Questionnaire Design – Guidelines on how to design a good questionnaire
A good questionnaire should not be too lengthy. Simple English should be used and the question shouldn’t be difficult to answer. A good questionnaire requires sensible language, editing, assessment, and redrafting. Questionnaire Design Process State the information required- This will depend upon the nature of the problem, the purpose of the study and hypothesis framed. […]
Conjoint Analysis – Meaning, Usage and its Limitations
Introduction During the sixties, when researchers tried to understand consumers’ decision making process, they used a simple questionnaire or a form. Respondents would generally answer what was on the top of their minds or what they assumed the researcher wanted to hear. However, this did not always correspond to their actual purchase decisions. For example, […]
Getting Ahead of the Race in Service Industry
Service industry today dominates the economic scene in all the countries. Over a period of few decades we have seen the rise and unprecedented growth of service industry in almost all sectors including technology and telecommunications, health care, education, media, Utilities, financial and banking sector etc. Service industries growth has been characterized by focusing on […]
Scanning the Market Environment
Fad is short lived mushrooming of opportunity which is difficult to predict and forecast. Business profit from fad is pure matter of luck and chance. Trend is something which takes time to build up compared to fad and has a predictable future. Trend is sometimes co-related with changes in social culture and economical situation. Megatrend […]
The Ethics of Surge Pricing and other Profit Driven Business Strategies by Aggregators
Most of us who live in urban areas and have used the app-based ride-hailing cabs such as Ola and Uber would have come across the term Surge Pricing wherein the riders are asked to shell out more money and pay more for the rides during heavy rains, floods, terror strikes, and other emergencies. The reasoning […]
Business Marketing: Business Marketing refers to the sale of either products or services or both by one organization to other organizations that further resell the same or utilize to support their own system.
Consumer Marketing: on the other hand refers to the transaction of goods and services between organizations and potential customers.
The above definitions of business marketing and consumer marketing highlight the difference between the two commonly used terms in marketing (B2B and B2C).Business marketers do not entertain consumers who purchase products and services for their end-use. They deal only with other businesses/firms to sell their products.
In consumer markets, products are sold to consumers either for their own use or use by their family members.
Products in consumer market are further categorized into:
Fast moving consumer goods are items that are sold quickly to the end-users generally at nominal costs. Example - Aerated drinks, grocery items and so on.
Goods that a consumer uses for a considerable amount of time rather than consuming in one use are categorized under Consumer Durables.
Consumer Durables are further categorized into - White Goods and Brown Goods
Soft goods are products which have a shorter lifecycle and their value decreases after every use.Eg shirts, clothes, shoes.
Examples of Business Marketing (industrial marketing)
Office furniture (Cabinets, desks, workstations, drawers) - End user will not purchase workstations for his own use at home.
Bulk SMS service (utilized by organizations)
In business marketing, marketers deal with lesser number of individuals as compared to consumer marketing where one has to deal with the mass market. Generally a single employee of one organization would be appointed to deal with the concerned employee of the other organization (client). He does not have to interact with the entire organization.
Organization A sells laptops and desktops to Organization B (A case of B2B marketing).Tom from Organization A has to deal only with either the IT professional or the administration representative.
Organizations dealing with consumers need to interact with every individual who is a potential end-user.
Industrial marketing is more focused as compared to consumer marketing.
Business marketers generally deal with sophisticated employees whereas it is not at all necessary every end user in consumer market would respond to marketers politely. Business buyers generally are educated and well informed. In consumer market, your buyer can be anyone- educated, uneducated, labour and so on. Business marketers themselves need to be well spoken and polished. They must have a pleasing personality and good convincing power.
Business marketers need to be extremely careful about their mode of communication. Emails exchanged with clients should have appropriate subject line. Mails with irrelevant subject line are generally not read by clients. In business marketing, marketers ought to send personalized emails. Bulk SMSes or mass mailers do not work in business marketing. In consumer marketing, products can be promoted through advertising, pamphlets, brochures, hoardings or simply mass mailers.
There are less number of business buyers as compared to individuals who purchase for their own end use.
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