Intro to Marketing Notes Week of 2/15/16
Intro to Marketing Notes Week of 2/15/16 MKTG2080
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This 3 page Class Notes was uploaded by Seth Notetaker on Monday February 22, 2016. The Class Notes belongs to MKTG2080 at University of Cincinnati taught by Ric Sweeney in Spring 2016. Since its upload, it has received 30 views. For similar materials see Intro to Marketing in Marketing at University of Cincinnati.
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Date Created: 02/22/16
Intro to Marketing Week #5 Business to Business Marketing The process of buying and selling goods and services to be used in the production of other goods and services, for consumption by the buying organization, or for resale by wholesalers and retailers Types of B2B Markets Resellers Insitutions Manufacturers Government The B2B Buying Process Need Recognition Product Specification RFP Process Proposal analysis and supplier selection Order specification Vendor/performance assessment using metrics Factors Affecting the B2B Marketing Process Buying Center o Influencer o Decider o Buyer o User o Gatekeeper o Initiator Buying Culture o Democratic o Autocratic o Consensus o Consultative Buying Situation o New Buy o Straight Buy o Modified Rebuy Growth of the Global Economy Globalization o Processes by which goods, services, capital, people, information, and ideas flow across national borders Globalization of Production (offshoring) o Manufacturers procurement of goods and services from around the globe to take advantage of difference in cost and quality of various factors of production Assessing Global Markets Infrastructure o Infrastucture: Basic facilities, services, and installations needed for society to function, such as transportation and communications systems, water and power lines, and public institutions Government Actions o Tariffs: a tax levied on a good imported into a country o Quota: designates the max quantity of a product that may be brought into a country during a specified time period o Boycott: a groups refusal to deal commercially with an organization to protest its policies o Trade Agreements: Intergovernmental agreements designed for specific regions Socio-Cultural Analysis o Power Distance: willingness to accept social inequity as natural o Uncertainty Avoidance: The extent to which the society relies on orderliness, consistency, structure, and formalized procedures to address situations that arise in daily life o Individualism: Perceived obligation to and dependence on groups o Masculinity: The extent to which dominant values are male- oriented o Time Orientation: Short vs Long Term orientation Economic Analysis o Dollar value Choosing a Global Entry Strategy Exporting o Producing goods in one country and selling them in another Franchising o Contractual agreement between franchisor and franchisee; franchisee operates a business using name and format developed and supported by franchisor Strategic Alliance o Collaborative relationship between independent firms that do not create an equity Joint Venture o Formed when a firm entering a new market pool resources with a local firm to form a new company sharing ownership, control, and profits Direct Investment o Firm maintains 100% ownership of its plants, operates facilities and offices in foreign country Choosing a Global Marketing Strategy
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