MKT 401 B at Universität Mannheim

Flashcards and summaries for MKT 401 B at the Universität Mannheim

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Study with flashcards and summaries for the course MKT 401 B at the Universität Mannheim

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B1 Def B2B Marketing

Exemplary flashcards for MKT 401 B at the Universität Mannheim on StudySmarter:

B1 Typology of organizational customers

Exemplary flashcards for MKT 401 B at the Universität Mannheim on StudySmarter:

B1 Specific characteristics of B2B Marketing

Exemplary flashcards for MKT 401 B at the Universität Mannheim on StudySmarter:

B1 Derivative character of organizational demand

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B1 2) Multiple buying influences (1)

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B1 2) Multiple buying influences (2)

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B1 3) Multi-organizational participation

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B1 4) Long-term nature of business relationships

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B1 5) High degree of personal interaction

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B2) Hidden Champions

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B2 Typical characteristics of hidden champions

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B3 Marketing Mix in B2B Marketing

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Exemplary flashcards for MKT 401 B at the Universität Mannheim on StudySmarter:

MKT 401 B

B1 Def B2B Marketing
- B2B marketing describes activities that relate to business transactions between companies and organizational customers - Purchases are made by organizations or institutions, not by end customers

MKT 401 B

B1 Typology of organizational customers
Customers in Business Marketing a) Government organizations b) Private sector companies - Users - Original Equipment Manufacturers (OEM) - Retailers c) Public and non-profit institutions

MKT 401 B

B1 Specific characteristics of B2B Marketing
1) Derivative character of organizational demand 2) Multiple buying influences 3) Multi-organizational participation 4) Long-term nature of business relationships 5) High degree of personal interaction

MKT 401 B

B1 Derivative character of organizational demand
Explanation: Demand for industrial products is derived from the ultimate demand for consumer products Implications: B2B companies need to consider not only direct customers, but also the customers located downstream in this process (-> customer's customer) e.g. to forecast demand on different levels of market

MKT 401 B

B1 2) Multiple buying influences (1)
Explanation: Buying decisions by business customers often involve multiple buying influences, rather than a single decision maker Example: When selling to business customers Intel has to deal with several influencing stakeholders (CEO, CFO,..) e.g. high contract volume implies large amount of money at stake -> CFO or CEOs typically make the ultimate decision it can be difficult to identify there key decision makers because they vary from company to company Implications: Buying center = a group of individuals or groups who participate in an organizational purchasing decision-making process, and who share some common goals and the risks arising from the decisions -> Variations in the number and type of participants for different classes of products and purchase situations

MKT 401 B

B1 2) Multiple buying influences (2)
Buying Center: - Initiator: Recognizes that some company problem can be solved or avoided by acquiring a product or service - Decider: Approves the contemplated purchase - Influencer: Has a say in whether a purchase is made and about what is bought - Gatekeeper: Controls flow of information - Purchaser: Concerned with obtaining the product/service - User: Concerned with using the product or service Implications: Several members of an organization are involved in the purchase decision When selling industrial products, firms need to consider these different members, their roles in the purchase decisions, an their degree of influence

MKT 401 B

B1 3) Multi-organizational participation
Explanation: Multiple organizations are often involved in the procurement process Know stakeholder, map them Implications: This multi-organizational participation necessitates stakeholder management

MKT 401 B

B1 4) Long-term nature of business relationships
Explanation: Business relationships tend to be close and enduring because of - Products longevity - Importance of service and maintenance Example: Siemens: "In most markets Seems is operating in, customer relationships are established very long-term" Implications: Suppliers can help to promote long-term business relationships through the implementation of measures that establish customer satisfaction.

MKT 401 B

B1 5) High degree of personal interaction
Explanation: Organizational buying behavior is characterized by a high degree of personal interaction Example: BASF: "We engage in close partnerships with customers and develop innovations together that help them optimize their processes and applications" Implications When marketing industrial goods, personal contacts play a key role in the success of the business relationship -> Personal selling and systematic customer relationship management (CRM) are of major importance! -> Key Account Management (KAM) ensures high degree of personalization!

MKT 401 B

B2) Hidden Champions
Unknown but successful = small and medium-sized businesses with low public visibility being typically world market leaders in a specific niche market (usually with a world market share of >50%) Strategic positioning: Dominating global niche markets - Concentration of limited resources on nicht strategies that combine product specialization with geographic diversification - Achievement of top global positions through global commercialization of niche products Targeting of specific customer segments: - Within their niche, Hidden Champions can isolate themselves from competition by serving the special needs of a very narrowly defined target segment High and increasing number of Hidden Champions in Germany - About 1500 Hidden Champions and other succesful small and medium-sized businesses make up the backbone of Germanys export strength - At the same time, the number of new companies joining the club of the Hidden Champions is constantly increasing

MKT 401 B

B2 Typical characteristics of hidden champions
- Family ownership and cooperative culture - Outside professional management - Technology-based product leadership - Close customer relationships - Positioning as "Value leaders" (combination of superior product quality and a careful attention to customers needs) - Very strong leadership of managers who often stay for decades

MKT 401 B

B3 Marketing Mix in B2B Marketing
- Price - Sales - Product/Branding - Communication

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