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  • initiator

    A person who initiates a course of action

    influencer/evaluater

    individual(s) who help define what is needed & usually have technical or specific information to help make a decision

    gatekeeper

    people who regulate information (sometimes most difficult to deal with)

    decider

    has the power to choose from which supplier to use

    purchaser

    discuss pricing and terms with a seller

    user

    help with some input and further repeat purchases by offering feedback

    quality

    refers to the technical aspect, the reputation of the sales department/personnel, and dependability.

    service

    excellent; trained and knowledgable

    price

    least important factor in decision making criteria

    new buy

    a situation requiring the purchase of a product for the first time

    straight rebuy

    when the purchaser reorders the same products without looking for information or considering other suppliers.

    Modified Rebuy

    where the purchaser makes some changes in the order, and it could require some additional analysis or research.

    five different aspects of business buying behavior:

    buying centers, evaluative criteria, buying situations, business ethics, and customer service.

    buying center

    All those people in an organization who become involved in the purchase decision (initiator, decider, user, gatekeeper, etc)

    evaluation criteria

    decision-making criteria based on quality, service, and price

    buying situations

    new buy, straight rebuy & modified rebuy

    business ethics

    helps businesses do business with honest and high quality partners

    customer service

    feedback to better products & services

    4 Types of business markets

    producer, reseller, government & institution markets

    business market

    groups of people who buy goods and services to use in producing other products, to resell, or for their own use in their day-to-day operations.

    producers markets

    buy goods and services and transform them into a sellable product, which they sell to their customers for the purpose of making a profit. (farmers)

    resellers markets

    buy finished products (do not transform products) and resell them to their customers for the purpose of making a profit.(wholesalers)

    government markets

    buy goods and services to support their internal operations; they do not transform the goods and services or resell them to make a profit (usually through a bidding process)

    institutional markets

    Institutions are non-government organizations that buy goods and services to support their internal operations. (churches, hospitals)

    Biggest influencing departments in a company

    Marketing & Engineering

    Marketing research

    the process of planning, collecting and analyzing data relevant to a marketing decision.

    What does Marketing Research affect?

    Tracing Problems (trends, surveys) & quality decision-making, keeping current customers happy

    Secondary data

    data previously collected for any purpose other than the one at hand. (sales receipts, invoices, competitive information, online consumer information, economic trends, etc.)

    Primary Data

    information that is collected for the first time and is used for solving the investigation. (very expensive; original research)

    Survey Research

    when a researcher interacts with people to obtain facts, opinions, and attitudes (in-home, mail, mall intercept, internet, telephone)

    Open-Ended Questions

    interview question encourages an answer phrased in the respondent's own words.

    Close-Ended question

    the respondents would have to choose from a limited list of responses such as 'yes' or 'no.'

    scaled-response question

    a closed-ended question designed to measure the intensity of a respondent's answer (agree, strongly disagree, etc)

    A focus group

    a type of personal interview where seven to ten people are randomly recruited by phone to form a group.

    Ethnographic research

    the study of human behavior in its natural context and involves observing behavior in a physical setting.

    Experiment

    Altering one or more variables while observing the effects on another variable (usually sales).

    field service firms

    a firm that specializes in interviewing respondents on a subcontracted basis

    Cross tabulation

    a method of analyzing data responses from questions in relation to the responses from additional questions.

    steps in the marketing research process

    identify the problem, plan a research design, collect data, analyze data, prepare and present the report, and follow up

    Each year over __________ is spent by companies in conducting marketing research.

    Each year over seven billion dollars is spent by companies in conducting marketing research.

    descriptive role of research

    when factual statements are collected. (sales data report)

    diagnostic role of research

    being concerned about explaining the data

    Predictive Role of research

    address 'what if' scenarios

    understanding and predicting changes in the marketplace

    Marketing managers must look ahead to see what changes (whether economic, technological, social, etc.) will impact their customer base (consumers desire for Facebook page, aps,etc)

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