The document summarizes key aspects of business-to-business marketing including characteristics of B2B markets and demand, different buying situations, and the business buying decision process. It describes how B2B demand differs from consumer demand in being derived, inelastic, and fluctuating. It also outlines the 5 steps in the business buying decision process - problem recognition, information search, evaluation of alternatives, selection of product/supplier, and post-purchase evaluation.
This document summarizes key aspects of business-to-business marketing and the organizational buying process. It discusses how business markets differ from consumer markets in terms of the buyers involved, buying situations, and decision-making process. The organizational buying process is outlined in six stages: problem recognition, description and characteristics, supplier search, proposal solicitations, supplier selection, and order specification. Managing relationships with business customers is also addressed.
This document discusses organizational buying and business markets. It begins by defining organizational buying and identifying different types of business markets. It then explains how business markets differ from consumer markets in terms of the buyers being professional, relationships being personal, fewer but larger buyers, and demand being derived, inelastic, and fluctuating. The rest of the document outlines the buying process for business markets, including different buying situations, participants, stages, and frameworks for analyzing business-to-business relationships.
The document discusses marketing strategies and plans. It covers topics such as the value chain, core competencies, strategic planning processes, SWOT analysis, marketing opportunities, goals, generic strategies, marketing mix, and marketing plan contents. The marketing plan is the central instrument for directing marketing efforts and includes an executive summary, situation analysis, marketing strategy, financial projections, and implementation controls. Strategic planning is carried out at the corporate level to define missions and assess growth opportunities, and at the business unit level through SWOT analysis and identifying marketing opportunities.
The document discusses marketing research and outlines the marketing research process. It describes the 6 steps of the marketing research process as: 1) define the problem, 2) develop the research plan, 3) collect the information, 4) analyze the information, 5) present the findings, and 6) make the decision. It also lists characteristics of good marketing research as using the scientific method, employing multiple research methods, valuing both data and the cost of obtaining information, and maintaining a healthy skepticism.
The document discusses organizational buying and business markets. It defines organizational buying as the process by which organizations identify, evaluate, and choose products and suppliers. Business markets differ from consumer markets in that demand is derived, buyers are concentrated geographically, relationships are important, and there are fewer but larger buyers. The stages of organizational buying are described, including problem recognition, specification, supplier selection, ordering, and performance review. Different buying situations like new tasks, modified rebuys, and straight rebuys are also outlined.
The document discusses developing marketing strategies and plans. It covers topics such as phases of value creation and delivery, the value chain, core business processes, characteristics of core competencies, holistic marketing, strategic planning processes, SWOT analysis, marketing opportunities analysis, goal formulation, generic strategies, marketing alliances, elements of success, contents of a marketing plan, and evaluating a marketing plan. The key aspects are strategic planning is carried out at different levels of an organization, a marketing plan includes elements like situation analysis, marketing strategy and financial projections, and a marketing plan should be simple, specific, realistic and complete.
This document discusses developing marketing strategies and plans. It covers key topics such as the value chain, core competencies, holistic marketing, strategic planning processes, SWOT analysis, marketing opportunities, and the components of a marketing plan. A marketing plan operates at both a strategic and tactical level, and includes an executive summary, situation analysis, marketing strategy, financial projections, and implementation controls. Strategic planning is carried out differently at the corporate headquarters, business unit, and marketing department levels.
The document discusses key aspects of services marketing. It defines a service as any act or performance that is intangible and does not result in ownership. Services are classified along a continuum from pure tangible goods to pure services. Services differ from goods in being intangible, inseparable from their delivery, variable in their delivery, and perishable if not provided immediately. The document outlines challenges in services marketing like matching supply and demand and reducing customer failures. It provides best practices for achieving service excellence, improving quality using models of expected service, and enhancing customer support for goods companies.
This document summarizes key aspects of business-to-business marketing and the organizational buying process. It discusses how business markets differ from consumer markets in terms of the buyers involved, buying situations, and decision-making process. The organizational buying process is outlined in six stages: problem recognition, description and characteristics, supplier search, proposal solicitations, supplier selection, and order specification. Managing relationships with business customers is also addressed.
This document discusses organizational buying and business markets. It begins by defining organizational buying and identifying different types of business markets. It then explains how business markets differ from consumer markets in terms of the buyers being professional, relationships being personal, fewer but larger buyers, and demand being derived, inelastic, and fluctuating. The rest of the document outlines the buying process for business markets, including different buying situations, participants, stages, and frameworks for analyzing business-to-business relationships.
The document discusses marketing strategies and plans. It covers topics such as the value chain, core competencies, strategic planning processes, SWOT analysis, marketing opportunities, goals, generic strategies, marketing mix, and marketing plan contents. The marketing plan is the central instrument for directing marketing efforts and includes an executive summary, situation analysis, marketing strategy, financial projections, and implementation controls. Strategic planning is carried out at the corporate level to define missions and assess growth opportunities, and at the business unit level through SWOT analysis and identifying marketing opportunities.
The document discusses marketing research and outlines the marketing research process. It describes the 6 steps of the marketing research process as: 1) define the problem, 2) develop the research plan, 3) collect the information, 4) analyze the information, 5) present the findings, and 6) make the decision. It also lists characteristics of good marketing research as using the scientific method, employing multiple research methods, valuing both data and the cost of obtaining information, and maintaining a healthy skepticism.
The document discusses organizational buying and business markets. It defines organizational buying as the process by which organizations identify, evaluate, and choose products and suppliers. Business markets differ from consumer markets in that demand is derived, buyers are concentrated geographically, relationships are important, and there are fewer but larger buyers. The stages of organizational buying are described, including problem recognition, specification, supplier selection, ordering, and performance review. Different buying situations like new tasks, modified rebuys, and straight rebuys are also outlined.
The document discusses developing marketing strategies and plans. It covers topics such as phases of value creation and delivery, the value chain, core business processes, characteristics of core competencies, holistic marketing, strategic planning processes, SWOT analysis, marketing opportunities analysis, goal formulation, generic strategies, marketing alliances, elements of success, contents of a marketing plan, and evaluating a marketing plan. The key aspects are strategic planning is carried out at different levels of an organization, a marketing plan includes elements like situation analysis, marketing strategy and financial projections, and a marketing plan should be simple, specific, realistic and complete.
This document discusses developing marketing strategies and plans. It covers key topics such as the value chain, core competencies, holistic marketing, strategic planning processes, SWOT analysis, marketing opportunities, and the components of a marketing plan. A marketing plan operates at both a strategic and tactical level, and includes an executive summary, situation analysis, marketing strategy, financial projections, and implementation controls. Strategic planning is carried out differently at the corporate headquarters, business unit, and marketing department levels.
The document discusses key aspects of services marketing. It defines a service as any act or performance that is intangible and does not result in ownership. Services are classified along a continuum from pure tangible goods to pure services. Services differ from goods in being intangible, inseparable from their delivery, variable in their delivery, and perishable if not provided immediately. The document outlines challenges in services marketing like matching supply and demand and reducing customer failures. It provides best practices for achieving service excellence, improving quality using models of expected service, and enhancing customer support for goods companies.
The document summarizes key concepts from Chapter 1 of a marketing textbook. It defines marketing and discusses the four major marketing management philosophies: production, sales, market, and societal orientations. It also describes the differences between sales and market orientations, focusing on how they differ in their organizational focus, definition of the firm's business, customers targeted, primary goals, and tools used. Finally, it outlines several reasons for studying marketing, including its importance to business and society as well as career opportunities.
Importance of Perceived Brand Ranking for B2B Customers in Making High Risk P...IOSRJBM
Brand Building and Brand promotions are undoubtedly means of generating large revenues in today’s B2B industrial market. However, due to globalization and access to multiple information data base, the organizations with equal brand equities and brand image exists in the Industrial segments. Therefore, it become extremely difficult for the Buying Center in B2B segment to arrive quickly on the purchasing decision. Therefore, in today’s intense marketing era, a deliberate attempt is needed to improve the perceived Brand Ranking in the minds of buying center. Strong brand ranking thus has become a very important factor that influences customer perceptions of a brand. In the success of Brand Management, Brand ranking is gaining significant importance alongwith brand equity from understanding and managing them correctly. Today’s marketing professionals need to pay deliberate attention to Brand ranking so as to produce strong attributes that will influence customers when making their choices.This research paper focuses on the importance brand ranking and how it is being perceived by B2B customers while making purchasing decision. This is based on the assumption that the other dimensions such as brand promotions, brand equity are at the same level and the customers knowingly and unknowingly makes a comparison based on the rank of the brand.However, this research paper aims to find out if the perceived financial and business risks in the minds of the members of buying center significantly impacts the perceived Brand Ranking. Brand awareness was treated separately from other dimensions because of the difference in scale.A structured questionnaire was constructed to provide answers to our research question. In this study, one hundred questionnaires were distributed, but only eightytwo questionnaires were received out of which seventy six has been realized. The study surveyed four dimensions of perceived risk, value proposition, brand Imageand brand ranking of two top brands in lubricants. Among these dimensions, brand image appears to have the least brand ranking rating by consumers than the other dimensions. However, all these dimensions more or less influence the perceived brand ranking by the customer.
This document discusses developing marketing strategies and plans. It covers topics such as phases of value creation, the value chain, core business processes, maximizing core competencies, holistic marketing, strategic planning at different organizational levels, SWOT analysis, goal formulation, Porter's generic strategies, marketing alliances, and elements of a successful marketing plan. A marketing plan is the central document for directing a company's marketing efforts at both the strategic and tactical levels. It typically includes an executive summary, situation analysis, marketing strategy, financial projections, and implementation controls.
The document discusses strategic planning and marketing plans. It covers developing marketing strategies at different organizational levels, from corporate strategic planning down to business unit and product planning. Key aspects of strategic planning discussed include defining the corporate mission and strategic business units, assessing growth opportunities, and developing goals and strategies. The document also addresses the components and levels of a formal marketing plan.
The document discusses branding and brand equity. It defines a brand as a name, symbol or design that identifies a seller's goods and differentiates them from competitors. Brand equity is the added value provided to products and services through branding, which is reflected in how consumers think, feel and act regarding the brand. Building brand equity involves identifying brand positioning, implementing brand marketing, measuring performance, and growing brand value over time. Strong brands provide advantages like greater loyalty and margins as well as marketing effectiveness.
This document outlines the key aspects of conducting marketing research. It discusses the marketing research process, which includes defining the problem, developing a research plan, collecting information, analyzing the information, presenting findings, and making a decision. It also covers different types of marketing research, approaches, instruments, metrics, and challenges. The overall purpose of marketing research is to systematically design, collect, analyze, and report data to help companies address specific marketing situations.
This document discusses key concepts in developing marketing strategies and plans. It covers topics such as how marketing affects customer value, different levels of strategic planning, components of a marketing plan, and frameworks for analyzing opportunities and formulating goals. Examples are provided of companies that effectively apply various strategic marketing approaches.
B Business and Management (Standard Level)
All material taken from the IB Business and Management Textbook:
"Business and Management", Paul Hoang, IBID Press, Victoria, 2007
This document provides an overview of marketing concepts from a textbook. It discusses what marketing is, understanding customer needs and the marketplace, designing a customer-driven marketing strategy, preparing an integrated marketing plan and program, building customer relationships, capturing value from customers, and the changing marketing landscape. The key points are that marketing creates value for customers, satisfies customer needs through a marketing process, and builds strong customer relationships to capture value in return.
Marketing is defined as creating and delivering value for customers. It involves managing customer relationships and benefiting both the organization and its stakeholders. Marketing management is the process of choosing target markets and attracting, retaining and growing customers through superior customer value. It covers developing strategies and plans, gaining customer insights, connecting with customers, building brands, shaping offerings, delivering value, communicating value, and creating long-term growth. The key concepts in marketing include needs, targeting, segmentation, offerings, value, channels, competition and the marketing environment.
The document discusses strategic positioning and execution. It covers defining a company's strategic position by determining the target market, core value proposition, and key capabilities. This involves segmentation, identifying customer needs, and auditing internal competencies. The strategic position then guides the development of a value proposition for each customer segment and ensures the organization has the right capabilities. Ongoing measurement is needed to ensure the strategic position continues to meet changing customer and operational needs over time. Effective execution also requires aligning the organization, planning operations, and monitoring performance using tools like the balanced scorecard.
The document discusses branding and brand equity. It defines a brand as a name, symbol or design that identifies a seller's goods and differentiates them from competitors. Brand equity is the added value provided to products and services through branding, which is reflected in how consumers think, feel and act regarding the brand. Building brand equity involves identifying brand positioning, implementing brand marketing, measuring brand performance, and growing brand value over time. Strong brands provide advantages like greater customer loyalty and margins. The document also discusses measuring brand equity, managing brand equity through reinforcement or revitalization, and developing branding strategies.
This document discusses brand equity and strategies for building strong brands. It begins by defining a brand and brand equity, and explaining how brands provide benefits to both consumers and marketers. It then examines different models for measuring brand equity, including the BrandAsset Valuator model. The document outlines various elements that comprise a brand, such as names, logos, slogans, and how brands are developed and leveraged through line extensions, brand portfolios, and secondary associations. It also discusses how brand equity is measured and managed over time.
The document discusses brand valuation and provides information on:
1) What brand valuation is and why it is important as brands make up most of company value today rather than tangible assets.
2) The main methods for valuing brands including discounted cash flow, price premia, and book to market.
3) How brand valuation became more standardized over the last 30 years and is now accepted under IFRS accounting standards.
The Discipline of Market Leaders by Michael Treacy and Fred WiersemaSameer Mathur
What gives the leading companies an edge over its competitors? According to "The Discipline Of Market Leaders the value of a product or service to the customers can be categorized in terms of efficiency, innovation and customer intimacy. Read the summary prepared by Prof. Sameer Mathur.
Considering a career as a purchasing manager? These professionals plan, direct and coordinate the buying of materials, products or services for wholesalers, retailers or organizations. They oversee the work of buyers and purchasing agents. This guide provides all the necessary information and resources to get started. Find out everything you need to know about this occupation, including qualifications, pay and standard duties.
AiDLo management program important question bank series-3DistPub India
AiDLo Team has prepared question answer bank from different distance learning program and you can search answer from entire our aidlo.com portal. So visit our website for membership.
The document discusses customer relationship management and loyalty. It defines loyalty as a commitment to repurchase from a preferred brand despite potential switching influences. It also defines customer relationship management as carefully managing detailed customer information to maximize loyalty. Additionally, it discusses estimating customer lifetime value and the importance of maximizing it through acquiring, retaining, and increasing customers' spending with a company over time.
This chapter discusses business-to-business markets and how organizations purchase goods and services. It describes key characteristics of B2B demand and customers. Business demand is often derived from consumer demand, inelastic, and fluctuating. Customers include producers, resellers, government agencies, and non-profits. Marketers classify industries using the North American Industry Classification System. The chapter also covers opportunities for using e-commerce, social media, and technologies like intranets in B2B contexts. Finally, it addresses different business buying situations and models of the organizational buying decision process.
The document summarizes key concepts from Chapter 1 of a marketing textbook. It defines marketing and discusses the four major marketing management philosophies: production, sales, market, and societal orientations. It also describes the differences between sales and market orientations, focusing on how they differ in their organizational focus, definition of the firm's business, customers targeted, primary goals, and tools used. Finally, it outlines several reasons for studying marketing, including its importance to business and society as well as career opportunities.
Importance of Perceived Brand Ranking for B2B Customers in Making High Risk P...IOSRJBM
Brand Building and Brand promotions are undoubtedly means of generating large revenues in today’s B2B industrial market. However, due to globalization and access to multiple information data base, the organizations with equal brand equities and brand image exists in the Industrial segments. Therefore, it become extremely difficult for the Buying Center in B2B segment to arrive quickly on the purchasing decision. Therefore, in today’s intense marketing era, a deliberate attempt is needed to improve the perceived Brand Ranking in the minds of buying center. Strong brand ranking thus has become a very important factor that influences customer perceptions of a brand. In the success of Brand Management, Brand ranking is gaining significant importance alongwith brand equity from understanding and managing them correctly. Today’s marketing professionals need to pay deliberate attention to Brand ranking so as to produce strong attributes that will influence customers when making their choices.This research paper focuses on the importance brand ranking and how it is being perceived by B2B customers while making purchasing decision. This is based on the assumption that the other dimensions such as brand promotions, brand equity are at the same level and the customers knowingly and unknowingly makes a comparison based on the rank of the brand.However, this research paper aims to find out if the perceived financial and business risks in the minds of the members of buying center significantly impacts the perceived Brand Ranking. Brand awareness was treated separately from other dimensions because of the difference in scale.A structured questionnaire was constructed to provide answers to our research question. In this study, one hundred questionnaires were distributed, but only eightytwo questionnaires were received out of which seventy six has been realized. The study surveyed four dimensions of perceived risk, value proposition, brand Imageand brand ranking of two top brands in lubricants. Among these dimensions, brand image appears to have the least brand ranking rating by consumers than the other dimensions. However, all these dimensions more or less influence the perceived brand ranking by the customer.
This document discusses developing marketing strategies and plans. It covers topics such as phases of value creation, the value chain, core business processes, maximizing core competencies, holistic marketing, strategic planning at different organizational levels, SWOT analysis, goal formulation, Porter's generic strategies, marketing alliances, and elements of a successful marketing plan. A marketing plan is the central document for directing a company's marketing efforts at both the strategic and tactical levels. It typically includes an executive summary, situation analysis, marketing strategy, financial projections, and implementation controls.
The document discusses strategic planning and marketing plans. It covers developing marketing strategies at different organizational levels, from corporate strategic planning down to business unit and product planning. Key aspects of strategic planning discussed include defining the corporate mission and strategic business units, assessing growth opportunities, and developing goals and strategies. The document also addresses the components and levels of a formal marketing plan.
The document discusses branding and brand equity. It defines a brand as a name, symbol or design that identifies a seller's goods and differentiates them from competitors. Brand equity is the added value provided to products and services through branding, which is reflected in how consumers think, feel and act regarding the brand. Building brand equity involves identifying brand positioning, implementing brand marketing, measuring performance, and growing brand value over time. Strong brands provide advantages like greater loyalty and margins as well as marketing effectiveness.
This document outlines the key aspects of conducting marketing research. It discusses the marketing research process, which includes defining the problem, developing a research plan, collecting information, analyzing the information, presenting findings, and making a decision. It also covers different types of marketing research, approaches, instruments, metrics, and challenges. The overall purpose of marketing research is to systematically design, collect, analyze, and report data to help companies address specific marketing situations.
This document discusses key concepts in developing marketing strategies and plans. It covers topics such as how marketing affects customer value, different levels of strategic planning, components of a marketing plan, and frameworks for analyzing opportunities and formulating goals. Examples are provided of companies that effectively apply various strategic marketing approaches.
B Business and Management (Standard Level)
All material taken from the IB Business and Management Textbook:
"Business and Management", Paul Hoang, IBID Press, Victoria, 2007
This document provides an overview of marketing concepts from a textbook. It discusses what marketing is, understanding customer needs and the marketplace, designing a customer-driven marketing strategy, preparing an integrated marketing plan and program, building customer relationships, capturing value from customers, and the changing marketing landscape. The key points are that marketing creates value for customers, satisfies customer needs through a marketing process, and builds strong customer relationships to capture value in return.
Marketing is defined as creating and delivering value for customers. It involves managing customer relationships and benefiting both the organization and its stakeholders. Marketing management is the process of choosing target markets and attracting, retaining and growing customers through superior customer value. It covers developing strategies and plans, gaining customer insights, connecting with customers, building brands, shaping offerings, delivering value, communicating value, and creating long-term growth. The key concepts in marketing include needs, targeting, segmentation, offerings, value, channels, competition and the marketing environment.
The document discusses strategic positioning and execution. It covers defining a company's strategic position by determining the target market, core value proposition, and key capabilities. This involves segmentation, identifying customer needs, and auditing internal competencies. The strategic position then guides the development of a value proposition for each customer segment and ensures the organization has the right capabilities. Ongoing measurement is needed to ensure the strategic position continues to meet changing customer and operational needs over time. Effective execution also requires aligning the organization, planning operations, and monitoring performance using tools like the balanced scorecard.
The document discusses branding and brand equity. It defines a brand as a name, symbol or design that identifies a seller's goods and differentiates them from competitors. Brand equity is the added value provided to products and services through branding, which is reflected in how consumers think, feel and act regarding the brand. Building brand equity involves identifying brand positioning, implementing brand marketing, measuring brand performance, and growing brand value over time. Strong brands provide advantages like greater customer loyalty and margins. The document also discusses measuring brand equity, managing brand equity through reinforcement or revitalization, and developing branding strategies.
This document discusses brand equity and strategies for building strong brands. It begins by defining a brand and brand equity, and explaining how brands provide benefits to both consumers and marketers. It then examines different models for measuring brand equity, including the BrandAsset Valuator model. The document outlines various elements that comprise a brand, such as names, logos, slogans, and how brands are developed and leveraged through line extensions, brand portfolios, and secondary associations. It also discusses how brand equity is measured and managed over time.
The document discusses brand valuation and provides information on:
1) What brand valuation is and why it is important as brands make up most of company value today rather than tangible assets.
2) The main methods for valuing brands including discounted cash flow, price premia, and book to market.
3) How brand valuation became more standardized over the last 30 years and is now accepted under IFRS accounting standards.
The Discipline of Market Leaders by Michael Treacy and Fred WiersemaSameer Mathur
What gives the leading companies an edge over its competitors? According to "The Discipline Of Market Leaders the value of a product or service to the customers can be categorized in terms of efficiency, innovation and customer intimacy. Read the summary prepared by Prof. Sameer Mathur.
Considering a career as a purchasing manager? These professionals plan, direct and coordinate the buying of materials, products or services for wholesalers, retailers or organizations. They oversee the work of buyers and purchasing agents. This guide provides all the necessary information and resources to get started. Find out everything you need to know about this occupation, including qualifications, pay and standard duties.
AiDLo management program important question bank series-3DistPub India
AiDLo Team has prepared question answer bank from different distance learning program and you can search answer from entire our aidlo.com portal. So visit our website for membership.
The document discusses customer relationship management and loyalty. It defines loyalty as a commitment to repurchase from a preferred brand despite potential switching influences. It also defines customer relationship management as carefully managing detailed customer information to maximize loyalty. Additionally, it discusses estimating customer lifetime value and the importance of maximizing it through acquiring, retaining, and increasing customers' spending with a company over time.
This chapter discusses business-to-business markets and how organizations purchase goods and services. It describes key characteristics of B2B demand and customers. Business demand is often derived from consumer demand, inelastic, and fluctuating. Customers include producers, resellers, government agencies, and non-profits. Marketers classify industries using the North American Industry Classification System. The chapter also covers opportunities for using e-commerce, social media, and technologies like intranets in B2B contexts. Finally, it addresses different business buying situations and models of the organizational buying decision process.
This document provides an overview of business markets, business buyer behavior, and the business buying process. It discusses that business buyer behavior refers to how organizations purchase goods and services for use in production. The business buying process determines needed products/services, finds suppliers, evaluates alternatives, and selects brands. Key aspects of the process include problem recognition, determining specifications, supplier search/selection, and performance review. The document also outlines characteristics of business markets, participants in the buying center, and influences on business buyer decisions.
This document provides an overview of key topics in business markets and business buying behavior. It defines business markets and explains how they differ from consumer markets. The major factors that influence business buyer behavior and the typical steps in the business buying decision process are outlined. Different types of business buying situations like straight rebuy, modified rebuy, and new tasks are defined. The participants in business buying centers and the major influences on business buyers, including environmental, organizational, and interpersonal factors, are also summarized. Finally, it distinguishes institutional and government markets and how buyers in those markets make purchasing decisions.
This document provides an overview of key topics in business markets and business buying behavior. It defines business markets and explains how they differ from consumer markets. The major factors that influence business buyer behavior and the typical steps in the business buying decision process are outlined. Different types of business buying situations like straight rebuy, modified rebuy, and new tasks are defined. The participants in business buying centers and the major influences on business buyers, including environmental, organizational, and interpersonal factors, are also summarized. Finally, it distinguishes institutional and government markets and how buyers in those markets make purchasing decisions.
Strategic management involves developing a plan to guide a company in accomplishing its goals. It is crucial for building a successful business and creating a competitive advantage. The strategic management process includes steps such as developing a vision and mission statement, assessing strengths and weaknesses, analyzing competitors, and establishing controls to monitor performance. Strategic management provides direction, motivates employees, and allows a company to differentiate itself in the market.
This document provides an overview of key concepts from Chapter 7 of the marketing management textbook. It discusses the differences between business and consumer markets, the various participants in organizational buying processes, and how business buyers make purchasing decisions. It also addresses how companies can build strong relationships with business customers and the purchasing behaviors of institutional and government buyers. The chapter questions guide the content, which includes definitions, examples, and diagrams.
This document contains a collection of questions and answers related to marketing topics. It includes questions about long term market leadership factors, types of competition in the telecommunications industry, differentiating products, types of co-branding, defining packaging, steps to increase quality control in services, causes of unsuccessful service delivery, and the goal of getting goods to the right places efficiently. The document provides context and explanations for each question and identifies the key aspects of marketing concepts being assessed.
The document outlines the strategic management process for developing a competitive business model and strategic plan. It discusses 9 key steps: 1) developing a vision and mission statement, 2) assessing strengths and weaknesses, 3) scanning for opportunities and threats, 4) identifying success factors, 5) analyzing competitors, 6) creating goals and objectives, 7) formulating strategies, 8) translating strategies into action plans, and 9) establishing controls. The overall process provides a framework to guide a company in accomplishing its mission and goals through developing a sustainable competitive advantage.
This document provides an overview of key topics relating to business markets and business buyer behavior. It discusses business buyer behavior, the business buying process, types of business buying situations, participants in the business buying process, influences on business buyers, the stages of the business buying process, e-procurement, and institutional and government markets. The chapters cover business markets, business buyer behavior, the business buying process, and factors that influence organizational purchasing decisions.
Five key elements that drive the value of your businessMatthew Wirgau
Use These Five Fundamentals to Increase Your Business Value
Every business owner, Board of Directors, CEO, President, or entrepreneur should know the value of their business.
Because it’s hard to accurately determine the value of a business, many just ignore it. Too often, business owners get a mistaken view of value when they hear the price that another business owner received. I call this “the Valuation Gap”.
Business value is a combination of profitability, future certainty of profits, and the transfer-ability of the profits to a new business owner.
Knowing the value of your business is a prerequisite to good management.
Even if you have no intention of selling and you will be passing your business on to your next generation, you should know its value.
Going through the valuation process gives insight into your company’s historical performance and its potential future.
If you know the value of your business, you will be more prepared to make effective management decisions that will make it more successful in the future. If you don’t know the value of your business and what is driving its value, you could very easily end up doing things and making mistakes that will destroy its value over the long-term.
chapter 3. Designing a Competitive Business Model and Building a Solid Strate...Abdur Rahman
This document outlines the strategic management process for designing a competitive business model and strategic plan. It discusses developing a vision and mission, assessing strengths and weaknesses, analyzing opportunities and threats, identifying success factors, analyzing competitors, setting goals and objectives, formulating strategies, implementing action plans, and establishing controls like balanced scorecards. The overall strategic management process involves 9 steps to guide a company's mission and keep it on course to gain a competitive advantage.
The document discusses benchmarking and provides a 10 step benchmarking process. It defines benchmarking as measuring products, services, and practices against competitors and leaders to facilitate continuous improvement. The 10 step process includes identifying the subject for benchmarking and partners for comparison, collecting and analyzing data, determining performance gaps, setting functional goals and action plans, and implementing and monitoring improvements.
The document contains a set of marketing questions and concepts being improved for a learning assessment. It provides the original questions, concepts, and improved revised questions with additional response options to make the questions more challenging. The goal is to enhance the questions to better measure understanding of key marketing concepts related to areas like the marketing mix, consumer behavior models, segmentation, and strategic planning.
This document summarizes key concepts about organizational buying and the business buying process. It discusses how organizational buying differs from consumer buying, including that business markets have fewer and larger buyers that are geographically concentrated. It also outlines the different buying situations organizations face, including straight rebuys, modified rebuys, and new tasks. Additionally, it identifies the various roles in organizational buying centers and the environmental, organizational, interpersonal, and individual influences that impact business buying decisions. Finally, it provides an overview of the typical steps in the business purchasing/procurement process.
The document provides a digital roadmap for Atlas Copco to establish its brand digitally, including analyzing decision makers and their needs, understanding the current brand, developing a communication strategy using various digital channels like social media, and proposing media targets and measurement of results. It analyzes the B2B digital landscape and customer journey, and recommends strategies for branding, communication, social media, and digital advertising platforms.
Principlesof marketing 06 [compatibility mode]Fraz Ali
This document provides an overview of business markets and business buying behavior. It discusses key topics like business markets, business buyer behavior, the business buying process, e-procurement, and institutional and government markets. The business buying process involves problem recognition, general need description, product specification, supplier search, proposal solicitation, supplier selection, order routine specifications, and performance review. Business buyers are influenced by economic, personal, organizational, and interpersonal factors.
The document discusses marketing communication and promotional planning. It describes the traditional one-way communication model and the newer many-to-many model enabled by technology and social media. The traditional promotional mix including advertising, sales promotion, public relations, and personal selling is also covered. Finally, the document outlines the five steps of developing a promotional plan: establishing objectives and strategies, selecting target markets, determining budgets, designing the promotional mix, and evaluating effectiveness.
The document discusses key concepts in retailing including defining retailing and different types of retailers. It covers the retail life cycle and factors that influence the future of retailing like technology, demographics, and globalization. The document also examines the importance of store image and elements retailers use to create a desirable image like store design, atmospherics, layout, visual merchandising, and pricing.
The document discusses supply chain management and distribution channels. It defines supply chain management as managing flows among firms to maximize profits, and defines distribution channels as the series of firms that facilitate moving products from producers to customers. It also discusses channel functions like transportation and storage, and different types of channels like consumer and business-to-business channels. The document concludes by discussing logistics and inventory control.
The document discusses the rise of social media marketing and provides statistics on current and projected spending. It defines social media marketing and lists common goals. Examples are given of successful social media campaigns by Mountain Dew and Old Spice. Key aspects of social media marketing identified are engaging and communicating with audiences, allowing consumer feedback, and leveraging user-generated content for promotional efforts.
This document discusses marketing services and intangible offerings. It describes the key characteristics of services, including intangibility, perishability, variability and inseparability. It also discusses classifying services on a continuum from core to augmented. Measuring service quality using tools like SERVQUAL and managing the service environment or "servicescape" are also covered. The importance of effective service recovery when problems arise is also highlighted.
This document discusses product and branding strategies. It covers the product life cycle (PLC) model which explains how market response and marketing activities change over a product's lifetime. The PLC includes introduction, growth, maturity, and decline stages. Branding is also discussed as creating relationships with customers through symbols, names, and unique identifiers for products. Strong brands have high brand equity which provides a pricing premium over generic competitors. Packaging is also mentioned as an important part of branding that protects products and communicates with customers.
Chapter 13 - Advertising, PR and Consumer Sales PromotionsNicholsb1
This document provides an overview of advertising, public relations, and consumer sales promotions. It discusses the major types of advertising and the criticisms of advertising. The document describes the process of developing an advertising campaign, including setting objectives, creating the message, pretesting ads, choosing media, and evaluating the campaign. It also explains the role of public relations and the steps to develop a PR campaign. Finally, the document defines sales promotions and describes various types of consumer sales promotion techniques.
The document discusses various principles of pricing, including:
1) Pricing is the assignment of value for a good or service that customers must pay to acquire it. Price captures some of the value created and is an important marketing lever.
2) Non-monetary costs like time, convenience and psychological factors influence customer perceptions of value and must be considered in pricing.
3) Developing pricing strategies requires understanding demand, costs, competitors and evaluating the business environment. Common strategies include cost-based, demand-based, yield management and competition-based approaches.
This idea may undermine the ritual and community experience that is core to Starbucks' mission and brand identity. Portable Starbucks does not seem compatible. Let's generate other ideas that enhance rather than detract from their core value proposition.
The document discusses market segmentation, targeting, and positioning. It covers identifying different customer segments based on variables like demographics, behaviors, and preferences. Marketers evaluate these segments to select the most attractive ones to target. They then develop positioning strategies to create competitive advantage by developing products and messages tailored to meet the specific needs of targeted segments. The goal is to increase long-term success and profits through customer relationship management.
The document provides an overview of consumer behavior and the factors that influence purchasing decisions. It defines consumer behavior and outlines the 5 stages of the purchase decision process. It then describes various internal factors, such as motivation, learning, perceptions, attitudes, and personal characteristics like demographics and psychographics. Finally, it discusses situational influences on consumer behavior, including physical environment, social groups, culture, rituals and values, and opinion leaders. The document is presenting information on consumer purchasing behaviors and the factors that marketers consider when developing advertising and marketing strategies.
Here are drawings of reliability and validity:
Reliability: Validity:
___________ ___________
The length and consistency of the line represents reliability - doing the same measurement repeatedly and getting consistent results.
The circle represents validity - measuring what you intended to measure. Ensuring your measurement is actually measuring the construct you want to measure.
The chapter discusses how globalization and new technologies have integrated ideas, information, products, services and cultures worldwide. It explains that the internet, advanced technologies, multiculturalism and multinational brands have contributed to a "flat world". The chapter then outlines the global market decision process firms go through, including analyzing whether to enter foreign markets and which markets to target. It also discusses factors like world trade flows, economic communities, and how the external business environment influences marketing strategies.
The document discusses business and marketing planning, noting that business planning is an ongoing process to prepare for the future and reach goals in the short and long term, while a marketing plan details marketing strategies, objectives, and responsibilities. It also discusses the importance of strategic planning in identifying opportunities and matching competencies to market needs, as well as the role of ethics and a company's mission and vision in guiding planning. The levels of planning within an organization should be integrated to benefit the whole.
The document discusses the concepts of marketing, including how marketing aims to identify and satisfy customer needs and wants through products and services that provide benefits to customers, organizations, and society. It explains that marketing involves activities like product development, promotion, distribution, and pricing to create, communicate, deliver, and exchange value for all involved parties. The document also differentiates between needs, which fulfill basic physiological requirements, and wants, which are culturally and socially influenced desires to satisfy needs in specific ways.
Storytelling is an incredibly valuable tool to share data and information. To get the most impact from stories there are a number of key ingredients. These are based on science and human nature. Using these elements in a story you can deliver information impactfully, ensure action and drive change.
How to Implement a Strategy: Transform Your Strategy with BSC Designer's Comp...Aleksey Savkin
The Strategy Implementation System offers a structured approach to translating stakeholder needs into actionable strategies using high-level and low-level scorecards. It involves stakeholder analysis, strategy decomposition, adoption of strategic frameworks like Balanced Scorecard or OKR, and alignment of goals, initiatives, and KPIs.
Key Components:
- Stakeholder Analysis
- Strategy Decomposition
- Adoption of Business Frameworks
- Goal Setting
- Initiatives and Action Plans
- KPIs and Performance Metrics
- Learning and Adaptation
- Alignment and Cascading of Scorecards
Benefits:
- Systematic strategy formulation and execution.
- Framework flexibility and automation.
- Enhanced alignment and strategic focus across the organization.
Brian Fitzsimmons on the Business Strategy and Content Flywheel of Barstool S...Neil Horowitz
On episode 272 of the Digital and Social Media Sports Podcast, Neil chatted with Brian Fitzsimmons, Director of Licensing and Business Development for Barstool Sports.
What follows is a collection of snippets from the podcast. To hear the full interview and more, check out the podcast on all podcast platforms and at www.dsmsports.net
Digital Marketing with a Focus on Sustainabilitysssourabhsharma
Digital Marketing best practices including influencer marketing, content creators, and omnichannel marketing for Sustainable Brands at the Sustainable Cosmetics Summit 2024 in New York
B2B payments are rapidly changing. Find out the 5 key questions you need to be asking yourself to be sure you are mastering B2B payments today. Learn more at www.BlueSnap.com.
Event Report - SAP Sapphire 2024 Orlando - lots of innovation and old challengesHolger Mueller
Holger Mueller of Constellation Research shares his key takeaways from SAP's Sapphire confernece, held in Orlando, June 3rd till 5th 2024, in the Orange Convention Center.
How MJ Global Leads the Packaging Industry.pdfMJ Global
MJ Global's success in staying ahead of the curve in the packaging industry is a testament to its dedication to innovation, sustainability, and customer-centricity. By embracing technological advancements, leading in eco-friendly solutions, collaborating with industry leaders, and adapting to evolving consumer preferences, MJ Global continues to set new standards in the packaging sector.
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This PowerPoint compilation offers a comprehensive overview of 20 leading innovation management frameworks and methodologies, selected for their broad applicability across various industries and organizational contexts. These frameworks are valuable resources for a wide range of users, including business professionals, educators, and consultants.
Each framework is presented with visually engaging diagrams and templates, ensuring the content is both informative and appealing. While this compilation is thorough, please note that the slides are intended as supplementary resources and may not be sufficient for standalone instructional purposes.
This compilation is ideal for anyone looking to enhance their understanding of innovation management and drive meaningful change within their organization. Whether you aim to improve product development processes, enhance customer experiences, or drive digital transformation, these frameworks offer valuable insights and tools to help you achieve your goals.
INCLUDED FRAMEWORKS/MODELS:
1. Stanford’s Design Thinking
2. IDEO’s Human-Centered Design
3. Strategyzer’s Business Model Innovation
4. Lean Startup Methodology
5. Agile Innovation Framework
6. Doblin’s Ten Types of Innovation
7. McKinsey’s Three Horizons of Growth
8. Customer Journey Map
9. Christensen’s Disruptive Innovation Theory
10. Blue Ocean Strategy
11. Strategyn’s Jobs-To-Be-Done (JTBD) Framework with Job Map
12. Design Sprint Framework
13. The Double Diamond
14. Lean Six Sigma DMAIC
15. TRIZ Problem-Solving Framework
16. Edward de Bono’s Six Thinking Hats
17. Stage-Gate Model
18. Toyota’s Six Steps of Kaizen
19. Microsoft’s Digital Transformation Framework
20. Design for Six Sigma (DFSS)
To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations
How to Implement a Real Estate CRM SoftwareSalesTown
To implement a CRM for real estate, set clear goals, choose a CRM with key real estate features, and customize it to your needs. Migrate your data, train your team, and use automation to save time. Monitor performance, ensure data security, and use the CRM to enhance marketing. Regularly check its effectiveness to improve your business.
3 Simple Steps To Buy Verified Payoneer Account In 2024SEOSMMEARTH
Buy Verified Payoneer Account: Quick and Secure Way to Receive Payments
Buy Verified Payoneer Account With 100% secure documents, [ USA, UK, CA ]. Are you looking for a reliable and safe way to receive payments online? Then you need buy verified Payoneer account ! Payoneer is a global payment platform that allows businesses and individuals to send and receive money in over 200 countries.
If You Want To More Information just Contact Now:
Skype: SEOSMMEARTH
Telegram: @seosmmearth
Gmail: seosmmearth@gmail.com
Easily Verify Compliance and Security with Binance KYCAny kyc Account
Use our simple KYC verification guide to make sure your Binance account is safe and compliant. Discover the fundamentals, appreciate the significance of KYC, and trade on one of the biggest cryptocurrency exchanges with confidence.
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This presentation is a curated compilation of PowerPoint diagrams and templates designed to illustrate 20 different digital transformation frameworks and models. These frameworks are based on recent industry trends and best practices, ensuring that the content remains relevant and up-to-date.
Key highlights include Microsoft's Digital Transformation Framework, which focuses on driving innovation and efficiency, and McKinsey's Ten Guiding Principles, which provide strategic insights for successful digital transformation. Additionally, Forrester's framework emphasizes enhancing customer experiences and modernizing IT infrastructure, while IDC's MaturityScape helps assess and develop organizational digital maturity. MIT's framework explores cutting-edge strategies for achieving digital success.
These materials are perfect for enhancing your business or classroom presentations, offering visual aids to supplement your insights. Please note that while comprehensive, these slides are intended as supplementary resources and may not be complete for standalone instructional purposes.
Frameworks/Models included:
Microsoft’s Digital Transformation Framework
McKinsey’s Ten Guiding Principles of Digital Transformation
Forrester’s Digital Transformation Framework
IDC’s Digital Transformation MaturityScape
MIT’s Digital Transformation Framework
Gartner’s Digital Transformation Framework
Accenture’s Digital Strategy & Enterprise Frameworks
Deloitte’s Digital Industrial Transformation Framework
Capgemini’s Digital Transformation Framework
PwC’s Digital Transformation Framework
Cisco’s Digital Transformation Framework
Cognizant’s Digital Transformation Framework
DXC Technology’s Digital Transformation Framework
The BCG Strategy Palette
McKinsey’s Digital Transformation Framework
Digital Transformation Compass
Four Levels of Digital Maturity
Design Thinking Framework
Business Model Canvas
Customer Journey Map
Discover timeless style with the 2022 Vintage Roman Numerals Men's Ring. Crafted from premium stainless steel, this 6mm wide ring embodies elegance and durability. Perfect as a gift, it seamlessly blends classic Roman numeral detailing with modern sophistication, making it an ideal accessory for any occasion.
https://rb.gy/usj1a2
Top mailing list providers in the USA.pptxJeremyPeirce1
Discover the top mailing list providers in the USA, offering targeted lists, segmentation, and analytics to optimize your marketing campaigns and drive engagement.
HOW TO START UP A COMPANY A STEP-BY-STEP GUIDE.pdf46adnanshahzad
How to Start Up a Company: A Step-by-Step Guide Starting a company is an exciting adventure that combines creativity, strategy, and hard work. It can seem overwhelming at first, but with the right guidance, anyone can transform a great idea into a successful business. Let's dive into how to start up a company, from the initial spark of an idea to securing funding and launching your startup.
Introduction
Have you ever dreamed of turning your innovative idea into a thriving business? Starting a company involves numerous steps and decisions, but don't worry—we're here to help. Whether you're exploring how to start a startup company or wondering how to start up a small business, this guide will walk you through the process, step by step.
Best practices for project execution and deliveryCLIVE MINCHIN
A select set of project management best practices to keep your project on-track, on-cost and aligned to scope. Many firms have don't have the necessary skills, diligence, methods and oversight of their projects; this leads to slippage, higher costs and longer timeframes. Often firms have a history of projects that simply failed to move the needle. These best practices will help your firm avoid these pitfalls but they require fortitude to apply.
LECTURE NOTES: After finishing this chapter, you should be able to: Understand the characteristics of business-to-business markets, business-to-business market demand, and how marketers classify business-to-business customers Appreciate opportunities for using e-commerce and social media in business-to-business settings Identify and describe the different business buying situations and the business buying decision process
LECTURE NOTES: Brad Tracy is the VP of Americas Marketing Deployment for NCR Corporation. NCR had just released a new generation point-of-sale (POS) workstation that was ahead of the competition by almost a year. In the past, NCR had participated in a major trade show. Unfortunately, attendance at the show had been declining for some time, and the new organizers had moved the venue, and combined the show with another in an attempt to increase attendance. Brady Tracy was unsure whether the significant cost of the revamped show was worth the price, and was considering three different marketing options. Option 1: Attend the trade show as in the past. Thought it requires a significant resource commitment, retail sales division managers believe that the opportunity would reinforce the product ’s launch and NCR’s marketing leadership. Option 2: Skip the show this year and reallocate resources to two smaller, more targeted events in which the firm has not previously participated. Option 3: Forego the show this year and find out if the venue and sponsorship changes diminish the event ’s value, as it isn’t clear whether the newly combined show could draw adequate attendees in the new location.
LECTURE NOTES: Business-to-business (B2B) marketing is a critical, though less visible form of many firm ’s marketing efforts. For example, we tend to think of Proctor and Gamble as a consumer goods manufacturer and marketer. Without B2B marketing efforts to retailers and wholesalers, P&G would have no way of reaching the ultimate consumer. Business-to-business (organizational) markets include manufacturers, wholesalers, retailers, and other organizations such as hospitals, and government. Organizations purchase goods and services for one of three reasons: 1) for use in operating the business (chairs, desks, copy machines, paper, toner, pens, etc.); 2) to include as a part or ingredient in something else (raw materials such as grain, component parts such as tires, or memory boards); or 3) for resale (wholesalers/retailers purchase goods to resell to ultimate consumers). Although marketing to business customers has some things in common with consumer marketing, there are several important differences that make the entire buying process more complex.
LECTURE NOTES: While the majority of B2B marketing communications budgets are devoted to personal selling, B2B marketers do advertise This ad demonstrates that even firms that sell strictly functional products such as computer chips can be creative when they advertise to business customers WEB SITE NOTES: This Web site offers access to a variety of articles related to all facets of B2B marketing, including advertising, marketing, IMC, public relations, and interactive.
LECTURE NOTES: Aside from the fact that purchases are made for some purpose other than personal consumption, business to business markets differ from consumer markets in several key ways: Decisions are frequently made by multiple buyers, called buying groups, and the final decision maker is typically someone other than the user of the product. The decision making process also differs, as it is made after careful weighing of alternatives based on rational criteria, according to precise technical specifications based on product expertise. There are also a limited number of large buyers; in fact, products are frequently purchased directly from the producer. Once a decision has been made, long-term relationships typically develop between buyers and sellers unless dissatisfaction occurs. A third key difference is that unlike consumers who are literally spread out through the U.S. organizational buyers are often geographically concentrated in certain areas. Finally, purchases frequently involve high risk and high cost. The process may involve competitive bidding, price negotiations, and complex financial arrangements. This, and the fact that buyers are geographically concentrated makes personal selling the best marketing communications choice. Indeed, the vast majority of B2B marketers emphasize personal selling over advertising.
LECTURE NOTES: Demand for B2B products also differs from demand for consumers demands. One of the most important differences is the fact that B2B demand is derived, meaning that it stems directly or indirectly for consumer demand for another good or service. The example shown here illustrates how consumer ’s demand for an education influences derived demand for a number of goods, including textbooks, paper, pulp, and forestry products. Thus demand for a single consumer product may contribute to the derived demand of many B2B goods. DISCUSSION NOTES: The threat of substitution is always present when dealing with business demand, and probably should be addressed during the discussion of this slide. For example, you might point to the exhibit on this slide and ask students to consider what substitutes exist for paper textbooks (digital books, online learning centers, or course, etc.). Obviously, if demand were to shift radically toward digital books, it would influence the derived demand for forestry products in a negative manner. (Which might not be a bad thing when considered from a sustainability perspective.)
LECTURE NOTES: Aside from the fact that demand is derived, B2B demand also differs from consumer demand in that it is characterized as being inelastic, fluctuating, and joint. Each of these demand characteristics will be discussed in more detail on the following slides.
LECTURE NOTES: Inelastic: this means that it usually doesn ’t matter whether the price of a B2B good goes up or demand – businesses will still buy in the same quantity. This is particularly true when the component or raw material being purchased is just one of many parts or materials that go into creating the product, so the cost of the final product to the consumer is unlikely change (and thus unlikely to influence the level of derived demand. However, B2B demand can become elastic if the cost of a price increase is passed on to consumers. Fluctuating : Demand for business goods is also subject to greater fluctuation than is consumer demand. Why? First of all, even a modest change in consumer demand can create large increases or decreases in business demand, as businesses postpone or cancel orders in response to declines in consumer demand. Secondly, business customers tend to buy certain products infrequently, such as major equipment used in manufacturing facilities which may be replaced only once every 10 to 15 years. Thus demand may be high one year, if it just so happens that a lot of firms buy replacement equipment at that time, but low the following year if fewer firms are in the market for replacement goods.
LECTURE NOTES: Joint : Many business goods are characterized by joint demand, meaning that demand is linked between two or more goods, parts, or components that are used together to create a product. Can you give me an example? {computers: motherboards, hard drives, etc.} Trade associations recognize the importance of joint demand, and often try to stimulate it by suggesting new uses for their products. In the case of the ad shown on this slide, Mexican avocado producers are trying to promote greater consumption of guacamole, which in turn may stimulate demand for dipping chips, or even tequila.
DISCUSSION NOTES: Students may be eager to explore options 1 and 3, after learning the key component price has tripled in price. However, it might be worthwhile pointing that several factors should be considered prior to making this decision: Whether the cost increase is forecast to be temporary or permanent. Obviously a firm would be more likely to absorb the price increase if it is forecast to be temporary Percent of the overall product cost which can be contributed to the key component. If the cost of the component represents only a fraction of the overall product costs, it may not be necessary to pass on the price increase Importance of component quality and relative quality level provided by alternative vendors. Since it is a key component, comprising quality for a lower cost, may not be the best solution.
LECTURE NOTES: Three major classes of B2B customers include producers, resellers, and organizations. Producers are individuals or firms that purchase products for use in the production of other goods and services. The goods purchased may be raw materials, component parts, semi-finished goods, or services. Examples: A) Dell buys RAM chips from Intel for integration into their PCs; B) General Mills buys grains to be used in the manufacture of cereals from ; C) A travel incentive provider purchases hotel rooms, tickets to entertainment venues, and flights, then creates incentive packages that are sold to business corporations looking to reward employees who performed well. Resellers are individuals or firms that buy finished goods for reselling, renting, or leasing. Resellers include wholesalers, distributors, and of course retailers. Examples: A) Wholesalers/distributors: Sysco supplies hospitals, educational institutions, and other organizations with a variety of paper goods (napkins, toilet paper, etc.), ingredients (salt, sugar, etc.) and other items. B) Students should be able to come up with a variety of retailer examples quite easily. The Organizational market includes all levels of government and not-for-profit institutions. Federal, state, county, and local governments that buy goods and services to carry out public objectives and to support their operations. Organizations with charitable, educational, community, and other public service goals that buy goods and services to support their functions and to attract and serve their members. Dealing with government markets is very different than dealing with other types of organizations, and for that reason many large firms maintain separate divisions that are tasked with dealing only with Government buyers. Some of the key differences include the fact that government purchasing often is restricted to a list of approved vendors, and even those vendors may need to bid for projects, or agree to a contract in which a fixed price is guaranteed over a given period of time, usually a year. Although the size of the government market is attractive, unanticipated changes such as drastic increases in the cost of fuel can limit the profit potential of the market, and come back to haunt suppliers who are required by contract to fill orders at a predetermined price (if that price includes delivery). Another key difference is that government purchasing agents are not allowed to accept gifts — accepting even the must mundane promotional item (such as pen, cap, or mouse pad) is illegal, and salespeople who (knowingly or unknowingly) offer such items to government buyers run the risk of being thrown out the door, being accused of bribery, or perceived as an unethical. Examples: A) The federal government purchases military weapons systems, furniture for offices, copy machines, supplies, and services such as construction. State and local governments purchase many of the same items (with the exception of the cruise missile and other major military weapons). B) Not-for-profits purchase printing services to create educational brochures, supplies and products for distribution to charity recipients, and items to be used at their place of business.
LECTURE NOTES: NAICS is a numerical coding of industries in the United States, Canada, and Mexico. Sectors form the broadest level of the NAICS classification system, and are represented by the first two digits. The six digit U.S. industry code is the most useful for B2B marketers, as this can be used to help identify new B2B customers. Table 6.2 provides two examples of the NAICS in action.
LECTURE NOTES: B2B E-Commerce refers to Internet exchanges between two or more businesses. These exchanges may take the form of information exchanges, product or service exchanges, and payment exchange. Another benefit of using the Internet for e-commerce it that it links businesses with their suppliers, factories, distributors, and their customers The simplest form of is B2B ecommerce occurs when the firm ’s web site offers an online catalogue of items available for sale. Of course these web sites are also instrumental in providing B2B technical support, item/order status information, and customer service
LECTURE NOTES: While the Internet is the primary means of offering B2B e-commerce, many firms also use intranets, extranets, and private exchanges for e-commerce purposes. Intranets are generally more secure, as only authorized users can gain access. Because intranets are internal, transactions are more consistent and conducted under enhanced security than is typically found on Internet based web sites. Intranets can also be used for video-conferencing or training purposes, for communication with both on- and off- site employees, and as a document repository. Extranets allow certain suppliers or customers to access the firm ’s intranet. This is often beneficial as it allows customers to place and track their own orders, enhancing their satisfaction This self-serve feature also means that extranets are very cost-efficient, as any actions taken by customers are suppliers saves time, effort, and cost on the part of the extranet provider. A final benefit of extranets is that they facilitate project collaboration, and help build relationships up and down the value chain. Private exchanges are more appropriate for businesses that want to collaborate or share information with some suppliers or customers, but NOT others.
LECTURE NOTES: The large amount of data which passes through the Internet also creates the potential for security risks. Hackers are continually finding new ways to access a variety of data, include customer credit card numbers and other personally identifiable information that may result in the theft of a consumer ’s identity. However, hackers also can destroy the records of the firm, or steal trade secrets. Firms use authentication procedures to try and protect against hacking, meaning that electronic processes attempt to limit access to only authorized users. You may be surprised to learn that well-meaning employees can also be security threats when they are careless with passwords or otherwise engage in some type of behavior that assists (unintentionally) unauthorized users in gaining access. To help protect against problems of this natures, most firms use a combination of hardware and software, called a firewall, that helps to prevent non-authorized users from gaining access to things they shouldn ’t Encryption devices also help to maintain security, as the scramble messages so that only another party with the proper encryption key can unscramble it.
LECTURE NOTES: The use of social media in the B2B marketplace is growing. Games are being used by some B2B marketers to appeal to their customers. For example, Office Depots “Strange Little Office Beings” (SLOBS) let’s visitors create their own office being and then challenge other SLOBs to duels. Visitors start off with 100 credits to create their own SLOB, which is done via dragging various office supplies into place, including a file cabinet or a garbage bag for a body, a sharpie or a pair of scissors for arms, a desk lamp or tape dispenser for legs and so forth. SLOB creators can then register and challenge other participants in a duel and rack up points, or go against in-house SLOBs to attain further bonus credits. The site also features a gallery of homemade slobs, profile pages and of course, a link to shop direct OfficeDepot.com. However, the five most popular resources that people turn to find information relevant to their daily jobs includes: Podcasts and webinars Online ratings and review of business products and services Company pages on social networking sites such as Facebook and LinkedIn Company blogs Social media searches for business information The advantages of Linked In are substantial, and include . . . Linked in allows you to see who your connections are connected to – these may be people with whom you want to network Unlike Facebook, Linked in is business oriented, and made up of primarily white collar workers. Linked in has a function that facilitates professional introductions. It allows users to ask those they are connected to provide professional introductions to people the user would like to meet. Linked can help alumni and colleagues reconnect, due to its extensive search engine. Linked in users are professionals, and follow good business manners. WEB SITE NOTES: If you plan on showing this web site in class, it would be a good idea to visit the site ahead of time, and see how it works. In fact, you might want to create a SLOB ahead of class, then demonstrate the challenge.
LECTURE NOTES: The Buy Class framework identifies the degree of effort a firm needs to collect information and make a business related purchasing decision Three buy classes exist: Straight rebuy: Routine purchases of items bought on a regular basis fall within this class. Little time is spent on the decision, as the business merely reorders items from their existing suppliers. Supplies, such as paper or toner for the copy machine, generally fall within this class. Marketers should devote sufficient attention to cultivating and maintaining relationships with individuals who are in charge of ordering supplies on a regular basis, and immediately respond to any problems that might crop up. The goal is to never give the customer a reason to search for an alternative provider. Modified rebuy: Modified rebuys occur when a firm decides to shop around for a new supplier, often because they are looking for a better price, better quality, improved delivery time, or some other improvement. Products that are technological in nature often fall within this category (cell phone service, computers, etc.). Modified rebuys take more time to complete and typically involve the evaluation of more than one supplier, or even multiple product options from a given supplier. However, the buyer usually has a good idea of the general requirements they are looking for, and may limit the search to a few providers. Buyers may search B2B websites for information, and request presentations from salespeople New-Task Buys: New task buys are more complex, and both risk and uncertainty are high. New task buys are considered to be those in which the buyer has no previous experience. As one would expect, this means that new-task buys can be very time-consuming – multiple individuals are typically involved, and multiple vendors are evaluated. Very often the buyer needs to gather information that will help the buying teach to understand what product specifications they should be looking for, and how those specs should be evaluated. Personal selling is critical. Testimonials from other satisfied customers can also be helpful.
LECTURE NOTES: B2B marketers must understand their customers, with respect to who is making the decision as well as the process which must be followed. Trained professionals carry out the buying for businesses; depending on the industry, these people may have job titles such as Purchasing Agent or Manager, Procurement Officer, or Materials Management Director. While many consumers make purchases that are less than rationale, professional buyers focus almost exclusively on rational criteria, such as cost, delivery times, and product quality, though some buyers focus almost exclusively on economic factors.
LECTURE NOTES: As mentioned earlier, several people may work together in certain buying situations, such as new task buys, in order to reach a decision. Buying centers include all people in an organization who participate in a purchasing decision. Buying centers typically include people other than “professional buyers” – line workers, engineers, or even administrative assistants may be part of the buying center. This is because people in a buying center each play one or more roles. The primary roles that these individuals may play are shown in the slide: Initiator: recognizes the problem and begins the buying process Users: individual(s) who actually need and use the product Gatekeeper: controls the flow of information to other buying center members Influencer: this person ’s expertise and advice may influence the decision, though they may never use the product Decider: individual who makes the final buying decision Buyer: person who is responsible for executing the purchase For example, the administrative assistant to the purchasing agent may be both a user of a copy machine and the gatekeeper who controls the purchasing agents ’ schedule and incoming phone calls from vendor reps. In some situations, the administrative assistant may also be the initiator who first notices problems with a copier, and begins “working on the boss” to get it replaced. DISCUSSION NOTES: Initiator: could be students, faculty, lab manager, etc. Users: teachers who either teach classes in the lab or students who use the lab Gatekeeper: the individual who gathers the majority of the information and/or that person ’s administrative assistant Influencer: Individuals in the University IT department (networking), electricians or physical plant workers (wiring, set-up), etc. Decider: Head of the college technology committee or primary grant author Buyer: who ever controls the money – the Dean, Grant writer, Lab manager, etc.
DISCUSSION NOTES: Initiator: could be students, faculty, lab manager, etc. Users: teachers who either teach classes in the lab or students who use the lab Gatekeeper: the individual who gathers the majority of the information and/or that person ’s administrative assistant Influencer: Individuals in the University IT department (networking), electricians or physical plant workers (wiring, set-up), etc. Decider: Head of the college technology committee or primary grant author Buyer: members of the purchasing department or possibly who ever controls the money – the Dean, Grant writer, Lab manager, etc.
LECTURE NOTES: Superficially, the steps in the B2B buying process appear to be very similar to the steps in the C2B buying process, yet the execution of each step tends to be much more complex when B2B decisions are involved. The degree to which each step within the buying process is followed varies according to the level of buy class decision. For example, if a firm runs low on paper, the buyer recognizes the problem then immediately jumps to step 4 and issues the purchase order, bypassing both the information search and alternative evaluation stages. Modified rebuys may involve some limited information search, and the evaluation of a few suppliers. Of course a great deal of time will be spent in stages 2 and 3 during a new task purchase. The following slides will discuss each of these stages in more detail.
LECTURE NOTES: Depending upon the type of buying class, recognition of the problem stems from: Low inventory levels (straight rebuy) A need to replace outdated equipment (modified rebuy) Changes in technology (modified rebuy or new task buy) Marketing communications (modified rebuy or new task buy) Actions resulting from problem recognition include: Initiation of a purchase requisition or request, in the case of a straight rebuy Formation of a buying center, when a new task buy or modified rebuy is underway
LECTURE NOTES: In this second stage, buying center members begin their task by searching for information about products and suppliers. As part of this process, the buying center develops product specifications, which are written descriptions of the quality, size, weight, color of the item to be purchased Identifying potential suppliers and obtaining proposals or bids is also an important part of this step. The Internet has facilitated both distribution of the request for proposals, and provided vendors with easier access to potential customers who might benefit from their services. Many firms post their RFQs on their corporate Web site, and send notifications to their vendor list electronically. Vendors, in turn, can submit electronic submissions via the Web site. Generally, this process takes much less time when done online vs. via traditional “snail mail.”
LECTURE NOTES: B2B marketers make information available to buying center ’s in a number of ways. Ads such as the one shown here may be displayed in trade magazines specific to certain industries. While the company ’s web site is one of its strongest marketing tools, investments in search engine optimization and search engine marketing are often helpful in driving traffic to the web site. Direct marketing efforts via mail or email are also helpful. Some of the most beneficial marketing efforts are those that involve face-to-face interaction, such as trade show appearances, and sales visits.
LECTURE NOTES: Price is always a major consideration when assessing proposals, as discount policies, returned-goods policies, cost of repair, terms of maintenance, cost of financing, and more are evaluated carefully by buyers Non-price factors, such as service extras or differences may also be evaluated. Customer reference programs are formalized processes by which customers formally share success stories and actively recommend products to other potential clients. Such programs are usually facilitated through an on-line community. Product demonstrations, and presentations by sales representatives are critical when selling the marketer ’s products to firms
DISCUSSION NOTES: While price is clearly important, business purchasing agents look for superior value when purchasing goods for their firm. Value is a combination of many factors, including price, product quality (i.e., durability, reliability), convenience, on-time delivery, and before and after the sale service. This implies that all of these factors need to be evaluated in addition to price, and in certain situations, such as when JIT inventory procedures are being used, price will definitely play a secondary role in importance to on-time delivery. AD NOTES: Headline: “Formaldehyde preserves things, or in the case of air quality, causes them to deteriorate.” Subhead: “Introducing Purebound, the cost-competitive, formaldehyde-free hardwood plywood.” Implication: This ad is attempting to shift buyers ’ focus from price (the product is described as cost-competitive), to quality, in that this particular brand of hardwood plywood is formaldehyde free.
LECTURE NOTES: The selection stage involves deciding which product and how many suppliers should be used. Single sourcing: Sometimes having one supplier is more beneficial to the firm, such as when frequent deliveries are needed or when specialized products are desired. Buy relying upon a single buyer, the firm becomes a large customer to the supplier, and often this means that the firm can negotiate more favorable prices. Administrative costs may also be lower. Finally, single sourcing helps to assure the consistency and quality of products. The downside is that the firm is at the mercy of that supplier – failure to meet delivery dates could stop the production line. Multiple sourcing: Buying from several different suppliers protects the firm from inventory or delivery problems – if one supplier has problems, the firm simply shifts business to one or more of the other suppliers. Furthermore, multiple suppliers keep each other honest in terms of pricing. Reciprocity: On occasion, a buyer and seller will agree to be each other ’s customers – this is termed “reciprocity”. While not illegal per se unless they limit free competition, the U.S. Government does frown upon this, and often determines that agreements between large firms and their suppliers are illegal.
LECTURE NOTES: Outsourcing: Outsourcing, though popular, is controversial as American jobs are often lost to foreign workers who provide their labor at a much cheaper rate. The quality of the outsourced work also may be inferior – many consumers have been frustrated by communication difficulties when talking to software or hardware representatives who clearly live outside the U.S. Crowdsourcing: Crowdsourcing is a little different. Whereas outsourcing is usually undertaken to save money, crowdsourcing is used when a marketer wishes to tap expertise to solve business problems that the firms own employees can ’t handle. Reverse marketing: a final unique B2B sourcing situation occurs when businesses engage in reverse marketing. In a normal B2B situation, suppliers try to find businesses that need their products or services, which they then try to persuade the firm to purchase. Reverse marketing flips this process – firms try to find suppliers who would do a good job producing the needed product, then the firm tries to convince the supplier to manufacture the needed item.
LECTURE NOTES: More than 40,000 designers use 99designs.com. Businesses can get a logo designed via crowdsourcing at 99designs.com by submitting a brief, and offering a contest prize to the winning designer (often as little as $150 is needed).
LECTURE NOTES: Organizational buyers assess the performance of the product and the supplier in one ways. One method is to survey users to determine satisfaction with products, installation, delivery, service, and other aspects of the purchase. It ’s also not uncommon for producers of consumer goods (which are sold through retailers) to research the satisfaction of the ultimate consumers who use the product, since the demand of retailers is derived from consumers’ demand If changes in demand occur, they are analyzed, and supplier performance is also documented
LECTURE NOTES: Organizational buyers use a number of metrics when assessing how well a product or service performs. (Purchasing agent/buying center member) satisfaction Quality, and whether the product is meeting, exceeding, or falling short of expectations Customer engagement: learning how customers got involved in the business, and finding ways to keep them involved is important Purchase intentions: Purchase intentions often feed into demand forecasts, which in turn are used to set sales goals The promptness and effectiveness of problem resolution is often a key factor that determines whether a firm sticks with vendor, or whether they search for new suppliers.
LECTURE NOTES: The division will continue to focus on large industry-leading shows that have sustainable momentum with targeted customers, and small focused conferences that offer the potential for high quality interactions with attendees,