However, marketing can be separated into submarkets – Business to Consumer marketing and Business to Business marketing.
Business to Consumer Marketing:
This is the process by which companies create a value for customers and build a strong customer relationship. Importance of creating a customer relationship is for the business to capture a return value from the customer; (e.g. Newsagent to Consumer).
Business to Business Marketing:
This is creating a value, solution, and relationship either for a short term or a long term with a business or a brand. This process generates a strategy that motivates sales techniques, business communication, and business developments; (e.g. Wholesalers to Newsagents).
•A business with an aim is the goal the business wants to achieve (Long Term). Primary aim for all business organisations is to add value to the product or service they are providing and some businesses involve in making some profit. Some other aims include more strategic options like expansion, market leadership/increase in market share and brand building. •Business objective is more of step by step plan to take in order to achieve a stated aim (Short Term). To know the progress made by the business to achieve the objective, SMART plan used:
Businesses in the private sector are owned by private individuals or groups. The main aims and objectives of a private sector business are to make profit and survive. Examples are: Ford, Nokia and Armani.
Businesses in the public sector are owned or controlled by the government or regional authorities. Public sector businesses aims and objectives are not necessarily aiming to make a profit; most of their money comes from funds that are acquired through tax revenue. These types of business organisation for example are: NHS, Fire Services and State Schools.
Businesses in the voluntary sector raise money to support particular cause or provide a service to those in need. Even though voluntary sector businesses do not aim to make a profit, they do aim to make a surplus after all costs have been covered. Another aim voluntary sector businesses may have is to increase service provision. Examples of this type of business are: Save The Children, Cancer Research UK, RSPCA.
However, public and voluntary organisations have similar aims to the private sector; which is to run efficiently.
The three sectors can plan their objectives by using SMART:
Specific – making sure the objective is clear and readable. Measureable – for example, the data can be quantified.
Achievable – if the objective is possible to be attained.
Realistic – make sure the objective is real depending on the current stature of the business. Time Bound – making sure the objective can be achieved in an associated time period.
Marketing strategies define objectives, plan and produce the way the business is going to satisfy customers in the chosen market. Using market strategy, businesses set marketing goals, define target markets and describes how the business should work to achieve the positioning to have an advantage over its competitors. The process used for marketing strategy has three steps, which are shown below:
1.Research and Planning
During this period, the business/organisation first develops an understanding and gathers a clear picture of their target customers. As well as understanding the customers, the firm also analyse their market and competition. This gives them a view of what the markets are wanting and what the market needs and also they can...