B2B Exam 1

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B2B Exam 1
2012-02-13 15:08:53

Exam 1
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  1. Differences between B2B vs. B2C Marketing
    • Strong buyer-seller relationships (not as rare)
    • Shorter distribution channels (direct vs. indirect)
    • Greater emphasis on personal selling (avg $)
    • Greater Web integration (site for special customers)
    • Unique promotional strategies (trade shows)
    • Consumption (derived demand for carpet protectant)
    • Knowledge of customer’s customer
    • Marketing research (tend toward qualitative)
    • B2B involves multiple organizational buying influences
    • Service component of product offering plays key role
    • 80/20 rule
  2. Roles of Tactical Marketing and Sales
    • Lead generation
    • Lead nurturing
    • Sales tools and collateral
    • Selling is for Conversion
    • convert leads to prospects
    • convert prospects to customers
    • retain customers
  3. Types of B2B Customers and Products
    • Customers
    • 1.Original Equipment Manufactures
    • 2.Users
    • 3.GovernmentAgencies
    • Federal, State/Province, Local, County
    • 4.Institutions
    • Schools, colleges, universities, hospitals
    • 5.Resellers
    • Wholesalers, brokers, industrial distributors
    • Products
    • 1.Raw Materials
    • 2.Manufactured Material
    • 3.Component parts (OEM parts)
    • 4.Accessory Equipment
    • 5.Capital Equipment
    • 6.MRO
    • 7.Facilitating supplies/services
  4. Common B2B Marketing Challenges
    • Generating high quality leads
    • Generating a high volume of leads
    • Marketing to a lengthening sales cycle
    • Generating perceived value in "cutting edge" product benefits
    • Generating public relations buzz
    • Competing in lead generation across multiple media
    • Marketing to a growing # of people involved in the buying process
  5. What is a Sales Cycle?
    The sales cycle is the sequence of phases that a typical customer goes through when deciding to buy something. As a rule, the sales cycle is described from the customer's perspective. The first phase of the sales cycle may be either the customer's perception of a product, or a perception of a need that the product might satisfy. The following steps include research and evaluation; the last step is the customer's decision to purchase the product.
  6. The Nature of Demand: Why Important?
    • 1.Which markets should the firm serve?
    • 2.What businesses should we enter/exit?
    • 3.Where should we invest scarce company resources?
    • All of the above are based on projections of demand
  7. Derived Demand - pg 25
    • Demand for business products and services is derived form the demand for the end –consumer customer.
    • Elastic vs, inelastic demand - steel used in automobiles raw salt used by Morten - products without substitutes
  8. Value and Value Proposition
    • Is the perception ofva product’s benefit beyond its price
    • Clear statement of the tangible results (benefits) a customer gets from using your products or services
  9. Three Elements to a Customer-Enticing Value Proposition
    • 1.Business Drivers
    • 2.Movement
    • 3.Metrics
  10. Three Parts of Value
    • 1.Value received from the product
    • 2.Value received from the services
    • 3.Value received from the relationship
  11. Four Critical Questions B2B Marketers must ask Themselves
    • 1.Who are our customers?
    • 2.What do our customers want?
    • 3.How do our customers make their buying decisions?
    • 4.Where do our customers go for information about our products and services?
  12. Outbound vs. Inbound Marketing
    • Outbound
    • Telemarketing, tradeshows, direct mail, email blasts, print ads, tv/radio ads (Interruption)
    • Inbound
    • search engine marketing (SEO & PPC), blogging, and social media
  13. Components of Inbound Marketing
    • Content
    • blogs, videos, white papers, Ebooks
    • SEO
    • on-page, off-page, link-building, keyword analysis
    • Social Media
    • twitter, linkedin, facebook, forums, blogs
  14. What do Business Marketers Do?
    • Identify potential customers.
    • Identify and evaluate attractiveness of market segments
    • Communicate with customers and sales organization
    • Analyze buyer behavior, needs and requirements
    • Study the market and competitive environment
    • Develop new products and services.
    • Set prices and terms.
    • Manage cost of sales and gross margin.
    • Allocate resources across products.
    • Develop promotional material to support sales organization
    • Develop and manage lead generation programs
    • Make sales calls on key customers.
    • Assist sales in developing account-specific marketing plans