Summary of Business Marketing (2nd year course in business management, specialization in 'Marketing' (in English)
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Course
Business Marketing
Institution
Arteveldehogeschool (Artevelde)
This is a summary that contains all the subject matter you need to know for the Business Marketing exam, a course that marketing students will receive in their 2nd year of business management.
It is written in English, as the subject is also taught in this language.
PS: I got an 18/20 with my su...
Inhoud
What’s in a name? (intro of the intro) ...................................................................................................... 6
What is business to business? (B2B) ........................................................................................................... 6
Characteristics of B2B markets .................................................................................................................. 6
The market .............................................................................................................................................. 7
The buying process ................................................................................................................................. 7
The demand............................................................................................................................................ 7
Derived demand................................................................................................................................. 7
Joint demand ...................................................................................................................................... 7
Fluctuating demand ........................................................................................................................... 7
Price (in)elastic .................................................................................................................................... 8
Therefore in B2B…................................................................................................................................ 8
Distribution channels .............................................................................................................................. 8
Types of B2B buyers (4) .............................................................................................................................. 9
Commercial businesses (industry and services) ................................................................................... 9
Resellers ................................................................................................................................................... 9
Governments (local/ national/ supra-national) ................................................................................... 9
Institutions .............................................................................................................................................. 10
3 types of B2B goods & services .............................................................................................................. 10
Components ......................................................................................................................................... 10
Capital goods ....................................................................................................................................... 11
Supporting goods ................................................................................................................................. 11
Creating value in B2B ............................................................................................................................... 11
Porter’s value chain (Michael Porter) ................................................................................................. 11
Decision making unit ................................................................................................................................ 12
Initiator ................................................................................................................................................... 12
User ........................................................................................................................................................ 13
Influencer .............................................................................................................................................. 13
Gatekeeper .......................................................................................................................................... 13
Decision maker ..................................................................................................................................... 14
Buyer ...................................................................................................................................................... 14
Importance of DMU for B2B marketeer .................................................................................................. 14
3 Key factors that initiate the buying process ....................................................................................... 15
Buying situations ....................................................................................................................................... 15
The buying cycle .................................................................................................................................. 15
One: Awareness ................................................................................................................................ 15
Two: Investigate................................................................................................................................. 16
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Business marketing
, Three: Evaluate .................................................................................................................................. 16
Four: Purchase ................................................................................................................................... 16
Five: Engage ...................................................................................................................................... 16
Six: Advocacy .................................................................................................................................... 17
Importance of understanding the DMP & DMU .................................................................................... 17
Importance of environmental analysis ................................................................................................... 18
Macro analysis: PESTLE ......................................................................................................................... 18
............................................................................................................................................................ 18
Political factors .................................................................................................................................. 18
Economic factors .............................................................................................................................. 18
Social factors ..................................................................................................................................... 19
Technological factors ....................................................................................................................... 19
Legal factors ...................................................................................................................................... 19
Environmental factors ....................................................................................................................... 19
Ethical factors .................................................................................................................................... 19
Environmental analysis: micro level ..................................................................................................... 20
Force 1: Competitive rivalry ............................................................................................................. 21
Force 2: The bargaining power of suppliers .................................................................................... 22
Force 3: The bargaining power of customers ................................................................................. 22
Force 4: Threat of new entrants ....................................................................................................... 22
Force 5: The threat of substitute products or services .................................................................... 23
Environmental analysis: Organizational level ......................................................................................... 23
SWOT analysis – definition .................................................................................................................... 24
Internal factors .................................................................................................................................. 24
External analysis................................................................................................................................. 24
Environmental analysis: 3 levels & 3 tools ............................................................................................... 25
Intro ........................................................................................................................................................... 26
Strategic Planning ................................................................................................................................ 27
Tactical planning .................................................................................................................................. 27
Operational planning ........................................................................................................................... 28
Tools ........................................................................................................................................................... 28
Value disciplines ................................................................................................................................... 28
Product leadership = best product.................................................................................................. 29
Operational excellence = best performance ................................................................................ 30
Customer intimacy = best service.................................................................................................... 30
Value disciplines: pricing based on T&W ............................................................................................ 30
Value disciplines – digital as game changer ..................................................................................... 31
Ansof matrix........................................................................................................................................... 31
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, Market penetration ........................................................................................................................... 32
Product development ...................................................................................................................... 32
Market development ........................................................................................................................ 33
Diversification .................................................................................................................................... 33
Boston consulting group portfolio analysis ......................................................................................... 34
Introduction .............................................................................................................................................. 37
The B2B buyer (customer) journey .......................................................................................................... 38
Building an omnichannel strategy .......................................................................................................... 39
Case studies.............................................................................................................................................. 42
Key takeaways ......................................................................................................................................... 42
Introduction .............................................................................................................................................. 43
Areas ......................................................................................................................................................... 43
Process transformation ......................................................................................................................... 44
Business model transformation ............................................................................................................ 44
Domain transformation ........................................................................................................................ 45
Culture/ organizational transformation .............................................................................................. 45
Why digital transformation? .................................................................................................................... 45
Surviving and staying competitive ...................................................................................................... 45
Keeping up with customer expectations ........................................................................................... 45
Improved efficiency and productivity ................................................................................................ 45
Cost savings and improved profitability ............................................................................................. 45
Digital maturity ...................................................................................................................................... 46
Digital intensity ...................................................................................................................................... 47
Capabilities VS pitfals ........................................................................................................................... 47
Conclusion ................................................................................................................................................ 47
Introduction .............................................................................................................................................. 48
Why engage in content marketing? ...................................................................................................... 49
Brand awareness .................................................................................................................................. 49
Trust and credibility ............................................................................................................................... 49
Lead generation ................................................................................................................................... 49
Informing ............................................................................................................................................... 50
How set-up a content marketing strategy? ........................................................................................... 51
1Identify your target audience ........................................................................................................... 51
2Set clear goals and objectives .......................................................................................................... 51
3Audit your existing B2B content ......................................................................................................... 51
4Determine distribution channels ........................................................................................................ 52
5Determine content types for B2B markets ........................................................................................ 52
6Create a content calendar ............................................................................................................... 52
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, 7Monitor content performance .......................................................................................................... 53
Effective B2B content formats ................................................................................................................. 54
Corporate websites .............................................................................................................................. 54
Blog posts .............................................................................................................................................. 54
Whitepapers & ebooks ......................................................................................................................... 55
Business case studies ............................................................................................................................ 55
Webinars ................................................................................................................................................ 55
Templates, checklists and how-to guides........................................................................................... 55
Tools & calculators ................................................................................................................................ 55
Podcasts ................................................................................................................................................ 55
Best practices ........................................................................................................................................... 55
Introduction .............................................................................................................................................. 56
Types of business analytics ...................................................................................................................... 57
Descriptive analytics ............................................................................................................................ 57
Predictive analytics .............................................................................................................................. 57
Prescriptive analytics ............................................................................................................................ 58
How do marketers use data?.................................................................................................................. 58
Challenges for B2B marketers.................................................................................................................. 58
Power of data........................................................................................................................................... 59
GDPR...................................................................................................................................................... 59
Introduction .............................................................................................................................................. 60
Why ABM? ............................................................................................................................................. 60
Inbound VS outbound marketing ........................................................................................................... 61
Inbound marketing ............................................................................................................................... 61
Outbound marketing ........................................................................................................................... 61
Cases See ppt. ......................................................................................................................................... 62
Main characteristics ................................................................................................................................. 62
Identifying & selecting target accounts ............................................................................................. 62
Build account intelligence ................................................................................................................... 62
Developing personalized content and campaigns .......................................................................... 62
Advantage 1: Align marketing & sales ............................................................................................... 62
Advantage 2: Increase content relevance and customer trust ...................................................... 63
Advantage 3: Increase ROI ................................................................................................................. 63
Key take aways ........................................................................................................................................ 63
Introduction .............................................................................................................................................. 64
B2C VS B2B ............................................................................................................................................ 65
Why work with B2B influencers? .............................................................................................................. 65
What makes a B2B influencer? ............................................................................................................... 66
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