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MIP-509 : Marketing & Connecte
Transcript of MIP-509 : Marketing & Connecte
Businesses are customers, too.
Difference from B2C
Types of Business Consumers
MIP-509 : Marketing & Connected Communities
Week 2:2 - B2B & B2C
Consumer Decision Journey
There is little disagreement that how people behave, consume and identify with brands has changed and is changing.
Customer Decision Journey
Brands today can not only react to customers as they make purchasing decisions but also actively shape those decision journeys.
The Marketing Funnel
The Marketing Funnel serves to illustrate the traditional understanding of how brands marketed themselves to consumers; and how consumers received these communications, and how they acted.
In its simplest function, it proposed a linear process
Brand Reputation in Music
Business to Business Marketing vs Business to Consumer Marketing
Tuesdays Room 6
15.00-15.30 & 15.30-16.00
Thursdays Room 22
ADC6 12.30-13.30 & 13.30-14.30
B2B (business-to-business) marketing is marketing of products to businesses or other organizations for use in production of goods, for use in general business operations (such as office supplies), or for resale to other consumers, such as a wholesaler selling to a retailer.
There are three major differences between B2B & B2C Marketing.
Fewer customers - There are about 65,600,000 potential individual consumers in the U.K. alone.
The number of businesses in comparison is much lower. In 2017, it's estimated that there were about 5.7 small businesses operating in the U.K.
(UK Gov Business Statistics Report, 2017)
A significant amount of business demand is derivative of consumer demand.
For example, a big box retailer's demand for books from its wholesalers may decline as its customers continue to transition to electronic books.
This may not affect the retailer much, but it hurts the traditional publishing industry.
The products and buying process are often more complicated.
The products purchased are often very complex and expensive, like manufacturing equipment, and sometimes even custom made.
Moreover, negotiation between buyers and sellers is much more prevalent because of the increased bargaining power of individual buyers.
- Produce Products.
- The bulk of their purchases will be inputs for their production, such as raw materials, components, and outsourcing of labor.
- They will also buy some products to support general operations, including office supplies, furniture, and computers.
- Consumers that generally purchase finished products to sell to consumers for a profit.
- Retailers and wholesalers are examples.
- A wholesaler might make a high-volume purchase of a product at a reduced price and then sell the product to retailers at a lower volume but at a higher price.
- Of course, trade businesses will also buy products to support general operations.
Government is certainly the largest consumer in the U.S. market, bar none. It spends trillions of dollars for goods and services ranging from pencils to billion-dollar aircraft carriers.
- Organizations that engage in charitable, educational, and community activities.
- They can be public or private organizations. Common examples include universities and hospitals.
- These consumers generally buy products that support their service activities, like general office supplies and equipment, and specialized equipment needed for a service, such as an MRI machine.
Music Business Context of B2B
(Go To Padlet)
Film Score Composer
A/V Hire & Event Production
and so on...
Key to this is what is called ‘the marketing funnel’.
‘The naive consumer first became aware of a brand, learned of a desirable quality it had (perhaps through advertising), and consciously decided to purchase it.
After personally experiencing the benefits for themselves they became loyal buyers.
Market research measured the proportion of consumers who had achieved each of these progressive steps and presented the facts to marketers in the shape of a funnel.’
(Millward Brown, 2017)
A set of technologies is underpinning this change, allowing companies to design and continuously optimize decision journeys.
implies a notion of the brand being ‘owned’ by the marketer, who controls the communication to a passive recipient/consumer
reflects on the nature of the brand and the value of brand equity as something created in the interaction between marketer and an active consumer
This is how consumer data can be used to market adjacent services & products to the online consumer.
Tick to hear from our partners...
For example, an airline’s app that has the ability to integrate with a taxi service so that travelers can book cars to pick them up when they arrive at their destination.
In pairs, research an industry figure or organisation who's brand reputation has suffered for reasons such as: Shift in Technology, Scandal, Struggle for Relevance, Poor Quality.
Discuss how they have reinvented themselves to return to prominence or used the struggle to their advantage.
Return to Seminar Room to Discuss:
13.10 or 14.10 (respectively)