1. a) B2B Marketing (business-to-business marketing) refers to the methods used by institutions or individuals to promote the sale of their commodities and services to other firms and businesses. These businesses may also sell them to other people or use them as their raw materials to produce the required product.
b) There are four key market areas in business-to-business marketing. They are price, place, product and promotion.
c) There are several differences between B2B marketing and B2C marketing. First B2B marketing is focused on marketing between two or more businesses, B2Cmarketing, on the other hand, refers to a marketing practice between a business and the customers or consumers of the said commodity. B2B marketing it targeted more to the decision makers of various businesses. This is because the managers, for example, decide where the business will acquire its manufactured goods; their marketing should be focused on such people. On the other hand, B2C marketing is targeted to consumers, and this means that its strategies should target the customers of the said commodity. The cost of these marketing campaigns also differs. The cost of the B2B campaigns is significantly lower than those of the B2C campaigns. This is because the B2B promotions focus on a very small proportion of the market. B2C promotions center on all customers and will cost a lot more. The last difference concerns the channels of distribution used by the two marketing methods. B2B marketing uses short precise methods of distribution since its target market is small. B2C marketing uses longer and more tedious methods of distribution.
c) CRM (customer relationship management) refers to a model used to control the association between the firms with the customers. CAM (computer aided manufacturing) refers to the utilization of technology into the manufacturing process.
2. a) Business market refers to the intended users of a certain manufactured commodity. b) The B2B marketer may face certain challenges. This is because it may be difficult to convince the managers of the firm to start using the goods offered by the marketer’s firm. These people, the managers and decision makers, are also busy and getting time to advertise the products to them is limited.
c) Some occurrences may occur strategically in all the business markets, the main one is diversification. This involves venturing into other new aspects in the business. This is crucial because it ensures the growth of the business. It will also ensure that the business will not entirely collapse if one branch fails. This will provide an aspect of continuity for the business.
3. Several secondary sources may be used to obtain segmental patterns of behavior and needs. These sources include statistics and reports from other firms who have carried out the research before and scholarly articles like reviewed papers and journals. These sources will provide the company with all the information required pertaining to the study they are conducting.
4. I agree with the winds model. This is because it provides a general view that can be used in a variety of business firms and is not restricted to only one field. It is also fundamental because it offers a widespread view concerning organizational buying processes. This enables businesses to understand the intricacies involved in organizational buying as it explains the variable aspects to be considered and their influences on the market.
5. An area that has utilized the use of advanced technology in business includes the use of a technological filling system. This is Important because they ensure that their documents are safe and are in order as opposed to the manual filling system that was prone to document loss. Most organizations have databases that have all the information pertaining to the company that dates back from several years ago.