B2B and B2C markets units are very different in successful marketing strategies. For the modern marketing effort, a strategic marketing campaign is an essential part. The B2B customer usually intends to invest in content marketing for growing brand cognizance and increasing new business relationships. They are more focused on a value you offer. On the other hand, the B2C customer is more driven by emotional triggers. B2B customers are more focused on the data that demonstrates ROI and tangible features. As for the B2C customers are appeal more to emotions play a vital role in sales and as such entire content strategy needs to be designed with this in mind. The best market campaigns in a B2C market involve strategic storytelling. These stories are the best platforms for emotional triggers. For the B2B market, stories can involve as part of beneficial but they are more focused on facts, numbers and graphs that boils down to ‘data’ and indicating ROI.
Maslow’s Hierarchy of Need is a motivational theory in psychology and proposing by Abraham Maslow in 1943. The levels are as follows (see the pyramid in Figure 1 below).
Most people recognize the hierarchy of needs described as a pyramid with basic needs at the bottom (physiological, safety, belonging/love) and going through to those need for growth (esteem and self-actualisation).
My view of B2C customers is more preferable to buy the products by what their friends are using. Their purchases are very often depending on emotion-driven. As for the B2B customers are more focused on the saving money, saving time and making more money. Their purchases are usually based on data-driven. My current workplace’s marketing strategies are more target on B2B customers and they always want the service that best fits with their needs and best price.
Core values are generally indicating in the mission statement. The operating values or principle that guide an organization’s internal behaviour as well as its relationship with its partners, shareholders and customers.
Corporate Social Responsibility (CSR) also known as corporate citizenship or responsible business is defined as corporate self-regulation integrated into a business model. CSR is the dedication by means of companies to behave ethically and contribute to financial development while not only improving the quality of life of the personnel and their families but also the local community and society at large. (Angwin et al., 2017) CSR can help to improve a company’s reputation, encourage the honesty, reduce employee loyalty and expose market opportunities while concurrently helping society. On the other hand, there are some disadvantages due to increase costs, ethical issues regarding the use of shareholder capital. Company’s sustainability and strength is very much dependant on the well-being of the society it operates in.
In my views, CSR is very critical for any sustainability of any business. CSR help in social values, Environment stewardship, Business values and Marketing support. Successful CSR ensures the engagement of the community as the partner. To make CSR successful ensure start with local people/area, be good to your intentions for engaging in CSR and adopt the best suitable model for you. In measuring the impact of CSR companies are measuring social return on Investment (SROI) and for high impact CSR these steps can be helpful which is Transparency, Sustainable purchase, Active role within community and Innovation.
The competitive analysis is the analysis of your opponents and how they relate to the rivalry. The reason for the competitive analysis are opt for those qualities what is a lot of disadvantage of the challenges within your market, methods which will support you with a well-defined advantage, those obstructions that may build created therefore as can forestall rival beginning with coming into your market, any weaknesses which will be a lot of advantage from the merchandise development cycle. A competitor’s strengths and weaknesses square measure typically supported the existence and lack of the key assets and skills required to contend within the market.
Porter’s 5 Forces of Competitive Position Analysis were supported in 1979 by Michael E Porter of Harvard graduate school that may be an easy framework for assessing and evaluating the competitive strength and position of a business concern. This thinking developed out of business Organisation (IO) theory during which market structure was seen as mostly decisive strategic conduct that successively was mostly instrumental indecisive performance. A solid competitive force performs the organization for a danger to its position in view it depressed benefit edges. A powerless competitive force on the great holders kept all offer a chance to raise edges. There are a number of macro-environmental impacts upon these competitive forces, for example, political and legal, technological, macroeconomic, social and cultural factors. Despite this, the changes they occasion in the relative strengths and weaknesses of the five competitive forces require an adaptive response on the part of the firm. The Five forces are as follows (see Figure 2 below).
My View of Porter’s five forces analysis usually uses to understand whether new products or services are profit potential. This model should use where there are at least three competitors in the market. The main benefit of using this technique is that it provides for management to think about the competitive environment.
For the business to survive in long term it will need to change in management. One of the most popular models is Lewin’s model about the change model describing in three state that is Unfreeze, make the change and refreeze. When changing the company to be required the primary step is to unfreeze the present process and take a look at how things are done. According to the company’ perception of the upcoming change and their natural resistance, unfreezing also applies to it. The secondary step is that engaging in new activities that identify and implement new ways of doing things to make bring about change is call make changes. In this view, Harper (2001) suggested that the changing management effectively gives the opportunity all the relevant shareholder to be engaged in decision making and problem-solving in a collaborative manner. In the final step, one the changes area unit consisting of individuals have embraced the new methodology of operating, the organization creating to refreeze promptly. The outward signs of the refreeze area unit a stable chart, consistent verbal description and so on. With a replacement sense of stability, staff feel assured and comfy with the new ways in which of operating.
The ability to foresee, maintain flexibility and empower others to get strategic amendment as necessary is Strategic leadership that involving managing through others, maintaining a complete enterprise instead of a practical distinct element, and addressing changes that more and more continues within the world economy. The worldwide economy’s complexness will cause that strategic leaders should find out how to effectively influence human behaviour in unsure environments.
My view about using the change management, if changes are happening in your business like strategic changes, military science changes, management changes, technology changes then those changes are going to have impacts and effects from having not intent destructive outcomes, it is more practical to have “change management” method. This method can become to minimize negative outcome and increase the positive result.