Let?s look at the ?Customer Lifetime Value? marketing concept. We?ll use the following hypothetical scenario to calculate the total expenditure for auto insurance. Try not to overthink here, just calculate the numbers… monthly cost times number of months times total number of years (previous & future):
? Monthly cost = $130
? Number of previous years = 15
? Number of future years = 35
Prepare a one-page analysis (approximately 75-100 words) based on the following two questions:
4. What would the total Customer Lifetime Value using these calculations? (show your worksheet)
5. Why should all of a firm?s departments understand the impact of this strategy?
Written Assignment One Pager: B-to-B vs B-to-C marketing
Consider some of the consumer behavior topics for business-to-consumer (B-to-C) marketing from Chapter 6. How might you apply them to business-to-business (B-to-B) settings? For example, how might non-compensatory models of choice work?
You are expected to incorporate specific marketing terminologies from the text in your responses.
Chapter Notes
Chapter 7 – ANALYZING BUSINESS MARKETS
Organizational buying is the decision-making process by which formal organizations establish the need for purchased products and services, then identify, evaluate, and choose among alternative brands and suppliers. The business market consists of all the organizations that acquire goods and services used in the production of other products or services that are sold, rented, or supplied to others. Compared with consumer markets, business markets generally have fewer and larger buyers, a closer customer supplier relationship, and more geographically concentrated buyers. Demand in the business market is derived from demand in the consumer market and fluctuates with the business cycle. Nonetheless, the total demand for many business goods and services is quite price inelastic. Business marketers need to be aware of the role of professional purchasers and their influencers, the need for multiple sales calls, and the importance of direct purchasing, reciprocity, and leasing.
The buying center is the decision-making unit of a buying organization. It consists of initiators, users, influencers, deciders, approvers, buyers, and gatekeepers. To influence these parties, marketers must consider environmental, organizational, interpersonal, and individual factors. The buying process consists of eight stages called buyphases: (1) problem recognition, (2) general need description, (3) product specification, (4) supplier search, (5) proposal solicitation, (6) supplier selection, (7) order-routine specification, and (8) performance review. Business marketers are strengthening their brands and using technology and other communication tools to develop effective marketing programs. They are also using systems selling and adding services to provide customers added value. Business marketers must form strong bonds and relationships with their customers. Some customers, however, may prefer a transactional relationship. The institutional market consists of schools, hospitals, nursing homes, prisons, and other institutions that provide goods and services to people in their care. Buyers for government organizations tend to require a great deal of paperwork from their vendors and to favor open bidding and domestic companies. Suppliers must be prepared to adapt their offers to the special needs and procedures found in institutional and government markets.
Chapter 8 – TAPPING INTO GLOBAL MARKETS
PLACE THIS ORDER OR A SIMILAR ORDER WITH NURSING TERM PAPERS TODAY AND GET AN AMAZING DISCOUNT
