MKT502 Clients and Markets For Customer Attitude in B2B Assignment
More specifically the assignment will:
• Develop understanding of the relevance of psychology, buying behaviour and marketing theory
• Help you appreciate the practical application of theory and its relevance to designing an effective marketing mix
• Require the concepts discussed in the course to be related to the marketing mix in order to achieve appropriate marketing objectives
• Help you to distinguish between the various internal and external influences that affect buyer behaviour and explain the likely responses to different marketing stimuli by customers in a specific marketing situation
Answer:
Introduction
In the contemporary business environment, business has diverted from perceiving their business as a single entity, and thus they have resorted to consumer segmentation. Different segmentations produces different effects and significance such as how the business operates because the company gets an insight of the small segments regarding their needs and wants in the market (Cross, et al., 2015). The focus of the paper is to explore particular DSO target market in B2B and B2C and make a recommendation on the best marketing mix to be incorporated into the same group. For instance, the marketing mix recommendation will focus on the product, price place and promotion aspects associated with the behavior of the target segment. The theories of segmentation, buying behavior and psychological theories will be applied to further understanding in DSO situation.
B2B Marketing
Business-to-business marketing also commonly referred to as B2B is the kind of marketing strategy applied to the firm and its activities includes the sale of the company’s product or provision of service to another organization. The B2B signify business to business client served by the enterprise, and B2B target market needs to be based on a detailed description of the buying behavior associated with the target customers. DSO will use the key concepts and theories namely buyer decision making process and models, customer motivation, perception and the attention gate, customer knowledge and learning, group and social influences, personality, self-concept &emotion and customer attitudes (Kurnoga, 2017). The target consumers of Darwin Symphony Orchestra (DSO), includes the suppliers, music retailers who distribute music CD produced by the groups and publication such as magazines. DSO has many categories of suppliers such as event producers, approved caterers, florists and others.
B2B buyer decision-making model
There are various theories used in understanding B2B model, and this includes the buyer decision-making model. The model is relevant because it explains the steps that company customer uses when buying from DSO. According to Wind, there are various stages followed by the organization in the process of buying, and this includes the problem recognition, describing the specific needs, product specification, searching for the supplies, Organizational Buying Process, soliciting for proposals, choosing the most qualified suppliers, order specification and lastly the performance review (Wind, et al., 2014). In the context of DSO, the above-explained process.
Customer motivation in B2B
When implementing B2B strategies, there is a need for the business to identify the various motivating factors that form the basis of convincing the potential buyers to be loyal to the organization and to keep purchasing their services. B2B marketing strategies are more sophisticated when compared to the regular marketing such as the consumer level. This is because many decisions highly influence the B2B model and the primary focus is on the return on investment (Cross, et al., 2015). Despite any development, five central factors need to be considered by DSO because they keep motivating the consumers to continue purchasing the products and services of the company which DSO must be familiar with and put into consideration. The factors to be considered by DSO includes the response element, Service, time, quality products and the price structure (Iyer, et al., 2015).
Perception and the attention in B2B
The perception and the attention gate plays an essential role in B2B in the selection and the evaluation of the best supplier. In the b2b model, there is one problem, and this includes the expanding gap and disconnection between the message and the brand and the consumer perception (Essien & Udo-Imeh, 2013). Therefore, for DSO, there is need to evaluate the consumer’s attention gate and the perception and align it with the messaging relayed and the value to the customers. Besides, DSO should also consider themes that catch the attention of B2B marketers and their influence on the brand perception (Scheer & Spekman, 2015).
Customer knowledge and learning in B2B
Customer knowledge and learning in B2B model is related to the psychological aspects and therefore important in the selling process and increasing the sales in the organization. In this case it is essential for DSO to have knowledge and learn to help understand and the consumer’s behavior in B2B to make effective marketing decisions. in such a scenario where DSO have learns about the consumer it is much possible to have a clearer understanding of ideal target customers and the effective communication channels and marketing strategies to be applied for increased engagement (LaPlaca, 2014).
Group and social influences in B2B
As explained the process of making buying decision in B2B is more complex compared to that of the consumers. This is because the business must embark on the searching of information about the available suppliers through proposals. Therefore the process followed in B2B model is without the social influence because the decision makers are motivated by factors which are beyond such. For instance DSO is influenced by the response factor, Service, time, quality products and the price structure that is devoid of individuals influence (Buxmann, et al., 2014; Essien & Udo-Imeh, 2013).
Personality, self-concept & emotion in B2B
According to Arsel the process of making decision in the organization is much different when compared to B2C model because there are number of people who are engaged in making decision. Further, these people are influenced by the consumer motivation and therefore the whole process has to include and involve the personality of decision makers, their emotion and self-concepts (Arsel, et al., 2015). Therefore, for DSO, these the issues of personality, self-concept and the emotions needs to be understood for effective marketing messaging to the consumers.This is the norm for the businesses because the management team focuses on figuring out the marketing behaviors and the kinds of marketing strategies to be used to reach them effectively (Wilden & Gudergan, 2015).
Customer attitude in B2B
Identifying the attitudes of the consumers and the differences between them is essential in establishing the understanding of what satisfies tem and make them loyal. For DSO to understand their customer behavioral intentions and the level of satisfaction the measure the attitudes. This is because there is a basic assumption that the level of customer satisfaction and their behavioral accurate and valid predictors of their attitudes. The stayers and defectors are much more similar, than different, on most metrics. This has significant implications for DSO and the management team need to consider on the factors (Essien & Udo-Imeh, 2013).
Marketing Mix Recommendation
The marketing mix is defined as the set of actions and strategies used by the organization in a bid to promote its product and the services in the market. The factors to be explored in the context of DSO includes the mix of product, price, promotion and place. However, there has been changes in the modern marketing mix and other aspects such as packaging, positioning and others has been included in the mix. The above section has explored the factors in B2B that includes the attention gate, perception, motivation and the attitudes of the business client (Jackson & Ahuja, 2016; Srinivasan, et al., 2014).
Price
Price refers to the value attached to the particular service and product offering in the market. For the DSO, they need to include factors such as the costs of production and the attitudes, buyers’ decision process and motivation of the target segment in the market. In addition, the company should be guided by the ability of the target consumers to pay and its ability to supply the service in demand and this includes the events. Therefore the pricing strategies of DSO should be tied to the factors such as motivation and the product perception by the consumer (Jackson & Ahuja, 2016).
Product/service
The Product/service refers to what the company is supplying to the consumers at a certain price. In this case the product requires to be excellent and must respond to the consumer motivation perception and attitude about it (Solomon, 2014). For the case of DSO, the events must be tailored to respond to these factors as identified in the consumers for it to be effective.
Place
The place refers to the place where the products and the services are accessed by the consumers for sale. In every business sector, the organization tries everything to catch the eyes of their target segment and this increases its effectiveness in the market. In this case, DSO supplies the event to the consumers and for it to be effective the management needs to consider the place strategy and this includes the accessibility of the venues where events are held as this will make the retailers pay a premium price due to the location (Srinivasan, et al., 2014).
Promotion
For the purpose of DSO, the aspect of promotion comprises all the activities undertaken by the orchestra to make the events known by the target market for consumption. In the context of DOS, the best means of making their events popular includes advertising in televisions, radios, billboards. Other strategy includes offering the consumers various incentives, offering commissions and other prizes to attract many consumers (Jackson & Ahuja, 2016).
B2C marketing behavior evaluation
Business to consumer (B2C) comprises of transactions which are carried by the firm and its consumers who involve the end users of the products and services. In the context of the DSO, it includes those who purchase tickets to watch the events and other performances, those who buys the music and other products emanating from the company. The business-to-consumer model is so much different when compared to the business to a business model where firms or corporations provide goods and services to other firms. The term was popular from the later 1990s when it was used to make reference to a group of online retailers and organizations that provided goods and services through the online platform known as the dotcom (Saha, et al., 2014).
Some theories are used to understand the buying behavior of consumers. Many agencies continually evaluate these issues and come up with marketing strategies that are used to persuade their customers to purchase their goods and services as opposed to that of the rivals. When a client is buying a product and services of the company, they go through a range of decisions and the process before they arrive at a decision to purchase what they want (LaPlaca, 2014). However, because of individual’s personality traits, there are many differences between buyers when compared to businesses. This is because of the varying factors between individuals of different regions such as the environmental elements, cultural influences and other factors such as age, class, and gender (Brennan, 2014)
The generic theory explains the buying behavior of the consumer and holds that majority of the consumers’ purchases are well explained by this model which guides their decision-making. For example, the customers who are also the end users of what they procure, undergo a rigorous process before arriving at the decision to do something. Typically, the buyer has tendencies of first recognizing the need for the purchase and in sometimes initiates and investigation of the product's features and pricing. For the DSO consumers, they make a decision to buy the goods and services and the economic consequences. The decision arrives after a though research on the benefits and pricing features and the final decision is ultimately arrived based on this evaluation (Oliver, 2014; Buxmann, et al., 2014).
Another model used to understand the motivation, perception and the process are the Cultural Theory. The method is paramount in understanding the confluence of cultural factors that impacts on the buying behaviors of the individual consumers (Buxmann, et al., 2014; Barry, 2013). For DSO consumers they first evaluate their values and beliefs and reflect it to the products and services required. For instance, Darwin Symphony Orchestra’s (DSO) is associated with events and galas that carry cultural impacts, and this means the consumers first evaluate the cultural implications of these events. As a result, these cultural effects in many ways influences the ultimate buying behaviors (Barry, 2013). On the other hand, DSO consumers can be influenced by social class, occupation, education and income level and this also carries a lot of impact on the behaviors and tendencies of these consumers. Further, many people are likely to attend the events in a group, and therefore, the opinions of others have variations on the buying behaviors. For example, there can be opinion regarding the kind of events offered by DSO and their opinions can be based on their experience, specialized knowledge and the individual’s personality (Arsel, et al., 2015).
Further, the environmental theory is also used to understand the buying behavior of the consumer’s organization. The buyer reveals a lot of different in their buying behavior mostly due to the situation. For example, there are individual who may want to purchase a gala event ticket to their friends for the purpose of impressing them. According to the internal model, the consumers are also driven by the prices, and they make decisions based on it (Wilden & Gudergan, 2015). The personality significantly influences others, and this is an encouraging factor when purchasing the product. Lifestyle also plays a significant role in buying DSO series and products because their neighbors affect them (Arsel, et al., 2015).
Many marketers also use the Theory of Reasoned Action, and the theory explains the influence of the pre-existing attitudes towards the products and services and how they alter the buying decision of the consumers. The model posits that buyer acts with the intention of creating or receiving the particular outcome gained after purchasing the services. In reflection to DSO consumers, one can conclude that their consumers can be said to be rational actors and their actions are based on the interests and the gains accrued. In the process of making a decision of purchasing a product, there is a probability that things can change and the different course taken. Therefore, it is important for the marketers to understand the behaviors to make a more informed approach to the market (Montano & Kasprzyk, 2015).
Marketing Mix Recommendations
The paper explores how the organization can use marketing mix as a successful way to ensure that the organization services and product are in the right place. The marketing mix applies to Darwin Symphony Orchestra’s (DSO) in their marketing effort to find the best way to approach the market and increase their competitive ability. The tool is very crucial for helping the marketers have ample understanding of what and how to offer the products and service to the market. The proposal touches on the four poles namely the place, prices, promotion and the product or the services (Srinivasan, et al., 2014).
Product
One of the first area to look is the Product and services and how to apply them in their marketing mix. Darwin Symphony Orchestra’s (DSO) both goods and services offered to the market. The product provided by the company is tangible while the services offered by the enterprise are intangible. DSO provides service such as events, entertainment and others and the best way to present it to the market is to research about it and makes a slight improvement to make it look valuable to the customer by meeting the demands and needs (Helm & Gritsch, 2014). Besides, the leaders of DSO needs to understand the products cycle, understand the challenges and present it as more unique to the consumers. This should happen to the new products as the company should attempt to understand the various stages and the challenges it is likely to face. Further, the product features should be best understood and also the unique proposition studied, and the new buyers learned. This would be helpful in making the company gain more market and revenue from the product and service offering to the market (Koo, et al., 2016).
Price
The price of the products and services covers the real amount the buyers are expected to pay to the business to get the product or the service. The pricing of the product has an immense effect on the how the consumers demand it in the market and the overall company sales. Further, the pricing has to do with the perception of the product by the customer. Then, it is imperative for the company to understand the value of the services rendered to the consumers and compare with an actual price of the products. This is because if DSO prices the product above the perceived value, then there will be reduced sales and this will affect the company sales and revenues. This is why it is crucial for the company to first understand the real value of the services from a customer perspective and make the necessary adjustment to its presentation to the market. If the perception is higher or positive, then the DSO can adjust the price on the high side, and the opposite should happen if the consumer perception is negative.
Promotion
The issues of product Promotion deals with the aspects of the marketing communication techniques that are employed by the companies to make the product visible in the market. While DSO is engaged in the promotion of their services the paper recommends that the company to use more aggressive forms of promotions to capture more market shared. These mediums include advertising, public relations and special offers on products and services. The kinds of the channel used should be necessary and more suitable for the company budget, the target end users and the outcome expected of the marketed product (Jackson & Ahuja, 2016).
Conclusion
In conclusion there is a difference between B2C and B2B in how they interact with the producer of goods and services. There are various theories which are used to understand the behaviors of these models and they include the theory of reasoned actions, generic, cultural and Webster and wind’s general models. These frameworks explains the influences, attitudes and other process that affects the buying behaviors. Further, each of the model needs to focus on their marketing mix aspects to capture the market share. For the B2B, the paper recommends for the use of promotional initiatives while for B2C, there is need to include all the aspects namely the price, place, product, and promotions.
Bibliography
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