Brand Marketing on the Environment 2024.

Detailed analysis

1. BUSINESS MARKETING

2. Characteristics of marketing It is Customer Oriented It is Mutuality of Benefits It is Proactive to the Environment It starts and End with Customer It is the Guiding Element of Business It is a System It is Process of Exchange It is Goal Oriented

3. Difference Between Marketing and Selling MARKETING Focussed on Customer Needs Begins before Production Continues after Sale Profits though Customer Satisfaction Long-term Perspective Customer first then Product SELLING Focuses on seller needs Begins after Production Comes to End after sale Profits through Sales Volume Short-term Perspective Product first then Customer

4. OBJECTIVES OF MARKETING To apply Intelligence and capable application of modern marketing policies To Develop the Marketing Field To develop guiding policies and their implementation for a good results To suggest solution by studying the problem relating to marketing To find sources for further information concerning the market problems To determine marketing mix To satisfy needs and wants of customers To raise the standard of life

5. MARKETING FUNCTIONS Function of Exchanges : Buying Assembling Selling Function of Physical Supply : Transportation Storage and Warehousing Channel of distribution

6. Facilitating Function : Financing Pricing Risk-bearing Standardization Marketing Information Managing Product Other Function : Identifying opportunities Promoting Product and Services Planning Marketing Activity

7. Marketing activities : Identify customer needs Research customer behavior Divide market into manageable segments Develop new products / services Establish/negotiate/prices Deliver, install, service products Ensure adequate and timely supply of products at correct place Allocate resources across product lines Communicate with customers Evaluate/ control marketing programs.

8. Difference between industrial and consumer marketing Target Audience Industrial Marketing : Targets businesses, organizations, and government entities. These customers purchase products or services for use in production, operations, or resale. Consumer Marketing : Targets individual consumers and households who purchase products or services for personal use. Nature of Products Industrial Marketing : Involves products that are often complex, technical, and require customization. Examples include machinery, raw materials, and specialized services. Consumer Marketing : Involves products that are generally simpler, standardized, and designed for mass consumption. Examples include clothing, electronics, and household items.

9. Decision-Making Process Industrial Marketing : The buying process is typically longer and involves multiple decision-makers, including technical experts, managers, and procurement specialists. Consumer Marketing : The buying process is usually shorter and involves individual or family decisions, often influenced by personal preferences and emotions. Purchase Volume and Frequency Industrial Marketing : Purchases are usually made in large volumes but less frequently. Contracts and long-term relationships are common. Consumer Marketing : Purchases are made in smaller quantities but more frequently. Impulse buying and one-time purchases are common.

10. Relationship with Customers Industrial Marketing : Emphasizes building long-term relationships and providing extensive after-sales support. Personal selling and relationship marketing are crucial. Consumer Marketing : Focuses on creating brand loyalty and repeat purchases through advertising, promotions, and customer engagement. Marketing Channels Industrial Marketing : Utilizes direct channels like sales teams, trade shows, and industry-specific advertising. Digital marketing, while growing, is often more targeted. Consumer Marketing : Employs a wide range of channels including retail stores, online platforms, social media, and mass media advertising.

11. Pricing Strategy Industrial Marketing : Prices are often negotiated and can vary significantly based on customization, quantity, and long-term contracts. Consumer Marketing : Prices are usually fixed and publicly displayed, with discounts and promotions used to attract customers. Marketing Strategies Industrial Marketing : Strategies are focused on demonstrating product capabilities, technical specifications, and return on investment. Content marketing, white papers, and case studies are common. Consumer Marketing : Strategies emphasize brand image, emotional appeal, and lifestyle benefits. Advertising, influencer marketing, and social media campaigns are prevalent.

12. Factors affecting business marketing Business marketing is influenced by a variety of external factors that shape strategies, operations, and overall success. Here is a breakdown of how different factors affect business marketing: 1. Social Factors Social factors encompass the demographic characteristics, norms, values, and behaviors of a society. These can include: Demographics : Age, gender, income level, education, and family structure affect consumer preferences and purchasing behaviors. Lifestyle Changes : Trends in health, wellness, and lifestyle can impact the demand for certain products and services. Cultural Trends : Shifts in cultural attitudes and values can influence marketing messages and product positioning.

13. 2. Cultural Factors Cultural factors refer to the shared beliefs, practices, customs, and behaviors of a group. These can influence: Consumer Preferences : Cultural values shape what products are desired and how they are perceived. Brand Perception : Cultural associations can affect how a brand is viewed in different markets. Marketing Communication : Language, symbols, and cultural norms must be considered to effectively communicate with diverse audiences.

14. 3.Political and Legal Factors These factors include government regulations, policies, and legal requirements that businesses must adhere to: Regulations and Compliance : Laws regarding advertising, product safety, and consumer rights affect marketing practices. Political Stability : A stable political environment can foster a favorable business climate, while instability can pose risks. Trade Policies : Tariffs, trade agreements, and international trade laws impact market access and competition.

15. 4. Technological Factors Technological advancements and innovations play a crucial role in shaping business marketing: Digital Marketing : The rise of social media, mobile technology, and online advertising has transformed how businesses reach and engage with customers. Data Analytics : Technology enables the collection and analysis of vast amounts of data to understand consumer behavior and tailor marketing efforts. Product Innovation : Advances in technology can lead to the development of new products and services, driving marketing strategies.

16. 5. International Factors Globalization and international dynamics influence business marketing on a global scale: Global Markets : Expanding into international markets requires adapting marketing strategies to local cultures and consumer preferences. Cross-Cultural Communication : Effective marketing must consider language differences and cultural nuances to resonate with international audiences. Economic Conditions : Global economic trends, exchange rates, and economic stability impact international marketing strategies.

17. 6. Environmental or Natural Factors Environmental considerations and natural conditions can significantly impact business marketing: Sustainability : Growing consumer awareness and concern for environmental sustainability influence marketing practices and product development. Climate Change : Environmental changes can affect supply chains, production processes, and product availability. Regulatory Pressure : Increasing environmental regulations require businesses to adopt eco-friendly practices and communicate their commitment to sustainability in marketing efforts.

18. Identifying key members of buying centre : Sales / Marketing Persons must identify important members of buying centre. Buying Center consists of individual and groups who take part in buying decision making process, have common objectives & share common risks. It is also called purchase committee, buying committee or decision making unit. Members of buying centre are Technical persons – Represent design, production/operations, maintenance, Q.C.

19. B2B Marketing mix

20. B2B Marketing mix  The basic orientation of customers differs in B2B and B2C marketing. While in the case of B2C, the buyer’s purchase decisions are motivated by short-term benefits; in the case of B2B, the purchase decisions are influenced by long-term benefits. The B2C buyers mostly emphasize upon the price while choosing to purchase; same product wherever available for the lowest price would attract them. But industrial buyers look for value in the long-run. They emphasize not only on the price, rather the quality, service and economy of the offering in the long-run. Now let’s see how the differences in customers’ orientation impact the B2B marketing mix.

21. Product : The product itself is different here. In the case of B2C marketing, the customer is offered final good or service suitable for consumption. However, in the case of B2B marketing, the product may be in the form of a raw product, semi-finished product, chemicals or anything that the buying firm needs for its production process or operations. The products are usually technically complex and are valued for the purpose they solve for the buyer.

22. Price : The product and the customers differ in industrial marketing, so the pricing would also differ. Unlike in B2C marketing where the prices are fixed and are printed explicitly on the product’s packaging, the prices in case of B2B marketing are mostly negotiated.  Usually, the sellers are asked to supply their quotes and the best quote offering the product at the lowest price is accepted. The industrial sellers can, however, earn a competitive edge in pricing by utilizing not only the economies of scale but also the economies of scope.

23. Promotion : As far as promotion is concerned, the traditional promotional tools like advertising and publicity don’t work here. The sellers usually adopt sales promotion techniques. The products are launched at trade fairs and exhibitions and various promotional schemes are offered to hike sales. However, relationship building is the key to promotion in case of B2B marketing. It mostly takes lot of time to develop trust in such transactions and therefore it is always better to retain customers, rather than neglecting them to attract the new ones. Word-of-mouth prevails strongly in industrial buying.

24. Place : The physical distribution also adopts a different approach here. In B2C marketing, the product usually passes through the layers of intermediaries before it reaches final consumers. Multi-layered distribution system prevails in case of B2C marketing. But here the sellers have basically two options regarding distribution; either to distribute products through their own sales representatives or to hire an independent industrial distributor firm for the purpose. The supply chains are short in B2B marketing and the buyers are generally geographically concentrated.

25. Introduction Growth Maturity Decline Characteristics Sales Low Rapidly rising Peak sales Declining Cost(per customer) High Average Low Low Profits Negative Rising High Declining Customers Innovators Early Adopters Middle Majority Laggards Competitors Few Growing Stable Beginning to decline Declining Marketing Objectives Create product awareness and trial Maximize market share Maximize profits Defend Market Share Reduce expenditure Hike the brand

26. Introduction Growth Maturity Decline Strategies Product Basic product Product extensions Service, warranty Diversify brand Phase out weak products Price Charge cost-plus Penetration price Price to match or best competitors Cut prices Distribution Build selective distribution Build intensive distribution Build more intensive distribution Go selective: phase out unprofitable outlets Communication Build product awareness and trial among early adopters & dealers Build awareness and interest in mass market Differentiate and encourage brand switching Reduce to minimal level needed to retain customers

27. data analytics In industrial marketing In industrial marketing, data analytics involves using various analytical techniques and tools to make sense of data related to market trends, customer behavior, and sales performance. The goal is to derive actionable insights that can help businesses optimize their marketing strategies, improve customer targeting, and enhance overall decision-making.

28. Key aspects of data analytics in industrial marketing include: Market Research : Analyzing data to understand market trends, customer needs, and competitive dynamics. This helps identify new opportunities and refine market strategies. Customer Segmentation : Segmenting the market based on data such as purchasing behavior, industry, and company size. This allows for targeted marketing campaigns and personalized communications. Lead Scoring and Management : Using data to evaluate and prioritize leads based on their potential value and likelihood to convert, improving sales efficiency and effectiveness.

29. Campaign Performance Tracking : Measuring the success of marketing campaigns through data on engagement, conversions, and ROI. This helps in refining future marketing efforts and strategies. Predictive Analytics : Utilizing historical data and machine learning algorithms to forecast future trends, customer behavior, and sales patterns, enabling proactive decision-making. Competitive Analysis : Collecting and analyzing data on competitors' activities, market positioning, and performance to identify strengths, weaknesses, and market gaps. Customer Relationship Management (CRM) : Analyzing data from CRM systems to gain insights into customer interactions, preferences, and satisfaction, which helps in building stronger customer relationships.

30. The use of Artificial Intelligence (AI) in industrial marketing The use of Artificial Intelligence (AI) in industrial marketing is becoming increasingly popular as it enables businesses to optimize their marketing strategies, improve customer engagement, and increase sales. Here are some ways AI is being used in industrial marketing: Predictive Analytics : AI-powered predictive analytics can help industrial marketers identify potential customers, predict their purchasing behavior, and tailor their marketing messages accordingly. Personalization : AI-powered chatbots and email marketing tools can help personalize communication with customers, improving engagement and conversion rates. Content Optimization : AI-powered content optimization tools can help optimize industrial content, such as blog posts, videos, and social media posts, to improve engagement and conversion rates. Lead Generation : AI-powered lead generation tools can help identify potential customers and provide actionable insights to industrial marketers, enabling them to target the right audience with the right message. Account-Based Marketing : AI-powered account-based marketing (ABM) tools can help industrial marketers target specific accounts and decision-makers, improving conversion rates and ROI.

31. Customer Service Chat bots : AI-powered chat bots can help provide 24/7 customer support, answering common questions and resolving issues quickly and efficiently. Marketing Automation: AI-powered marketing automation tools can help streamline marketing processes, such as lead scoring, lead nurturing, and campaign optimization. Sentiment Analysis : AI-powered sentiment analysis tools can help industrial marketers analyze customer feedback, sentiment, and opinions, enabling them to improve customer satisfaction and loyalty. Data Analysis : AI-powered data analysis tools can help industrial marketers analyze large datasets, identifying trends, patterns, and correlations that can inform marketing strategies. Competitor Analysis : AI-powered competitor analysis tools can help industrial marketers analyze their competitors' strategies, strengths, and weaknesses, enabling them to stay ahead of the competition