|University||University Of Colombo (UOC)|
Business to business market totally differs from the Consumer market. B2B market represents individuals or groups purchasing a specific kind of product for re-sale or direct use in producing other products or use in general daily operations of its business.
As marketers, it’s very important to understand B2B market characteristics, its unique features, buyer behavior, and the importance of building long-term business relationships with its customers.
In the real-world, effective Marketing starts with a strong knowledge of your customer; the kind of knowledge that gives you unique insights into what they want and how to satisfy them better than the competitors. The most reliable source of fresh customer insights is good Marketing information. Good/useful marketing information may come from a variety of sources from both inside and outside your organization. Marketing Research is a systematic process for identifying marketing opportunities and solving marketing problems by using customer insights that will be revealed upon collecting and analyzing marketing information.
Select a business organization that markets Industrial products/ Business to business products
and briefly introduce the business organization and identify three product categories it markets.
With reference to the selected organization that markets B2B products in Task one, select one
product of your choice and carry out a detailed analysis of the Marketing mix elements.
Briefly explain the key stages of the Marketing Research Process that the selected organization
should undertake in order to develop a formal market research study on its customers.
Discuss the importance of Relationship Marketing and briefly explain five benefits of Relationship Marketing with relevant examples in relation to the selected organization.
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