Marketing includes those business activities in the flow of goods and services from production to consumption. Goods and services are of two types; consumer and industrial. Firstly, it is important to define the primary difference between Business to Business (B2B) Marketing and Business to Consumer (B2C) Marketing. Both markets are types of commercial transactions, however, simply put, business to consumer (B2C) is the process of selling products directly to consumers and industrial/business to business (B2B) is the process of selling products or services to other businesses. However, the differences between both business systems are much more complex than their simple definitions, so are their similarities. Obviously, both B2B and B2C markets have one fundamental difference: the type of customer. However, this article is going to investigate these markets further, discussing the similarities and differences between their market’s structure, marketing practices and buying behaviour within the industry. Market Structure One key Continue reading
Marketing Management Basics
4 Reasons Why Marketing is Important for Every Business
Managers face an endless challenge to create unique strategies that will enable them provide positional advantage in an effort to achieve superior financial or customer performance. A company’s pecuniary success largely depends upon prudent marketing efforts along with financial, operational, accounting and other business functions. Marketing is identified as focusing on strategies concerning the critical decision of market definition and market segmentation as well as the identification of potential bases for differentiation. Sometimes, people ask why marketing is important in the financial success of a company. The answer to this question is, assume you have a product to offer with excellent features, best quality and amazing packaging but no one knows about your product? There will be no demand in the market for your it, the company will make no sale and eventually no profit. Here comes the importance of marketing. The most important function of marketing, along with others, Continue reading
What is the Difference Between Marketing and Sales?
When thinking of marketing and sales and what the difference is, we tend to scratch our heads. Both activities that go into this topic have the same result, generating an income base for the company. What is the definition of marketing? Marketing refers to the events that take place in a company connected with buying and selling a product or service. Depending on the size of the company, typically depends on the approach in reaching its audience. A baker in a small town just starting out may use the newspaper. Whereas a restaurant owner of a major food chain may utilize television, and the internet to reach its clientele. Before we break down marketing in more detail let us look at the definition of sales. Sales can be described as a deal between two parties where the buyer receives goods, services, and/or assets in exchange for money. It can also Continue reading
Product Oriented vs Market Oriented Marketing
Marketing can be characterized as the organization fulfilling client and market needs by creating value through communicating and working with client. Different businesses have different types of marketing strategies. Business can develop new products considering either a market orientated or a product orientated approach as it attracts customers by satisfying their needs and demands rather than trying to push buyers with sales. In today’s competitive world it is vital for a business to carry out a thorough market research before implementing any strategy. This article will revolve around two strategies – market and product orientation along with its importance and leading factors that must be overlooked before making any decision. A market orientated approach means that a business responds to what clients need. The choices are taken based around data about the clients’ needs and wants, instead of what the business believes is appropriate for the customer. An organization which Continue reading
What is Marketing Ethics?
One of the most known definitions of ethics is the one from Aristotle: Human actions from the point of view in their rightness or wrongness. Ethics should concern “personal virtue” and with every decision, one should be honest, good and caring. A definition that is so idealistic and simplistic is not helpful in finding a solid definition: right and wrong are probably just as normative as the term ethics. When we try to give a definition of the term ethics it appears from the literature that you can look at it from two different philosophical views, also know as “ethical dualism”. The first view is the teleological view, also known as the consequentialist view or utilarism, which is based on the results of certain actions taken. Whereas the other view, deontology, is more based on average behavior and obligations to other people. Teleology is based on the ethical valuation of Continue reading
Why Online Marketing is More Effective than Traditional Ways?
Marketing is the only way by which consumers are able to gather knowledge about a particular product. Marketing enables the company to build their brand awareness among the consumers. The buying habit of the consumers has changed a lot in the recent years and for that, the marketing process has also changed as per the requirement of the consumers. The two marketing process are ruling the world but to know which on is the better is debatable. The traditional marketing that is company advertising and the online marketing is the two marketing option in today’s world. Traditional marketing or the company advertisement is the old way of marketing the products and this method includes print media, broadcast media, direct mail, and telemarketing. Online or digital marketing is the new tradition in the field of marketing. This includes the social networking sites, video marketing, banner ads, websites, reviews of the products Continue reading