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MKTG 350 Week 4 notes

by: Tulsi

MKTG 350 Week 4 notes MKTG 350 - 001

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mkg 350 week 4 notes worsham
Principles of Marketing
Courtney R Worsham (P)
Class Notes
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This 3 page Class Notes was uploaded by Tulsi on Friday September 16, 2016. The Class Notes belongs to MKTG 350 - 001 at University of South Carolina taught by Courtney R Worsham (P) in Fall 2016. Since its upload, it has received 11 views. For similar materials see Principles of Marketing in Marketing at University of South Carolina.

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Date Created: 09/16/16
Week 4 Tuesday, September 13, 2010:13 AM 9/13/16 Ch 7 Business to Business Marketing Derived demand: demand for a product is derived from consumer's demand Business to business marketing: process of buying/selling goods to be used by another firm -resellers -institutions -manufacturers/service providers -government Manufacturers and Service Providers: -buy raw materials, components, or parts -manufacture their own goods Resellers -put higher price on existing product Institutions -schools, museums, religious organizations Government -firms specialize in selling to governments B2B Buying Process -Need recognition -suppliers, salespeople, competitors to recognize new needs -product specification -start to develop proposals -RFP process (request for proposal) -invite bidders to supply -proposal analysis and supplier selection -negotiation -best offer -order specification -firm places order -all terms are detailed -vendor/performance assessment using metrics The Buying Center -gatekeeper -initiator -influencer -decider -buyer -user North American Industry Classification System (NAICS): identify what type of business based on 6 digit code Organizational Culture -Buying culture -democratic Week 4 Page 1 -democratic -up for vote, majority wins -consultative -talking to others and consulting -consensus -Everybody has to agree -autocratic -One decision maker Buying Situations New buy -never done before -quite involved -buying center using all 6 steps Straight rebuy -buying exact same thing -additional units or products Modified rebuy -purchasing similar product but changing specifications -current vendors have advantage 9/15/16 Ch 6 Situational factors -purchase situation -shopping situation Involvement and Consumer Buying Decisions Message -high involvement -greater attention, deeper processing -DIRECT ROUTE -develops strong attitudes and purchase intentions -low involvement -less attention, peripheral processing -PERIPHERAL ROUTE -generates weak attitudes and increased use of cues Types of Buying Decisions -extended problem solving -limited problem solving -impulse buying -habitual decision making Ch 8 Globalization: services and goods and capital and people cross international borders Offshoring: manufacturing items in other countries GATT agreement: general agreement on tariffs and trade (1948) -23 diff countries, 20% of world trade Week 4 Page 2 -23 diff countries, 20% of world trade Replaced by World Trade Organization (1994) - Week 4 Page 3


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