Marketing Research Paper Available

Marketing
Marketing

Marketing

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It is important to clearly respond to the 3 points mentioned in this assignment , and the resources are at the bottom to use fir this paper. The writer must be more concise when he writer the paper and use examples and indicated to supports the facts

Consumer and Business Markets

Stanley Black & Decker (SWK) is a major player in the portable power tools industry. SWK competes in two different segments targeted at professional users. The tradesmen segment is targeted at electricians, plumbers, carpenters, etc. who work in residential construction. This segment consists of people who buy their own tools and make a living with these tools. The industrial segment is made up primarily of commercial contractors working on large projects. In this industrial segment, tools used by the employees on large projects are typically purchased and owned by the company.

Despite the fact that SWK produces the same tools for both segments and each segment has the same competitors, SWK only leads the market leader in the industrial field. SWK’s sales are disappointingly low in the tradesmen segment. The differences in marketing effectiveness can be traced back to the ways in which these segments differ. The tradesmen segment is a consumer market whereas the industrial segment is a business market.

After reviewing the resources for this week, respond to the following:
• Explain the various ways in which these two markets are dissimilar.
• What should SWK do differently in the tradesmen segment in terms of marketing efforts versus marketing to the industrial segment?
• Give a specific example of a marketing approach that could be used for each segment.

Resources
Article
Prahalad, C., & Ramaswamy, V. (2004). Co-creation experiences: The next practice in value creation. Journal of Interactive Marketing, 18(3), 5–14. Retrieved from Business Source Premier database.

In today’s marketplace there are a great number of items available in a great variety of styles. The authors discuss how this increase has caused companies to change the way they market their goods by seeking to involve the consumer in personalizing designs.

• Beverland, M., Napoli, J., & Yakimova, R. (2007). Branding the business marketing offer: Exploring brand attributes in business markets. Journal of Business & Industrial Marketing, 22(6), 394–399. doi:10.1108/08858620710780154

The authors of this article describe a framework they have developed for creating a strong brand identity.

• Fugate, D. (2007). Neuromarketing: A layman’s look at neuroscience and its potential application to marketing practice. Journal of Consumer Marketing, 24(7), 385–394. doi:10.1108/07363760710834807

This article describes a new science, that of neuromarketing, which involves trying to determine what is actually occurring in the brain while an individual is making decisions about purchasing a product.

Szmigin, I., Canning, L., & Reppel, A. (2005). Online community: Enhancing the relationship marketing concept through customer bonding. International Journal of Service Industry Management, 16(5), 480–497. doi:10.1108/09564230510625778

In this paper, the authors describe service value, technical infrastructure, and interactivity as the elements that assist in creating customer bonding in online communities.

• Marketing Management

Chapter 6, “Analyzing Consumer Markets”

This chapter focuses on ways to analyze a consumer market and identify factors that influence customer decision-making

Chapter 7, “Analyzing Business Markets”

This chapter compares and contrasts business and consumer markets and then elaborates on the different needs that must be taken into consideration for business markets.

Chapter 8, “Identifying Market Segments and Targets”

This chapter describes specific market segments, the different levels of the segments, and the various characteristics that may be analyzed, such as geographical, demographical, and behavioral within a particular consumer group.

SAMPLE ANSWER

Marketing

Marketing can be defined as an act of selecting markets that are mainly targeted for a businesses. This is done through segmentation and analysis of markets as well as understanding the behavior of its target consumers and providing a great value to its customers. For the success of the marketing strategy, one has to involve a comprehensive understanding of the types of markets that he or she serves. These markets can be divided into two: the consumer markets and the business markets.

Difference between Consumer and Business Markets

The question of ‘who buys the goods’ and ‘why is the purchase being made’ can clearly bring out the difference between the two markets. For business markets, goods and services are sold and purchased to a variety of businesses, market intermediaries and governments so as to smoothen the progress of the finished product, which is then re-sold to end users. Unlike the business markets, the consumers markets involve purchasing and selling of goods and services for consumers own use but not for resale.

The marketing strategies of these two markets also differ. The development of these strategies bases on the buying processes of the markets in particular, the needs and the wants.

For consumer markets, decisions for buying may be complex for purchases of large products like houses and cars where many people will be involved in decision making. However, purchasing smaller products may be much simpler because only one individual will be involved in decision making and there may not be a high level relationship between the buyer and the seller. A good example of this small purchase is the case of supermarket purchase.

On the other hand, business markets involve a strong decision making in the buying process and will in many cases have many people involved in making the decision. For example, an engineer in charge of the product specification may be involved together with a purchasing manager to negotiate on the price (Szmigin, Canning & Reppel, 2005).

What SWK should do differently in the Tradesmen Segment

Black and Decker have to address the negative issues that the professional tradesmen have. These negative perceptions are that all the tools are for the house shores and that its misuse in the site is taking a charge on the company. The low prices at the same time are also reinforcing the customers’ perception of the low prices and quality correlation.

Black and Decker should then drop the name from the professional tradesmen segment. This will assist in the re-positioning of products with their colour, quality, and even prices. This will help in the differentiation and perception problems that the tradesman segment faces. Apart from that, Black and Decker should replace the tools’ colour to industrial yellow. This will make it easier for customers to access them. Finally, black and Decker should improve on how to relate with their retailers in order to improve the market share (Beverland, Napoli & Yakimova, 2007).

Marketing Approach

Marketing approach is a method of business valuation used to calculate property value for a business that is held closely. A good marketing approach that could be used for the tradesmen segment is to offer free workshops to its intended clients whereas the industrial segment could join the local organizations groups for their business partnerships (Prahaland & Ramaswamy, 2004).

References

Beverland, M., Napoli, J., & Yakimova, R. (2007). Branding the business marketing offer: exploring brand attributes in business markets. Journal Of Business & Industrial Marketing, 22(6), 394-399.

Fugate, D. (2007). Neuromarketing: A layman’s look at neuroscience and its potential application to marketing practice. Journal of Consumer Marketing, 24(7), 385–394.

Herrmann, A., Henneberg, S. C., & Landwehr, J. (2010). Squaring customer demands, brand strength, and production requirements: A case example of an integrated product and branding strategy. Total Quality Management & Business Excellence, 21(10), 1017-1031.

Prahalad, C. K., & Ramaswamy, V. (2004). Co-creation experiences: the next practice in.value creation. Journal Of Interactive Marketing (John Wiley & Sons), 18(3), 5-14.

Szmigin, I., Canning, L., & Reppel, A. (2005). Online community: Enhancing the relationship marketing concept through customer bonding. International Journal of Service Industry Management, 16 (5), 480–497.

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