The term marketspace has been coined to describe these electronic marketplaces unbound by time or space. Lack of understanding makes it very hard to respond to the customer requirements. Customers in consumer markets initiate a direct demand with their purchases. The factors that make difference are naturally not related to human beings but are project specific. While the product quality is important, this must be matched by quality and reliability of the relationship. Marketing activities are divided into four elements, i. Conclusion Creating incredible user experience is the key to create a strong customer base.
Generally a single employee of one organization would be appointed to deal with the concerned employee of the other organization client. Marketing, as I see it, is the collection of tactics that we use to create a certain perception in the minds of our target markets. The market can further be segregated into two types while one is consumer market and other is the business market, there are many differences between consumer and business market. None of this can be done however until Market research is done! As opposed to this, in case of business marketing, customer and supplier are in direct contact. Innovation in developing product and technologies to satisfy customer needs is fruitful only when it is accompanied by innovative marketing campaigns. Mails with irrelevant subject line are generally not read by clients.
A market is, therefore, the set of all actual and potential buyers of a market offer. Business market Business market in simple words is business to business market where in the products or services of a particular organization are sold to or purchased by other organization or business. Marketing Strategy A marketing strategy establishes the guidelines for how to use the information gathered from your market research. In case of consumer buying, the decisions are ware driven by the family needs and are affected by the purchase made by friends, relations, neighbours and peers. These norms are decided by the state with experts to protect the interests of the society at large.
Customized products, specific technical specification. Business-to-business markets are complex, with smaller and more varied populations as well as tangled decision making units, all requiring different research methods. As one can see from the above that both business and consumer market are different from each other and that is the reason why the company should have separate team and marketing strategy for consumer and business market as both markets require different techniques and approach if the company wants to be successful in both markets. A marketer, by adjusting and optimizing the 4P-s of marketing, has to carry out different marketing tasks, take care of the task or internal marketing environment, and keep his eyes and ears open about the happenings in the broad or external environment, in order to compete successfully in the market. A new buy is a situation requiring the purchase of a product for the very first time. They have not been much successful.
The objective of marketing is to build and maintain a strong relationship with the customers so that the whole organisation will reap benefits. In most consumer selling situations, the purchase decision is made by an individual. Market refers to a place where buyer and sellers can come in contact with each other either directly or indirectly, so as to trade goods and services for value. Consumer markets are more diffuse. Customer Types In case of consumer market there are all types of customers like old people, young people, educated ones, uneducated ones, students, salaried class and so on which make their purchasing behavior dependent on current trends or fashion, income etc. More Complex Products Requiring Customization Many business products are specialized and require a high degree of technical customization for specific applications. Most of them need to diversify and find new customers and markets to grow.
In consumer market the purchase might even be made when the products are not required in day to day activities. Marketing for end customers involves customizing the marketing campaigns and communication channels to reach the target audience. The business buyer is an information-seeker, constantly on the lookout for information and advice that can help the buyer do the job better, increase profits, or advance his career. Statutory Approach: In case of business purchases, the products to be purchased are to meet statutory requirements. Finding and defining the buyers in industrial market niches is perhaps the most difficult part of industrial marketing. Once a decision is made, the purchaser the La Snobbery owner's wife , will discuss pricing and terms with the Charter Fishing Company.
International Marketing:- International marketing is an important aspect of international business. It was a big shock to find out that the marketing and sales I learned in college was totally different from the marketing of lift trucks. The households are interested in the hifi audio and visual systems with the large screen and more sounds affects. Consumer buying decisions can be made by one person, usually at a place of business or online, and the process is more informal. The proof of his is the existence of the purchasing agent, whose sole function is to purchase things. Prospects will read your message — if it is interesting, important, and relevant to their needs. Business marketers do not entertain consumers who purchase products and services for their end-use.
But in business-to-business direct marketing, the concept of package or control is virtually non-existent. As opposed to this, in case of consumer markets, loyalty is not an individual effort. Consumer market product are simplistic while business products are complicated. Consumer Products: Products bought from retail stores for personal, family, or household use. The production may embrace either production of physical goods or provision of services like banking, finance, insurance, construction, trading etc. The B2B market; however, is composed of a succession of companies acquiring goods and services for the production of other products and services that are sold, rented or supplied to other companies. Basu holds a Bachelor of Engineering from Memorial University of Newfoundland, a Master of Business Administration from the University of Ottawa and holds the Canadian Investment Manager designation from the Canadian Securities Institute.