B2B and B2C markets units are very different in successful marketing strategies
B2B and B2C markets units are very different in successful marketing strategies. For the modern marketing effort, a strategic marketing campaign is an essential part. The objectives for B2B organizations who are devoting in content marketing are growing brand cognizance, producing leads and enhancing engagement. B2B transactions are also more likely to involve the completion of a contractual agreement. These sorts of transactions are frequently completed after a long, multi-stage sales process. In order to make successful in this business environment, it definitely helps to have a background as a talent leader and innovator in your organisations. The objectives for marketers in B2C industries are not all that different than those set out by B2B marketers. While their number one goal differed, both B2B and B2C brands think building brand awareness and getting consumers to engage with their content are important.
Maslow’s Hierarchy of Need is a motivational theory in psychology that argues that while people aim to meet basic needs, they seek to meet successively higher needs in the form of a pyramid with five levels and proposing by Abraham Maslow in 1943. The levels are as follows (see pyramid in Figure 1 below).
Figure 1
Most people recognize the hierarchy of needs described as a pyramid with basic needs at the bottom (physiological, safety, belonging/love) and going through to those need for growth (esteem and self-actualisation).
My view of B2C customers have a tendency to be most influenced by what brands their friends are consuming. B2B customers care most about securing the first-class product for their needs. B2B Business purchase because the product or service fulfils a specific need. Whatever the product or service is offering, this need will usually boil down to one (or more) of three things: saving money, saving time and Making more money. B2B Business don’t buy for pointless reasons. They buy out of necessity. Their purchases are usually data-driven. B2C Consumers sometimes buy out of necessity, too. Their purchases are very often emotion-driven.
Core values are generally indicating in the mission statement. The operating values or principle that guide an organization’s internal behaviour as well as its relationship with its partners, shareholders and customers. Corporate Social Responsibility (CSR) also known as corporate citizenship or responsible business is define as corporate self-regulation integrated into a business model. CSR is the dedication by means of companies to behave ethically and contribution to financial development while not only improving of the quality of life of the personnel and their families but also the local community and society at large. (Angwin et al., 2017) CSR can enhance a company’s reputation and brand name, promote transparency and integrity, evoke employee loyalty and expose market opportunities while simultaneously benefiting society. On the other hand, its disadvantages include increased costs, ethical issues regarding the use of shareholder capital, variation in the interests of the public in different contexts and the fact that environmental and social contribution is difficult to measure and account for. Company’s sustainability and strength is very much dependant on the well-being of the society it operates in.
In my views CSR is very critical for any sustainability of any corporate. CSR is key activity by corporate to build long term wealth, brand and customer loyalty through doing social activities for targeted population in particular area in time bound manner for targeted outcomes like providing sanitation facility, education facility, health facility, tree plantation. Majority of corporate do CSR not as obligation but for building long term connect with the community. CSR help in social values, Environment stewardship, Business values and Marketing support. Successful CSR ensure the engagement of the community as partner. To make CSR successful ensure start with local people/area, be good to your intentions for engaging in CSR and adopt the best suitable model for you. In measuring impact of CSR companies are measuring social return on Investment (SROI) and for high impact CSR these steps can be helpful which is Transparency, Sustainable purchase, Active role within community and Innovation.
The competitive analysis is the analysis of your competitors and how they relate to the competition. The purpose of the competitive analysis is to decide the strengths and weakness of the competitors within your market, strategies that will provide you with a well-defined advantage, the barriers that can be developed in order to prevent competition from entering your market, and any weakness that cab be benefit from the product development cycle. A competitor’s strengths and weaknesses are usually based on the existence and lack of the key assets and skills needed to compete in the market.
Porter’s Five Forces of Competitive Position Analysis were established in 1979 by Michael E Porter of Harvard Business School which is a simple framework for assessing and evaluating the competitive strength and position of a business organization. The Five forces are as follows (see Figure 2 below).
Figure: 2
My View of Porter’s five forces analysis usually uses to understand whether new products or services are profit potential. By understanding where power lies, the theory can also be used to indicate areas of strength, to improve weakness and to avoid faults. This model should use where there are at least three competitors in the market.
For the business to survive in long term it will need to change in management. As for the change management model Lewin’s model is one of the most popular and describes in three stages which is Unfreeze, Make changes and Refreeze. Upon realizing that the company needs to change, the first step is to “unfreeze” the current process and take a look at how things are done. Unfreezing also applies to the company’s perception of the upcoming change and their natural resistance to it. After the unfreeze stage, the change stage is where people begin to resolve their uncertainty and look for new ways to do things. People start to believe and act in ways that support the new direction. Once the changes are taking shape and people have embraced the new ways of working, the organization is ready to refreeze. The outward signs of the refreeze are a stable organization chart, consistent job description and so on. With a new sense of stability, employees feel confident and comfortable with the new ways of working.
Strategic leadership is the ability to foresee, maintain flexibility and empower others to generate strategic change as necessary. Strategic leadership involves managing through others, maintaining an entire enterprise rather than a functional distinct component, and coping with changes which increasingly continues in the global economy. Because of the global economy’s complexity, strategic leaders must learn how to effectively influence human behavior, often in uncertain environments.
My view about the change management, if changes are occurring in your organization like strategic changes, tactical changes, leadership changes, technology changes then those changes are going to have impacts and effects from having unintended negative outcomes, it is necessary to have “change management” method. This helps to minimize possible negative outcomes and increase positive results.
