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University of Iowa Question and answers 100% correct 2024

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University of Iowa Question and answers 100% correct 2024 University of Iowa - Intro to Marketing Final Exam Study Guide (Spring 2023 : Rob Rouwenhorst) B2B marketing (business to business) Business marketing- what is the intended use, used for work purposes (ex: sale of a PC to a college or u...

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  • August 30, 2024
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University of Iowa - Intro to Marketing
Final Exam Study Guide (Spring 2023 :
Rob Rouwenhorst)
B2B marketing (business to business)
Business marketing- what is the intended use, used for work purposes (ex:
sale of a PC to a college or university)
manufacturers and service providers sell to other businesses also includes
resellers, institutions, governments, manufacturers/service providers
Omnichannel growing- seamless experience online and in store (apple buy it
online and return in store) (Starbucks can be bought at airports, target and the
biz hub)
Fewer people and high risk, it is still individuals that make these decisions




B2C marketing (business to consumer)
Low risk, buying a can of soup or a sweatshirt online
Business sells and the consumer buys the product
Consumer:
Clothes, food, gasoline, shoes




Business vs. Consumer Products
Business:
Are used to manufacture other products (Aluminum to make cars)
Become part of another product (buy tires to become different part)
Aid the normal operations of an organization (Rob's microphone, stand)

,Are acquired for sale without change in form (buy products and simply resell
at slight markup)
Consumer:
Clothes, food, gasoline, shoes




Types of business buyers


Manufacturers/service providers- John Deer, Dell, Apple buts goods and
produces other things with them
Institution- University of Iowa
Governments- local, state, national business buyers
Resell- Dirty Johns




Differences B2B vs. B2C
B2B: close relationships with customers, few customer- buyers, less price
sensitive, large orders, complex decisions/high risk, ongoing relationships,
concentrated few players, others initiate purchases
B2C: impersonal mass communication, many customers, more price
sensitive, small orders, simpler decisions/lower risk, isolated events, many
players, self-initiation more often




Buying Center Roles
Initiates- determining the need or service that they want (rob says I want an
Ipad)
Influencer- decides if this is a good investment, influences the decision to
persuade (going to the tech guy at Iowa)

,Gatekeeper- in charge of the decider, makes the final decision with all the
different factors (various secretaries)
Decider- (the dean)
Buyer- buys and maintains the inventory (the tech guy Craig buys everything)
User- greatly affected from the (back to Rob when he gets the Ipad)




business buying process
Need recognition- some need, want, ideal self-different from current self (out
of pens, need new laptop, need new chairs)
Product specification- fighter jets that can carry so much in supplies for so
many miles, and can go so fast
RFP process- telling people to come up with their best jet and pitch it and
choose the best
Proposal analytics- how much does the chair cost, how much does the fighter
jet cost, is it fair? Relationship based
Order specifications- contract, if the contract does not say that windows have
lifetime warranty than the university is liable and if it is the window people
have to replace it
Vendor assessment- am I willing to use this contractor again?




Buying Situations
New Buy: need new product or technology for the first time, new item that has
not really been done hard to make (apple, fighter jet)
Modified rebuy: tested it out and hopefully product works, buying chips,
modify, trying to change something
Straight rebuy: we want 200 monitors every month, same thing same quantity
not changing anything about it

, Globalization
The process in which goods, services, capital, people, information, and ideas
flow across national boarders (sell products where you distribute everything
around the world, the process by which goods, services, capital, people,
information, and ideas flow across national borders)




Assessing Global Markets
Economics- general economic environment, market size and population
growth, real income (how much do people make)
Infrastructure- transportation, channels, communication, commerce (schools,
water and power lines, prisons, post offices)
Sociocultural- power distance, uncertainty avoidance, individualism,
masculinity, time orientation (what group do you belong in sorority/frat)




tariff (or duty)
increase the cost of something coming in your country or imported (limit, ban,
change price)




Quoatas
Designates a maximum of a product that may be brought into a country during
a specified time period

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