GE mini case assignment1: IIM Lucknow Marketing Management Internship
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This document summarizes key aspects of business-to-business (B2B) marketing and analyzes General Electric's (GE) approach. It defines B2B marketing as sales between companies. GE has long been a pioneer in B2B marketing since the 1950s-60s, facilitating industrial growth. GE's branding and marketing unify its divisions globally and have communicated its focus on innovation through campaigns like "Imagination at Work", "Ecomagination", and "Healthymagination", which highlight green technology, lowering costs, and improving healthcare. B2B marketing and branding have been important to GE's revenue generation and competitive advantage.
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GE mini case assignment1: IIM Lucknow Marketing Management Internship
- 1. GE’S STORY CREATED BY MEHUL SONI IIT MADRAS
- 3. WHAT IS BUSINESS TO BUSINESS MARKETING? : sale of one company’s product or service to another company
- 4. B2B MARKETING CHARACTERIST ICS Complex Decision-Making Unit B2B Buyers Are More “Rational" Products Are Often More Complex Fewer Behavioral And Needs-Based Segments Personal Relationships Are More Important Drive Innovation Less Than Consumer Markets
- 6. THE VITAL COGS OF THE B2B MARKETING MACHINE ▸ A CURRENT, EASY-TO-NAVIGATE, RESPONSIVE WEBSITE ▸ MARKETING AUTOMATION TECHNOLOGY ▸ A SOCIAL MEDIA PRESENCE ▸ AN ACTIVE, INFORMATIVE BLOG ▸ A MEANINGFUL CONTENT MARKETING STRATEGY
- 9. 1. IMPORTANCE OF B-TO-B MARKETING AND A STRONG B- TO-B BRAND TO GE???
- 10. Unification of business through corporate campaigns Acknowledged pioneer in B2B marketing since 1950s and 1960s facilitating industrial improvement Growth of Brand Equity Large revenue generation- ability to understand business customers B2B BRANDING AND MARKETING
- 11. 2. HAVE “IMAGINATION AT WORK”, “ECOMAGINATION” AND “HEALTHYMAGINATION” COMMUNICATED GE’S FOCUS ON ITS NEW ENDEAVORS??
- 12. ‣ Unified global message Renewed focus on innovation and new technology Award winning campaign
- 13. ‣ Company’s efforts to develop environmentally friendly “GREEN TECHNOLOGY” such as solar energy, lower-emission engines and water purification technologies.
- 17. HEALTHYMAGINATION ‣Lowering costs ‣ Improving quality ‣Touching more lives
- 18. SUMMARY ▸Definition of Business to Business marketing ▸Characteristics of Business to Business marketing ▸B2B marketing strategy machine ▸History of General Electric ▸Mini Case questions on GE: ▸B2B marketing and branding ▸GE campaigns: “Imagination at Work”, “Ecomagination”, “Healthymagination”
- 19. “IF YOU DON’T HAVE COMPETITIVE ADVANTAGE, DON’T COMPETE.” Jack Welch, Former CEO of GE
- 21. THIS PRESENTATION IS CREATED BY MEHUL SONI, IIT MADRAS DURING A MARKETING MANAGEMENT INTERNSHIP WITH PROF. SAMEER MATHUR, IIM LUCKNOW
Editor's Notes
- Hello everyone, I’m Mehul Soni, a student at IIT Madras. Through my presentation I would be taking you through GE’s story, how it earned its place in the top 100 global brands.
- So beginning with GE’s marketing startegy that I’m going to discuss today, I would highlight a very important concept of “B2b marketing”.
- What is B2B markeintg? A VERY BASIC DEFINITON is sale of one company’s product or service to another company, or in other words marketing of products to a business or an organozation.
- It’s important to identify some typical characteristcs of B2B marketing. First it invloves a very complex decision making unit, the buyers involved in such marketing model are often more rational compared to other forms of marketing. The small number of segments which is mainly because of smaller target audience. Personal relationships is one key factor here as a small customer base that buys regularly from a business to business supplier is relatively easy to talk to. In the end, it drives innovation lesser than the consumer markets, they usually do so as a response to an innovation that has happened upstream.
- Here’s an interesting picture showing you a typical marketing strategy machine.
- So, some important components of the b2b MARKETING machine are a current, easy to navigate responsive website, incorporating the tehnology of automation marketing that allows companies to improve engagement and increase efficiency in order to grow revenue faster. A good social media presence along with an active informative blog also supports the brand establishment. A very important aspect is the content which need to be meaningful in marketing.
- Now that we have understood business to business, we would try to analyse the company general electric. GE was started as a laboratory by thomas edison in 1876. In a span of few years it showed substantial expenasion in areas like electronics, computers. In 1996 it introduced the six sigma technology, a set of technoques and tools for process improvement under Jack welch. Then ceo of ge. Under Jeffrey immlet who became the ceo in 2001, ge reorganized its 11 business into 6 large units along with restructural changes during recession of 2008 and 2009,
- Today ge has five major divisions, energy, technology infrstructure, ge capital, nbc commerial and consumer & industrial.
- We would try to analyze two questions in this presenation. The first one being importance of b2b marketing and a strong b2b band to GE?
- So b2b marketing which we have understood from the previous slides has been the company’s strategy since beginning. Through corporate compaigns and taglines like “Progress for People” and “We bring good things to life”, it has achieved unification of its businesses. Through its ltagline “Progress is our most important product” made it an acknowledged pioneer in b2b marketing since 1950s and 1960s. It has been generating large revenue primarily because of its ability to understand business customers. The company has seen significant growth in brand equity which was indeed ranked fourth and valued at $48 billion in 2009.
- The next question is have campaigns like “imagination at work”, “ecomagination” and “healthymagination” communicated ge’s focus on its new endeavours?
- In 2003, in order to promote its diversified brand with a global message, the company launched the campaign “Imagination at work” which was focused on innovation and new technology.
- In 2005, the company extended its campaign with the next initiative “Ecomagination”: an effort to develop environmentally friendly “Green technology” such as solar energy, lowet-emission engines and water-purification technologies.
- Here’s an image of an offshore wind turbine- a product of ecomagination.
- The company observed various factors from its campaigns. It saved money, had a message of “industrialisation” along with just being about “green”. It helpled customers save money, created jobs and an important point to be mentioned is that they discovered that a “system” was required to carry it forward.
- GE continued to use the Ecomagination campaign and introduced “Healthymagination”.
- The key features of this campaign were lowering costs, touching more lives and improving quality which communicated its advances in medical technologies around the world.
- Here’s a brief summary of what we discussed in this presentation. Firstly we started with what is b2b marketing, its characteristics then a typical b2b marketing machine. We moved forward with a brief overview on the history of GE and then we attempted to answer the two questions given here.
- This is a famous quote by former ceo of ge, jack welch: if you don’t have competitive advantage, don’t compete”.
- Thank you for being patient.
- This presentaion has been made by me during a marketing management internship with professor saneer mathur, iim lucknow.