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Lecture 4

BUAD301 Lecture 4: BUAD301 Exam2

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Department
Business Administration
Course
BUAD301
Professor
markbambach
Semester
Spring

Description
BUAD301 Exam #2 Study Guide – Spring 2017 1. Characteristics of the buying process - Characteristics: o Time required o Multiple influence o Review of suppliers o Information needed - Type of Process: o New-task buying (buying a new thing for a new task) o Modified re-buy (changing things about what you have bought before) o Straight re-buy (buying same thing from same seller) - Open bid – can turn into a price war – often people go with lowest bid - Closed bid – no one can see bids except company – only send 1 bid in 2. See #1 3. Characteristics of how organizational customers are different - Characteristics of Types of Organizational Customers: o Manufacturers o Producers of services o Retailers and wholesalers o Government units - Different Types: o Producers of goods and services – manufacturers, farmers, real estate developers, hotels, banks, doctors/lawyers o Intermediaries – wholesalers and retailers o Government units – federal agencies in the US and other countries as well as state and local governments o Nonprofit organizations – national organizations like the American Red Cross and Girl Scouts as well as local organizations like museums and churches 4. See #3 5. Characteristics of business and organizational customers - Fewer/larger buyers - Economic needs - Behavioral needs - Ethical issues - Purchasing managers - Multiple buying influence - Buying procedures - Rational, logical not emotional - Buyers follow procedures – checks and balances - Fewer but larger customers - Ethical issues arise - Buying center for large organizations – checks and balances – users, influencers, gatekeepers, deciders, buyers 6. Characteristics of how manufacturers are important customers - There are not many big ones – most manufacturers are small firms o Owners often do the buying o Today, we are a service giant rather than a manufacturing giant – we outsource o Not many big ones o Clustered in geographic areas where land and labor is cheap/near water or railroads o NAICS Codes ▪ Provide info on firms ▪ Government finds promising and dying industries • What we, as a nation, should stop reporting 7. See #6 8. Characteristics of how producers of services are smaller and more spread out - More service firms than manufacturers – AT&T, Hilton, etc. o Most are small – close to their customers as opposed to factories who must be close to transportation - Buying might not be formal o May need more help than large corporations – lack of specialization in buying from suppliers o Advertising is important - Small service customers like internet buying o Lack of personal attention from salespeople o Small customers are important 9. Characteristics of how effective marketing requires good information - Marketing info systems are progressing o Do marketing research o Gather and analyze info to make decisions o Make info available and accessible to the RIGHT people o Decision support systems aid managers o Make info EASILY accessible o Decision support systems, multimedia data, data warehouses, marketing models - Scientific approach to marketing research process: o Define problem o Analyze the situation o Get problem specific data o Interpret data o Solve the problem - Cost effective ways to get info about what is happening in the market that is imperative 10. See #9 11. Characteristics of analyzing the situation - What info we already have - Situation analysis helps educate a researcher - Sources of secondary and primary data: o Secondary ▪ Free/inexpensive ▪ Preexisting • Inside company • Outside company ▪ Faster o Primary ▪ Expensive ▪ Does not exist prior ▪ Research (time consuming) • Observation • Questioning 12. Characteristics of gathering problem specific data - Primary Data o Observing and questioning o 12-15 people for 1.5 hours - Questioning - Structured questioning gives more objective results o Qualitative Research ▪ Seeks structured questions (mult choice) ▪ Summarized in numbers o Surveys come in many forms ▪ Mail and online • Price and return must be observed • Low avg for mail • Online surveys are cheap and fast ▪ Telephone • Intrusive ▪ Personal interview • Get to heart of reasoning • Long - Observing – what you see is what you get o Common in advertising research o Checkout scanners “see” a lot – feed directly into MIS 13. See #12 14. Characteristics of interpreting the data - Study only a sample, not entire population o Sample must represent total
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