Introduction:
Establishing a company is much easier than selling your product or service efficiently and effectively. For this reason, you need to adopt proper marketing technique. No matter what kind of business you own, if you are unable to market it appropriately than you will not earn higher profits. By this, it is meant you have to use one of the several marketing concepts in your business; these marketing concepts are product marketing, production marketing, societal marketing, Marketing concept or selling concept. You need to lay down your goals according to one of these concepts, which best suits your business, and then eventually you will find your company performing well .
Q1. Explain the cultural, social, and personal characteristics that affect people when they choose a restaurant to celebrate their birthdays.
Restaurants offer a hassle-free alternative for eating good food when people do not want to cook meals at home due to any reason. Especially those who do jobs for more than forty hours a week, mostly dine out because they do not have time to cook at homes. Others dine-in at restaurants to celebrate occasions like birthdays, anniversaries and many others.
Social Characteristics: If a person has his or her birthday and wants to celebrate it at a restaurant then he or she will look for a place where socializing with friends is very enjoyable, where he or she can have a good musical or entertainment experience or where the food is presented in a well-mannered way.
Personal Characteristics: A person would like to celebrate his or her birthday at a place where he or she is treated nicely by the employees of the restaurant, where there is a friendly atmosphere, proper management system, quick responsiveness, positive attitude and good customer service.
Cultural Characteristics: Those restaurants are chosen to celebrate birthdays that serves food according to your taste, where the decoration and furniture is comforting and stylish and where there is privacy.
Q2. Soft drink marketers spend about $400 million on television advertising each year. Why is this important?
There are three reasons why soft drink marketers aggressively do television advertising each year; affordability, availability and accessibility. Their aim is to reach everybody because their market consists of all kinds of consumers.
Everyone watches television, whether for news, sports or entertainment. The soft drink marketers want to tell their market that the drinks will make you feel energized at a very low price. This low price is sometimes lower than the price of a water bottle. Their soft drink is present at every event like music programs, Olympics, sport matches and other entertainment programs. They also want to tell their audience that their soft drink is available at every shop, and at every corner or mall of the street through vendor machines. Hence, they do not have to cover long distance to reach their thirst quenching drinks .
Q3. Outline the major influences on business buyers. Why is it important for the business-to-business buyer to understand these major influences?
Cultural Influence: The culture in which the business is or is going to operate. The ethics and norms of that culture have to be kept in mind while doing the business.
Environmental Influence: The economic and social factors come under this heading, for example consumer confidence, primary demand, materials supplies, economic forecast, taxes, inflation rates and bank interests.
Interpersonal Influence: understanding the personalities of the employees and designing systems in which they work most conveniently. Understanding policies, procedures and laws appropriate for the business to function properly.
These factors are important to understand for the business-to-business buyer because it helps him or her to make sound decisions that help him or her achieve organizational goals quickly and do well in the future .
Q4. How does the business buying process differ from the consumer buying process?
Business buying process is more detailed than the consumer buying process and requires a lot of time, energy and money. Decision-making in business buying process begins with an idea that passes through different approval stages, while in the consumer buying process, the consumer quickly takes a decision and implements it. Business buyers require support contracts when buying any product, while the consumers may or may not require such support contracts. Prices to the business buyers are offered lesser than the prices offered to an individual consumer .
Q5. Suppose that you own a small printing firm and have the opportunity to bid on a federal government contract that could bring a considerable amount of new business to your company. List three advantages and three disadvantages of working in a contract situation with the federal government.
Advantages:
The federal government is one of the biggest markets through which a lot of profit can be generated. The credibility and visibility of your small firm will be enhanced, making a very reputable image in the market. Your company will grow to great limits and you can expand your business by offering more products.
Disadvantages:
Doing business with the federal government requires a lot of patience, because the procedures are very long and complicated. The government has the upper hand, meaning that it will take most of the important decisions in doing partnership. There is a little uncertainty or risk associated with the business because when there the government is changed after each election; there is no guarantee that old vendors will be kept .
Conclusion:
Marketing is not at all a complicated procedure once you understand the dynamics of your surroundings and analyze how much competition you have in the market. Afterwards, you are able to adopt marketing techniques most beneficial for your business not just right now but in the future as well.
References:
Hill, B. (n.d.). The Advantages & Disadvantages of a Business & Government Partnership. Retrieved from Chron: http://smallbusiness.chron.com/advantages-disadvantages-business-government-partnership-50553.html
Mannan, Z. (2012, March 7). Analyzing Consumers & Business Markets. Bangladesh.
Mehta, & Maniam. (2002). Marketing determinants of customers' attitudes towards selecting a restaurant. Academy of Marketing Studies Journal Publisher: The DreamCatchers Group, LLC Audience: Academic Format: Magazine/Journal, 1-20.
Pujari, S. (n.d.). 5 Important Concept of Marketing Management Philosophy. Retrieved from Your Article Library: http://www.yourarticlelibrary.com/marketing/5-important-concept-of-marketing-management-philosophy/1076/
Root, G. N. (n.d.). Differences Between a Consumer Buying and a Business Buying Decision Process. Retrieved from Chron: http://smallbusiness.chron.com/differences-between-consumer-buying-business-buying-decision-process-20397.html
