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Business to business (marketing plan) - Essay Example

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THE MARKETING PLAN Executive Summary The present report is mainly an outline that is made up of data used to segment two forms of market namely business to business (B2B) market and business to customer (B2C) market. Noting that each of the two markets has their own characteristics and values, the present report will help the Board of LumiCore in taking the right decision on the market segment as the report outlines marketing plan to target the chosen segment…
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Business to business (marketing plan)

Download file to see previous pages... In light of this, the company would have to put in a lot of effort in identifying where its major strengths are so as to take advantage of the potentials. In this regard, a comprehensive research and development program in the short to medium term is recommended. What is more, the company must be poised with the introduction of new strategies and competitive advantages that will not seem too familiar to end users. Once this happens, potential customers would have no justification to trade off their existing companies for the new entrant. 1 Comparison of B2B to B2C B2B has largely been used to stand for business to business marketing whiles B2C has also been used to represent business to customers marketing. A critical understanding of these forms of marketing is very importation in the creation of market of market segments for any identified setting. This is because with an understanding of which of the two works best for a given company, it becomes easier for the company to select one of the two principles in creating the segmentation (quote). Generally, B2C has larger and broader sales prospects than B2B (quote). To this extent, B2C assure larger markets than B2B. In terms of segmentation also, demographic segmentation is more favourable for B2B whiles demographic segmentation is favourable for B2C (quote). This is so because B2C deals directly with customers and so need specific characteristics of customers to undertake business. B2B, which on the other hand deal with businesses needs to target a larger geographic scope in order to achieve successful patronage. Best basis of segmentation for each NEW market As stated earlier, the B2B is more favourable with geographic segmentation whiles B2C is more suitable for demographic segmentation. For each of these new markets therefore, there is a level of basis for the selected segmentation. In the business to business marketing for instance, because the company deals directly with other businesses, it does not really have to have the specific demographic make up of the setting into consideration. Rather, it would rather have to look at the business prospect of the market and strength of competitors in the area. With the business to customer, because the customer is the direct focus, it is always virtually impossible to think of succeeding without knowing the specific demographic qualities of customers. In most instances, the demographic characteristics that are considered for the demographic segmentation include race, nationality, gender, family size, religion, education, occupation, and income. Identify target segment and its estimated value From the discussions so far, the most suitable target segment for LumiCore is the London market. This way, it is clear that business to business (B2B) has been selected over business to business (B2C). This is because business to business makes use of segments such as states, regions, nations, countries, cities and in some cases, zip codes and neighbourhoods. Judging from the fact that London in the United Kingdom is a city, it qualifies and comes under business to business marketing. With London selected as the target segment, there are several estimated values that the company can be assured of having. Because the remaining aspects of the report shall give a closer diagnosis of the London segment, not ...Download file to see next pagesRead More
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