedures   a. But  raw  materials,  components,  or  parts   b. Manufacture  their  own  goods   2. Reseller   a. Manufacture—reseller—retailer     b. Aggregate  goods   3. Institutions   a. Schools,  museums,  and  religious  organizations   b. Government  not  an  institution  market!!   4. Government   a. US  government  spends  $2.1  trillion  procuring  goods   b. State  and  local  gov’ts  also  make  significant  purchases   c. Firms  specialize  in  selling  to  gov’t     B2B  Buying  Process   Need  Recognition▯Product  Specification▯RFP  Process▯Proposed  analysis  &   supplier  selection     • Stage  1:    Need  Recognition   o Can  be  generated  internally  or  externally   o Sources  for  recognizing  new  needs:   ▯ Suppliers,  salespeople,  competitors     • Stage  2:    Product  Specification   o Used  by  suppliers  to  develop  proposals   o Can  be  done  collaboratively  with  suppliers   • Stage  3:    RFP  Process  (Request  for  Proposal)   • Stage  4:    Proposal  Analysis,  Vendor  Negotiation  &  Selection   o Often  several  vendors  are  negotiation  against  each  other   o Considerations  other  than  price  play  a  role  in  final  selection   • Stage  5:    Order  Specification   o Firm  places  the  order   o Exact  details  of  purchase  are  specified   o All  terms  are  detailed  including  payment   • Stage  6:    Vendor  Analysis   o Evaluation  of  Vendor’s  Performance   Organization   Culture   Buying   The  Buying   Situation   Center   Buying   Process         1. The  Buying  Center   • Initiator—someone  initiating  the  purpose   • Influencer—helps  influence  the  decision   • Decider—person  that  makes  the  decision  about  what  gets  bought   • Buyer—the  one  that  pushes  the  paperwork,  makes  it  happen     • User—who  uses  the  product   • Gatekeeper—who  controls  the  flow  of  information       2. Organizational  Buying  Culture   a. Democratic—majority  rules   b. Consultative—one  person  makes  decision  but  takes  feedback  of   others  into  consideration   c. Consensus—all  have  to  agree  or  disagree   d. Autocratic—one  person  makes  decision  (small  business)   3. Buying  Situations   a. New  buy   i. Likely  to  be  very  involved   ii. Buying  center  will  probably  use  all  6  steps  in  buying  process   b. Modified  rebuy   i. Purchasing  a  similar  product  but  changing  specifics   ii. Current  vendors  have  an  advantage   c. Straight  rebuy   i. Buying  additional  units  or  products  that  have  been  previously   purchased   ii. Most  B2B  purchases  fall  into  this  category     Chapter  8:  Global  Markets     Companies  that  failed  in  China:   ▯ Home  Depot—don’t  value  investing  in  real  estate;  like  neighbor  stores   ▯ Matter:    House  of  Barbie—didn’t  understand  she  was  an  icon   ▯ EBay—want  to  buy  from  someone  they  know   ▯ Google—government  wanted  to  censor  the  searches     Global  Marketing—having  a  global  vision   ▯ Recognizing  and  reacting  to  international  marketing  opportunities   ▯ Using  effective  global  marketing  strategies   ▯ Being  aware  of  threats  from  foreign  competitors     The  Fear  of  Trade  &  Globalization   ▯ Americans  have  lost  jobs/  fear  of  losing  jobs   ▯ Outsourcing  if  workers  don’t  take  pay  cuts   ▯ Vulnerability  to  operations  moving  offshore     Benefits:   ▯ Expand  economic  freedom,  spurs  competition   ▯ Raises  productivity  and  living  standards   ▯ Offers  access  to  foreign  capital,  global  export  markets  and  advanced   technology   ▯ Promotes  higher  labor  and  environmental  standards  (ex.  Thailand  is  filthy)   ▯ Acts  as  a  check  on  government  power     Big  Mac  Index  &  Burgernomics***   ▯ Burgernomics  is  based  on  the  theory  of  purchasing  power  parity  (PPP)—a   dollar  should  buy  the  same  amount  in  all  countries     ▯ Exchange  rate  between  two  countries  should  equalize  prices  of  an  identical   good  in  each  country   ▯ This  “identical  good”  is  a  McDonald’s  Big  Mac  in  ~120  counties   ▯ “the  big  mac  index”  is  the  exchange  rate  that  would  mean  Big  Macs  cost  the   same  everywhere   o Switzerland—most  expensive   o India—cheapest       Organizations  Involved  in  World  Trade   ▯ Lower  trade  barriers  and  raise  global  living  standards***   ▯ GATT  (General  agreement  on  tariffs  and  trade)   ▯ IMF  (international  monetary  fund)   ▯ World  bank  group     GATT—document  agreeing  to  lower  trade  barriers  between  23  counties  in  1948   ▯ Turned  into  WTD—more  of  an  active  body  that  lowers  trade  barriers     IMF—promote  international  monetary  negotiations     World  Bank  Group—provides  loans  to  developing  counties       Assessing  Global  Markets—picture  in  book***   ▯ Economic  analysis   ▯ Sociocultural   ▯ Infrastructure  and  technology   ▯ Government  actions     Assessing  Global  Markets   1. Economic  Analysis   a. General  economic  environment   i. Gross  domestic  product   ii. Gross  national  income   iii. Purchasing  power  parity   iv. Human  development  index   2. Evaluating  market  size  &  population  growth  rate   a. You  want  to  enter  an  economy  where  the  population  is  growing   3. Evaluating  real  income   a. Firms  make  adjustments  to  an  existing  product  to  meet  the  unique   needs  of  a  particular  country  market   4. Analyzing  Infrastructure  &  Technological  Capabilities     a. Transportation     b. Communication   c. Distribution  channel   d. Commerce     Government  Actions   • European  Union:    27  member  countries  (Austria,  Belgium,  Bulgaria,  Cyprus,   Czech  Republic,  Denmark,  Stoma,  Finland,  France,  Germany,  Greece,  Hungary,   Ireland,  Italy,  Latria,  Lithuania,  Luxemburg,  Malta,  Netherlands,  Poland,   Portugal,  Romania,  Slovakia,  Slovenia,  Spain,  Sweden,  The  UK   • NAFTA:  USA,  Canada,  Mexico   • CAFTA:    USA,  Costa  Rica,  DR,  El  Salvador,  Guatemala,  Honduras,  Nicaragua   • Mercosur:    Argentina,  Brazil,  Paraguay,  Uruguay,  Venezuela   • ASEAN     Analyzing  Sociocultural  Factors:  Hofestede’s  Dimensions       1. Power  distance   a. Degree  to  which  you  accept  the  fact  that  power  is  distributed   unequally   2. Uncertainty  avoidance   a. Ability  to  deal  with  ambiguity     3. Individualism   a. All  about  me  (individualism)  or  for  the  good  of  the  group   (collectivism)   4. Masculinity   a. Degree  of  power  that  men  have  in  the  culture   5. Time  Orientation   a. Long-­‐term  or  short  term     The  Global  Marketing  Mix:    Product  of  Service  Strategies   • Do  the  same  thing   • Change  a  little  (same  product  /minor  adaptations)   • All  new  products     Global  Marketing  Mix:  Pricing  Strategies     • Tariffs   • Quotes   • Anti-­‐dumping  policies  (can’t  sell  for  anything  less  than  anything  else  on  the   market)   • Economic  conditions   • Competitive  factors  


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