Chapter 5
Business-to-Business Marketing
By Boundless
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Business marketing includes all activities involved in communicating the value of a business's products and services to another business.
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B2B markets to individuals acting on behalf of organizations, while consumer marketing targets single individuals who pay for their own transactions.
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Primary ownership types of businesses include corporations, cooperatives, LLPs, LLCs, and sole proprietorships.
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B2B customer interactions are influenced by what are typically long and complex buying processes and tend to be more relationship-based.
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B2B companies typically implement client services or customer care processes to address customer concerns and enhance customer satisfaction.
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Business customers - as compared to consumers - tend to be more rational, are more concerned with quality, and look to make lasting relationships.
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Purchase influences of B2B customers differ from those of the consumer market due to the high time and cost investments of B2B transactions.
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B2B buyers and sellers use negotiating tactics to agree upon terms and pricing that benefit both the customer and the seller.
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In B2B transactions, leasing serves as an alternative financing method for customers looking to use high-priced products and services.
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B2B marketers use industry or trade publications, trade shows, private events, and social media to generate awareness about their products and services.
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Market segmentation involves identifying the particular groups of people / organizations that benefit from your product and then selling to them.
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Total addressable market (TAM) is a term that is typically used to reference the revenue opportunity available for a product or service.
Business-to-business (B2B) transactions involve many classifications of business products.
The group of individuals responsible for making a buying decision in a B2B context are labelled the decision making unit (DMU).
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A buying center is a group of people within an organization who make business purchase decisions.
B2B buying situations vary from B2C buying situations, so B2B marketers must develop different capabilities.
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Understanding the stages of business buying is important to a marketing firm if it is to market its product properly.
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Firms can measure vendor quality, service, availability, and overall reliability to determine future engagement with the vendor.
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Environmental, organizational, and interpersonal factors all impact the business buying decision process.
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Marketers need to incorporate good ethics in their marketing campaigns as they are responsible for the image that a product portrays.
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Customer service is provided before, during, and after the purchase of a product, and is meant to supplement and enhance customer experience.