Category: Economics

Business Marketing

In the real world, business marketing is a way for organizations to generate business for themselves without directly engaging the consumers but rather by dealing with other businesses. The business market involves the sale of things like machine parts for factories, raw materials for the manufacturing sector, technical support for business management, and other similar processes. These are basically companies that help other firms to serve their customers well. For these businesses, the consumers are not exactly given the first priority but rather the buying businesses. In this way, the buying business is enabled to work more diligently and efficiently with the support of the selling business. Thus, the end consumers gain benefits from the organization’s output in terms of eventual performance. Good business markets ensure that consumers get the best in quality and efficiency.

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Segmenting and Targeting Markets

Lamb, Hair and McDaniel (2014) established that a segmented market enables the business to focus on the right attributes of their products in order to suit the needs and expectations of a specific group of people. In this sense, segmenting the market ensures that the company is able to give the consumers exactly what they want or need, and at a price that they can comfortably afford. In order to segment a market, the company has to conduct extensive research to determine the needs of the target market. In this case, the company ends up engaging the consumers and clarifying their views and opinions about the products. This allows consumers to participate in the product development process, thus making them an important part of the company. Also, by finding out what the consumers want and expect from the product, the firm is able to provide them with exactly what they want, fostering customer satisfaction and loyalty. Having a target market, on the other hand, helps the company to come up with a product that is not only relevant but also useful and affordable to the consumers. The target market is used to make most decisions with regards to the type and quality of products being developed; hence, it greatly dictates on what the consumers end up within the market. Being a target market makes these customers a great part of the product development, ensuring that they get what they want as end consumers who have been specifically considered as an inspiration for the product in question.

Decision Support Systems

A company that uses DSS as a way of ensuring that the decisions made are based on accumulated knowledge and experience is less likely to make mistakes in its operations. This implies that the operations will be cost-efficient, and thus, the overall cost of running the business will be reasonable. For the consumers, there will be no excessive pricing on the products, and consequently, they will be able to get what they want at relatively reasonable prices. Decision support systems also enable the company to monitor the quality of its products by ensuring consistency in production constantly. The consumer is, therefore, assured of high-quality products at all times.

Product Concepts

Marketers use the product concepts to strategize on how to position their products in the market. This means that the marketing mix is often as a result of the product concept, and thus, the entire marketing strategy relies on the product on offer. For consumers, the product concept dictates what they are able to see in the promotional tools used by the company. The concepts also determine where the product is positioned in the market, its pricing strategy and its packaging as well as branding. Product concepts basically affect how the product is presented and represented to the consumer.

Developing and Managing Products

The development phase of product management involves tasks like (a) testing the new products; (b) obtaining feedback from the trail candidates; (c) getting the opinions of the consumers with regards to their expectations and desires; (d) defining what the product should be; (e) promoting the product within the organization; (f) ensuring that the production costs do not take the product too far from the organization’s desired price range among other things. For the consumers, this phase is simply about catering to their needs, testing their opinions and responses, and adjusting or rather perfecting the product to please them. The management phase, on the other hand, is all about marketing the product, improving it, positioning it in the market, engaging the consumers, branding it and monitoring its lifecycle so that it remains sustainable and relevant to the consumers. This to the consumers is all about availing information on the product and allowing them to make the choice based on what they find out.

Services and Nonprofit Organization Marketing

The services and nonprofit industries have a lot in common since they both market intangible products that cannot necessarily be rated unless experienced by the consumer. In this sense, the consumer can create an impression after experiencing the product and not based on information provided. In this case, consistency is not as easy to get as in the tangible goods category. Marketing for these industries, however, helps to enlighten the consumer and push them towards companies that can cater to their needs and meet their expectations.

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