Posted on : 2022-09-23 03:22:48
Article : Good evening, Friday management TASK 209- By 2024 B2B companies have to adapt their marketing as B2C may be past and B2B is our future. Marketing will go from a ready, aim, fire model to more fast moving and fluid trial and error model.
B2B is a business model in which the companies involved create products and services for other businesses and organizations. B2B companies can include software as a service (SaaS), marketing firms, and businesses that create and sell various supplies. In the business-to-business model, businesses and organizations exchange goods and services. For example, one company may contract with another business to provide the raw materials needed to manufacture a product.
Another business may need to purchase products from another to stock their shelves, while other companies hire businesses to promote their products and services, ensure their operations, design their logo, or write website content. Consumers aren’t a direct factor in B2B transactions, but they’re a critical component of why B2B companies work together. B2B isn’t the only business model involved in the supply chain. While B2B companies sell products and services to other private businesses, public-sector organizations, and charities, B2C (business-to-consumer) or DTC (direct-to-consumer) companies sell products and services directly to consumers.
B2B marketing is short for “business to business and the way businesses generate demand from other businesses for their products and services. Just like B2C (business to consumer) marketing, B2B marketing includes many types of content, and it can take place across multiple online and offline channels. It’s the commercial space where one business or company sells products and services to another business or company, instead of to individual consumers. But there are some key differences between B2B and B2C marketing. The audience for B2C marketing is people who are buying products or services for themselves, their friends, and their families directly from a company. Many of us experience B2C marketing every day, as we receive emails or see social media posts with personalized offers from our favourite brands.
The marketing industry is built on the modern consumer economy. Washing machines and refrigerators, soap and cereal, mobile phones and video games; companies brought all those products to market. Companies conveyed their value to the customer. companies created new categories with jingles and taglines and mascots, advertised through every new medium that mankind invented. And companies should be proud of that work. It wasn’t easy. The washing machine was a complicated piece of machinery back in its day. In fact, it’s still pretty complicated. Do we really need 15 different settings to clean our socks? But all that hard work paid off, for us and for society. In 1900 we spent 58 hours a week on housework. By 1974 it was down to 18.
To understand where B2B companies factor into the supply chain, it’s essential to look at the three economic sectors: primary, secondary and tertiary.
1.Primary market: The primary market is exclusively B2B. Primary-sector companies are responsible for extracting or producing raw materials – for example, farmers or oil and gas companies.
2.Secondary market: The secondary market is almost exclusively B2B. Secondary-market companies manufacture and assemble products. They add value to the raw materials they buy from the primary market by turning them into something else. Think about manufacturers that turn oil into plastics or jewellers that cut and polish diamonds. Secondary-market assembling companies include car manufacturers and construction companies. Occasionally, secondary-market companies use the B2C model – for example, farmers who sell products in a market stall.
3.Tertiary market: The tertiary market is a mixture of B2B and B2C models. Some tertiary-market companies deliver the goods or services businesses or consumers want. These businesses include plumbers, internet retailers, floor installers, supermarkets, commercial finance brokers, home improvement specialists, tutors and the hospitality sector.
To inspire your own marketing strategy and growth, we wish to offer few successful B2B marketing organisations and their strategies in our Good morning, Monday Management solution for TASK 209 on 26th sept 2022.
Log on to www.wingsofmanagement.com to know more about our “Strategy” Management consultancy’s versatile capabilities, global clients and to read our weekly posts and projects