AMA PCM Final Study Set 100% Correct
Latest Update
Morals
the rules people develop as a result of cultural values and norms
Business Ethics v. Social Responsibility
business ethics focuses on their practices and policies as they relate to share holders &
stakeholders while social is focused on society and environment
Ethics in marketing
honesty, consumer safety, consumer security
4 Types of Business Markets
producer, reseller, government, institutional
Segmenting Business Markets
operating characteristics, purchasing approaches, situational factors, personal
characteristics
-geographical location
-product usage segments, sends teams of people to collect this information/insight
-maybe cost-efficient to segment company types(churches & schools v Government
Institutes)
-banks use size & financial deals to segment
-buying process- similar to how large businesses purchase products in bulk, price and
quantity vary
,Satisficers
business customers who place an order with the first familiar supplier capable of
satisfying product and delivery requirements
-need to be contacted as quickly as possible
Optimizers
business buyers that consider multiple suppliers - both known and unknown - solicit
bids, and carefully review all proposals before making their selection
Buying Centers
initiators-propose product/ service, influencers-persuade
-decison makers meet all requirements to the product/ service to meet org. needs
-buyers purchase from suppliers
Describe ethics as it pertains to marketing
a set of moral principles guiding a company to do the right thing for the good of
consumers
Reasons why the AMA may have developed the Statement 3of Ethical Norms & Values
1) to help the AMA membership interact w/ customers & larger society in a professional,
thoughtful way
2) to foster more trust around marketing by customers & the community
AMA's core ethical values
fairness. honesty, respect
AMA's ethical Norms
foster trust in marketing system, do not harm, embrace ethical vales
Norms
,defined as standardized ways of conduct and behavior in a society, company, or org.
3 levels of ethical developmetn
preconventional, conventional, postconventional
Types of Rebuys
new buy- 1st time purchase, may take longer
straigfht rebuy- no modifications, buying again
modified rebuy- change to quanity or something
buying center
everyone in an org. that is part of overall business purchase decision
-can be engineers, product managers, initiators, influencers
5 aspects of business buying behavior
buying center
evaluation criteria
business ethics
customer service
buying situations
Decsion maker
the person in the buying center who has the final say in purchasing decisions
3 criteria businesses use to make a purchase decision
quality, service, price
, Decider
has the power to decide which supplier to use
Influencer
assists with evaluating the business product & usually possess technical or specialized
information that will aid in making a decision
uses their opinion to control a purchase
Initiator
recognizes a problem & suggests a solution
Which segmentation is used- James segments his customers by how much money they
spend on his products and servicxes buying processes
Business market
when a business markets products/ services to comp[anies
Buyiung decisions
in a company are influenced by business center members, specific members vary
depending on the company
WTO
fair trading, even for developing countries, removes tariffs and barriers
-3/4 of countries are apart of WTO
Allowed for NAFTA
- increased global trading
-explosive economic growth, growth of middle class
Latest Update
Morals
the rules people develop as a result of cultural values and norms
Business Ethics v. Social Responsibility
business ethics focuses on their practices and policies as they relate to share holders &
stakeholders while social is focused on society and environment
Ethics in marketing
honesty, consumer safety, consumer security
4 Types of Business Markets
producer, reseller, government, institutional
Segmenting Business Markets
operating characteristics, purchasing approaches, situational factors, personal
characteristics
-geographical location
-product usage segments, sends teams of people to collect this information/insight
-maybe cost-efficient to segment company types(churches & schools v Government
Institutes)
-banks use size & financial deals to segment
-buying process- similar to how large businesses purchase products in bulk, price and
quantity vary
,Satisficers
business customers who place an order with the first familiar supplier capable of
satisfying product and delivery requirements
-need to be contacted as quickly as possible
Optimizers
business buyers that consider multiple suppliers - both known and unknown - solicit
bids, and carefully review all proposals before making their selection
Buying Centers
initiators-propose product/ service, influencers-persuade
-decison makers meet all requirements to the product/ service to meet org. needs
-buyers purchase from suppliers
Describe ethics as it pertains to marketing
a set of moral principles guiding a company to do the right thing for the good of
consumers
Reasons why the AMA may have developed the Statement 3of Ethical Norms & Values
1) to help the AMA membership interact w/ customers & larger society in a professional,
thoughtful way
2) to foster more trust around marketing by customers & the community
AMA's core ethical values
fairness. honesty, respect
AMA's ethical Norms
foster trust in marketing system, do not harm, embrace ethical vales
Norms
,defined as standardized ways of conduct and behavior in a society, company, or org.
3 levels of ethical developmetn
preconventional, conventional, postconventional
Types of Rebuys
new buy- 1st time purchase, may take longer
straigfht rebuy- no modifications, buying again
modified rebuy- change to quanity or something
buying center
everyone in an org. that is part of overall business purchase decision
-can be engineers, product managers, initiators, influencers
5 aspects of business buying behavior
buying center
evaluation criteria
business ethics
customer service
buying situations
Decsion maker
the person in the buying center who has the final say in purchasing decisions
3 criteria businesses use to make a purchase decision
quality, service, price
, Decider
has the power to decide which supplier to use
Influencer
assists with evaluating the business product & usually possess technical or specialized
information that will aid in making a decision
uses their opinion to control a purchase
Initiator
recognizes a problem & suggests a solution
Which segmentation is used- James segments his customers by how much money they
spend on his products and servicxes buying processes
Business market
when a business markets products/ services to comp[anies
Buyiung decisions
in a company are influenced by business center members, specific members vary
depending on the company
WTO
fair trading, even for developing countries, removes tariffs and barriers
-3/4 of countries are apart of WTO
Allowed for NAFTA
- increased global trading
-explosive economic growth, growth of middle class
