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Business Marketing & Research Flashcards

Business Marketing & Research Flashcards
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Institutional market
An organization that purchases goods and services for its own use. A common method used to market to institutions is a product information packet.
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Reseller
A business that sells finished products to the end user. A common marketing method for resellers is the use of a direct mailer.
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Producer
A business that transforms raw materials into a product to be sold to the end user. A common marketing method for producers is the use of an industry publication.
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Purchaser
The person in a business who finalizes the purchase in the buying process.
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Decider
The person in a business who chooses what to purchase in the buying process.
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Evaluator
The person in a business who analyzes all possibilities in the buying process.
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Initiator
The person in a business who begins the buying process.
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Business-to-business marketing
Targeting businesses, instead of consumers, to sell products and services.
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B2C (business-to-consumer) marketing strategy
This differs from the B2B marketing strategy because the buying process for a consumer involves a small quantity of items and also involves purchase of an existing set of options and features.
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B2B (business-to-business) marketing strategy
This differs from the B2C buying strategy because the buying process for a business involves multiple decision makers and uses specific evaluation criteria for making a selection.
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21 cards in set

Flashcard Content Overview

Business marketing research involves the creation of a marketing plan through the systematic discovery of marketing information. These cards will cover all of the information that is pertinent to the business marketing research function and how it is applied in the business world.

Front
Back
B2B (business-to-business) marketing strategy
This differs from the B2C buying strategy because the buying process for a business involves multiple decision makers and uses specific evaluation criteria for making a selection.
B2C (business-to-consumer) marketing strategy
This differs from the B2B marketing strategy because the buying process for a consumer involves a small quantity of items and also involves purchase of an existing set of options and features.
Business-to-business marketing
Targeting businesses, instead of consumers, to sell products and services.
Initiator
The person in a business who begins the buying process.
Evaluator
The person in a business who analyzes all possibilities in the buying process.
Decider
The person in a business who chooses what to purchase in the buying process.
Purchaser
The person in a business who finalizes the purchase in the buying process.
Producer
A business that transforms raw materials into a product to be sold to the end user. A common marketing method for producers is the use of an industry publication.
Reseller
A business that sells finished products to the end user. A common marketing method for resellers is the use of a direct mailer.
Institutional market
An organization that purchases goods and services for its own use. A common method used to market to institutions is a product information packet.
New buy
The first purchase that a business makes from a new vendor.
Modified rebuy
A subsequent purchase from a vendor that varies in quantity or selection from the original purchase.
Straight rebuy
A subsequent purchase from a vendor that is identical in quantity and selection to the original purchase.
Primary data
The initial information collected by a company to be used in an investigation.
Mystery shopper
A person hired by a company to pose as a customer in order to gain information about the level of service.
Focus group
A group of people who are paid to be interviewed about their opinions in order to reveal data.
Ethnographic research
The study of human behavior in an environment natural to humans.
Market research
A method of investigation through planning, data collection and data analysis.
Diagnostic
The determination of how a specific business decision affects the performance of a product.
Predictive
An attempt to foresee how a specific action will affect the performance of a product.
Descriptive
Using an analysis of data to make business decisions regarding a specific product.

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