Introduction to Industrial Marketing; Industrial versus Consumer Marketing; Industrial Marketing . Marketing has close links with Business Environment, Human. Business Marketing: Nature and Uniqueness. Industrial marketing or the new term, business marketing, is the marketing of goods and services to industrial. Introduction to Marketing. Objectives. In this lesson, we will introduce you to the business function of marketing. After you work out this lesson, you should be.
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Business Market Management. Conference Paper (PDF Available) · October with 1, Reads. Conference: The Accounting,Economics and Financial. To understand how to approach marketing for a business, it may be helpful to Businesses that appreciate and implement this approach to marketing grow in a. The marketing concept is what differentiates marketing from sell- ing. As Theodore Levitt put it in his classic article in Harvard Busi- ness Review, “ Marketing.
A logo is a graphic that is used by a business or organization to promote their brand. Easily recognizable logos are easy to market. It displays the strength, integrity and reputation of the company. Is the product being manufactured by a business something that more men tend to use or a product that more women tend to use?
What mean age group will use the product being manufactured? How expensive is the product? Some business owners may want to market their product to everyone — the more consumers, the better for business. However, more often than not, not targeting a specific audience for a product or service results in unnecessary expenses and low results. Stine goes on to explain that companies tend to try to brand themselves as something that everyone can enjoy. Therefore it is important for business owners to know what their product is and what demographic the product appeals to.
To identify and understand a target market, business owners need to research how their potential customers behave, what their motivations are, and what their consumer preferences are. How many times have you gone to the supermarket because you needed milk and bread — and emerged with a frozen Chinese meal, ice cream, a bottle of wine and some crisps. Finding out what consumers want and marketing a product to them as something they want rather than what they need is key.
The best way to find out what customers want is to look at a business through the eyes of a customer. Business owners need to assess whether they would download their own products, if they would be happy with every aspect of the consumer process when it comes to the product in question, and whether the product being offered is something that is wanted instead of needed. The first step to finding out what kinds of people will become customers for a business is to assess whom the product or service being offered is most valuable to.
For example, if a company sells homeowner insurance, the target market is people who own their own property — people who do not own their own property are unlikely to download homeowner insurance and therefore do not need to be marketed to. The more detailed information that can be gathered by the business, the better the business will be able to identify and market to potential customers. There are many questions that business owners can ask when narrowing down their demographic.
Once such question is how old should the average customer be and what is their income level?
How to Make an Ecommerce Business Plan for Your Startup
For example, if a company is manufacturing cars, they should target customers no younger than sixteen years of age. Another question that business owners should be prepared to answer before marketing their product is the question of location. Where is the business located and where are the customers of the business located?
If a business operates primarily in the United States, is it profitable to market outside the company?
Unless the business offers worldwide shipping on 8 products, the answer to this question would be no. Business owners can get answers to such questions by issuing surveys, questionnaires or putting together market research groups that focus solely on audience and demographic information. Another way to find out more about who potential customers for a business are is to study the competition.
If there is a similar business that sells similar products, chances are that customers of that business are potential customers for any other business within the field. For example, a business starting a comic book company that publishes comic books about superheroes should likely study companies like Marvel and D. C, as well as customers who download comics published by these companies.
While studying competitors, it is also a good idea to assess if there is an audience for your product. How much of an existing audience already exists for a product?
Having an existing audience could make or break a business. In her article for Yahoo. In , the show went on to win an Emmy award, proving that something with good content that is marketed well can truly stand out from the competition. Surveying a focus group of the narrowed-down audience to determine who downloads what is a great place to start.
Surveys are an important requirement for initiating any successful business, because they provide valuable information the business owners as far as their goals are concerned. After the results of a survey are gathered, businesses often restructure their business plans to include the results of the survey so that they can better serve customers as well as minimize the risk of capital loss.
An example of a survey resource for businesses is the site Mechanical Turk program. Survey takers get a small amount of money for each survey they take. The business providing the HIT decides the amount per survey.
Businesses like Mechanical Turk show the importance of surveys for business. Once the results of a survey have been collected, the next step is to analyze those results to determine whether the business can afford marketing strategies that will fulfill the requests of the customers. For example, if many customers have indicated that they mostly respond to large billboard type advertising, the company must assess if billboard advertising is in their budget.
Small businesses may not be able to afford expensive advertising. This is where marketing budgets come into play. Marketing budgets not only outline what a company can afford, but also what 11 amount is absolutely necessary to spend in order to reach a businesses target market.
Survey results help businesses become aware of the various marketing options they have — online advertising, media, word-of-mouth and P. But once the business is aware of the different marketing strategies that can be used, the next step is determining whether the business can afford to use these strategies and how much they need to spend to be able to use them. This means that the internet is a key means for consumers to access products.
The introduction of the internet into our society means that search engines and social media control a large portion of business marketing. This has opened up a whole new world of online advertising and marketing. The first place that most businesses start is to place advertisements in local listings and classifieds.
However, it is not enough to just create a business listing online or in the classifieds so that people can find you. Advertising is getting a business out there — marketing is getting it out there in the right way to the right audience. For example, some listing websites allow businesses to promote offers such as sales and new products. The text, images and logos used in these promotion offers market the product or business to potential customers.
Search advertising means choosing keywords that relate to your business and making sure that your business comes up as one of the first results in a web search. As with listing an advertisement in a classified, a successful business marketer will ensure that the text or slogan that comes up below the company name in the search results markets the business as the best possible place to find what the consumer who typed in the search keywords is looking for.
Next, we have contextual advertisements. These types of advertisements require exceptional marketing knowledge and audience strategy.
Table of Contents
For example, if a business sells cameras, the marketing department of the business will likely research websites that are related to filmmaking and photography, so that contextual advertisements can be placed on those websites. This is because people visiting filmmaking or photography related websites are more likely to download a camera than people on a website in completely unrelated field.
Along with targeting specific interests, another marketing strategy would be to connect with new customers through group programs. Group programs offer special discounts or offers to multiple downloaders that are interesting in securing a deal. This strategy not only gets more customers interested in the business, but also makes the business more money on a product that may not have been doing well in an individual market.
Perhaps the most important marketing strategy today is social media marketing. Websites like Twitter and Facebook and even YouTube, offer businesses the chance to 13 share updates and developments with their customers.
The growing importance of social media is a key factor in marketing strategies for businesses today. Lastly, affiliate marketing is a strategy that helps businesses unite and help each other. An affiliate website may help drive traffic to the businesses site and in the process, gain some customers themselves. Affiliate marketing allows businesses to reach potential customers in their market that they may not have been reaching before.
For example, many credit card companies affiliate themselves with certain businesses to offer cash back or discounts to customers for downloading at the businesses they are affiliated with. This provides a win-win situation for both the credit card company and the affiliated business — the discounted offer encourages the credit card customer to shop more at the affiliated business than they would if there was no discount offered. By looking at the strategies outlined above, we see that advertising in the right 14 way to the right people using marketing strategies that work for the business are important steps to creating a successful and profitable business.
Measuring Your Results Once the message is out there and people are responding to advertisements, the results of the marketing strategies used must be measured.
Measuring results is important because the results of marketing and advertising will tell business owners the best places to spend their marketing budget and how to refine their marketing strategies. If an affiliate site or classified ad is producing no results for the company, it would be unwise to spend more money on advertising on these sites. Mark S. Glynn, Arch G.
Woodside Published: Table of Contents. Icon key: You have access to this item Backfile Abstract only. Select all. Copyright Page. Editorial Review Board.
List of Contributors. About the Editors. Chapter 4 Monitoring Segmented Markets: Relational and Transactional Perspectives. Chapter 6 Multistage Marketing. Chapter 7 Interaction: Coherence to a Future. Chapter 8 Switching Costs: Chapter 11 What's a Business-to-Business Company?The placement and overall look of the add is important when it comes to clickthroughs.
C, as well as customers who download comics published by these companies. Begin by determining the position you'd like to have.
The more detailed information that can be gathered by the business, the better the business will be able to identify and market to potential customers. Compared to your competitors, is your product or service superior in some significant way to anything else available?
By Deepak Verma and Madhu Bala. Once a company has its mission and vision, they must concentrate on branding their company based on their mission statement and their vision.
As products, markets, customers and needs change rapidly, you must continually revisit these seven Ps to make sure you're on track and achieving the maximum results possible for you in today's marketplace. PDF, ePub, site.
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