MKTG 303 - Chapter 7 & 8 – Business-to-Business (B2B) Marketing ; Global Marketing

Flashcard Set: Chapter 7 – Business-to-Business (B2B) Marketing

1. B2B Markets

Front: What is B2B marketing?
Back: The process of businesses buying and selling goods/services for production, resale, or organizational use.

Front: What are the four types of B2B markets?
Back: Manufacturers, resellers, institutions, government.

Front: How do manufacturers operate in B2B markets?
Back: Buy raw materials, components, or parts to produce finished goods.

Front: What do resellers do?
Back: Buy products and resell them without altering their form (e.g., wholesalers, retailers).

Front: What types of institutions participate in B2B markets?
Back: Hospitals, schools, religious organizations purchasing goods/services.

Front: Why is the government a key B2B market?
Back: It is one of the largest buyers of goods and services (e.g., military contracts).

2. B2B Buying Process

Front: What are the six steps in the B2B buying process?
Back:

1. Need Recognition

2. Product Specification

3. RFP Process

4. Proposal Analysis & Supplier Selection

5. Order Specification

6. Vendor Performance Assessment

Front: What is the RFP (Request for Proposal) process?
Back: Companies invite vendors to bid for supplying products/services.

Front: What happens during vendor performance assessment?
Back: Firms review supplier performance based on metrics like quality, price, and service.

3. Buying Center Roles

Front: What is a buying center?
Back: A group of people involved in a company’s purchasing decision.

Front: What are the six roles in the buying center?
Back:

1. Initiator – Recognizes need (e.g., doctor recommends new MRI machine).

2. Influencer – Affects decision (e.g., medical supplier suggests a brand).

3. Decider – Makes final choice (e.g., hospital board approves purchase).

4. Buyer – Places the order (e.g., procurement manager).

5. User – Uses the product (e.g., patient undergoing MRI scan).

6. Gatekeeper – Controls information flow (e.g., insurance company limiting coverage).

4. Organizational Buying Culture

Front: What are the four types of organizational buying cultures?
Back:

1. Autocratic – One person makes decisions.

2. Democratic – Majority vote decides.

3. Consultative – One person decides but considers input from others.

4. Consensus – Everyone must agree before a decision is made.

5. Buying Situations

Front: What are the three types of buying situations?
Back: New buy, modified rebuy, straight rebuy.

Front: What is a new buy?
Back:

• First-time purchase.

• Most complex, requires all six steps in the buying process.

• Example: A startup purchasing its first office furniture.

Front: What is a modified rebuy?
Back:

• Purchasing similar product but with changes (price, quality, vendor).

• Example: A company switching to a new paper supplier for better quality.

Front: What is a straight rebuy?
Back:

• Routine purchase of the same product.

• Example: A restaurant reorders the same napkins every month.

6. B2B Relationship Building

Front: How do B2B firms build relationships?
Back:

• Social media (LinkedIn, Twitter, Snapchat) → Builds awareness and educates clients.

• White papers → Provide industry insights to establish thought leadership.

Final Check: Does This Cover Everything? ✅

✅ B2B Market Types (Manufacturers, Resellers, Institutions, Government)
✅ B2B Buying Process (6 Steps)
✅ Buying Center Roles (Initiator, Influencer, Decider, Buyer, User, Gatekeeper)
✅ Organizational Cultures (Autocratic, Democratic, Consultative, Consensus)
✅ Buying Situations (New Buy, Modified Rebuy, Straight Rebuy)
✅ B2B Relationship Strategies (Social Media, White Papers)

This flashcard set covers all key concepts from Chapter 7 and will help you ace your exam! 🚀💯

Flashcard Set: Chapter 8 – Global Marketing

1. Globalization & Market Assessment

Front: What is globalization?
Back: The process of goods, services, capital, and ideas flowing across national borders.

Front: What are the four key factors in assessing a global market?
Back:

1. Economic Analysis (GDP, GNI, PPP, trade balance).

2. Infrastructure & Technology (transportation, distribution, communication, commerce).

3. Government Actions (tariffs, quotas, exchange control, trade agreements).

4. Sociocultural Factors (Hofstede’s Cultural Dimensions).

Front: What are tariffs and quotas?
Back:

• Tariff → Tax on imports, raises price, reduces demand.

• Quota → Limits the number of imports, reducing availability.

2. BRIC Countries (Emerging Markets)

Front: What are the BRIC countries?
Back: Brazil, Russia, India, China – high growth potential for global business.

Front: Why is India an attractive market?
Back:

• Young population

• Growing tech industry

• Expanding middle class

3. Global Market Entry Strategies

Front: What are the five global market entry strategies?
Back:

1. Exporting (Lowest risk, least control).

2. Franchising (License business model to foreign partners).

3. Strategic Alliance (Firms cooperate, no shared ownership).

4. Joint Venture (Firms share ownership and risks).

5. Direct Investment (Firm fully owns operations, highest risk).

Front: Which market entry strategy has the least risk?
Back: Exporting → Selling goods abroad with minimal investment.

Front: Which market entry strategy has the most risk?
Back: Direct Investment → Full ownership, highest financial commitment.

4. Global Marketing Strategy (STP)

Front: Why is segmentation, targeting, and positioning (STP) harder globally?
Back:

• Cultural differences

• Language barriers

• Different consumer behaviors

5. Global Marketing Mix (4Ps in a Global Context)

Front: What are the three global product strategies?
Back:

1. Same product globally (e.g., Apple iPhones).

2. Glocalization – Standard product, adapted marketing (e.g., McDonald’s menu changes).

3. Completely new product for specific markets.

Front: What challenges exist for global pricing strategies?
Back:

• Currency exchange rates.

• Tariffs & import taxes.

• Bottom of the Pyramid Pricing for lower-income countries.

Front: Why is global distribution challenging?
Back: Distribution networks vary—small shops vs. supermarkets, infrastructure differences.

Front: What factors affect global communication strategies?
Back:

• Language differences

• Literacy levels

• Cultural and religious sensitivities

Final Check: Does This Cover Everything? ✅

✅ Globalization & Market Assessment
✅ BRIC Countries
✅ Market Entry Strategies (5 Types)
✅ Global STP (Segmentation, Targeting, Positioning)
✅ Global Marketing Mix (4Ps: Product, Pricing, Distribution, Communication)
✅ All Key Terms & Exam Questions Answered

This flashcard set fully prepares you for your Chapter 8 exam! 🚀💯

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