8 Stages of the Business Buying Process
1. Problem Recognition (can result from internal/ext. stimuli i.e. launching a new product)
2. General Need Description (Standard vs. Complex items to order)
3. Product Specification (Value Analysis by the engineering team)
4. Supplier Search (Supplier Search is more like Supplier Development of a system)
5. Proposal Solicitation (Turn-Key Projects= detailed proposals)
6. Supplier Selection (list of attributes and their importance)
7. Order Routine Specificiation (tech specs, quantity, delivery time, return policy, warranties, Blanket Contract)
8. Performance Review (--> continue, modify or drop, monitoring)
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Marketing Principles
- List each aspect of the company's macro-environment.
- What are the most important cultural values of a society (company's macro-environment)?
- 8 of the Consumer, Cultural trends in the Macroenvironment are.
- What is a company's Cultural Macroenvironment?
- What events have caused an increase in interest in Ethics and Social Responsibility?
- Why has business legislation been enacted?
- Which countries have strong consumer protection laws?
- What have more govt. regulations on technology provoked?
- What does new technology create?
- What is the Good, Bad and Ugly of the Technological Environment of a company's Macro-Environment?
- What are Natural Environment "enlightened" firms responding to consumer demands with?
- What are the three important trends in the natural environment that Marketers should be aware of?
- What was the Earth Decade and when did it occur?
- What are the two dimension so fthe Natural Environment of a company's macroenvironment?
- Marketers consider income distribution by separating society into four economic classes, what are they?
- What are some of the major historical US economic trends?
- What are the two extremes of the Economic Environment of a company's Macro-Environment?
- What is the challenge in the analysis of the Economic Environment?
- Countries vary in ethnic and racial makeup (True or False?)
- More educated people will lead to an increase in demand for.
- How many Americans telecommute?
- What are some of the population shifts that have occured in the US over the past 25 years?
- Why do population shifts, interest marketers?
- What is the single most important demographic trend in the US?
- What do Marketers need to keep track of?