Shelly Irwin
MKT 376
Exam #1 Study Guide

Chapter 1 1. Business marketing compared to consumer marketing: the nature of the customer and how that customer uses the product. In business the customers are organizations (businesses, government, institutions). They differ in: nature of their markets, market demand, buyer behavior, buyer-seller relationship, environmental influences (competition, political, legal) and market strategy 2. Value: economic, technical, service, and social benefits received by customer firm in exchange for price paid for a product offering.
Customer value proposition: captures particular set of benefits that a supplier offers to advance performance of customer’s organizations. 3. Business marketing and consumer-goods marketing are different. Even though they share a common body of knowledge and principles and theory. They vary in that: business buyers and markets function very differently from consumer markets. 4. Supply chain management in business marketing: technique of linking a manufacturer’s operation with suppliers, key intermediaries and customers to enhance efficiencies and effectiveness. The internet is playing an extensive role by allowing joint planning and execution in real time. 5. Marketing’s Cross-Functional Relationships: professional business marketers act as an integrator between various functional areas within the company. Functional areas include: manufacturing, research and development, customer service, accounting, logistics, procurement 6. Types of business goods and services: 7. Middle By
Chapter 2 1. Types of commercial enterprises: manufacturers, construction companies, service firms (hotels), transportation companies, selected professional groups (dentist), and resellers (wholesalers and retailers purchasing equipment and supplies to user in their operations). 2.