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Objectives
To understand: The nature and scope of the B2B market. The components that make up the B2B market. The characteristics of the business market demand. The determinants of the business market demand. The buying motives, buying processes, and buying patterns in business markets.
International Dimension
30% of Canadas GDP is exported.
A major portion conducted on a B2B basis.
Continuing to rise due to use of Internet. It is important to understand the values, customs, and business practices and standards of the foreign-based customer.
The business organizations, buy products and services to satisfy many objectives like production of goods and services, making profits, reducing costs, and, so on.
How are my customers markets changing? Who are the key members in decision making in customer firms. When should marketing research be performed & how much should be spent on that. What should be the subject of research.
Contd..
Are there more effective ways to segment my markets? Should we focus on industry as a whole , organizations or specific inside organizations. What is the profit maximizing level for each target segment & for how long that can be sustained. Which products should be dropped, Are long term contracts in our interest. Should we go for increased advertising. How should we evaluate the effectiveness of trade shows.
MYTH: New technology & the right product sells itself. REALITY: Many technically superior products fail while many technologically obsolete products continued to be purchased. Further one must have the right product at the right time & its benefits must be communicated to the right people.
MISCONCEPTIONS CONTINUED
MYTH: Low price is customers main concern. REALITY:
Price is often a secondary concern in industrial marketing They will pay more for quality & reliability along with back up support
MYTH:
Purchasing behavior is economically rational.
REALITY:
Experience , judgments & personal motives guide the behavior of decision makers.
Environment continued
ECONOMIC ENVIRONMENT ---- Interest rates ---- Inflation or Recession ---- Rates of monetary exchange MACRO ENVIRONMENT ---- Social change ---- Ethical & Cultural issues
ENVIRONMENT CONTINUED
RESOURCE ENVIRONMENT ---- Raw material availability ---- Union & labor problems LEGAL & REGULATORY ENVIRONMENT ---- Govt policies , taxes , restrictions ---- Safety rules in the work place
END OF UNIT: 1