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Running head: BUSINESS TO BUSINESS MARKETING Business to Business Marketing Name of the student Name of the University Author note
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1 BUSINESS TO BUSINESS MARKETING Table of Contents Answer 1)...................................................................................................................................2 Answer 2)...................................................................................................................................4 References..................................................................................................................................7
2 BUSINESS TO BUSINESS MARKETING Answer 1) Integrated marketing communication (IMC) integrates various methods of the brand promotion that promotes the particular product or the service among the target customers (Finne and Grönroos 2017). All the aspects of the marketing communication works together that increases the sales and the cost effectiveness of the products of a company. IMC helps the Business-to-Business marketers in ensuring the consistency of the message to various kinds of stakeholders. It provides an approach that helps in the delivery of the consistent message to the buyers with the help of promotions of an organization which spans across various kinds of the media like the television, magazine, internet along with the social media. The consumers in the present age have access to various kinds of sources of the information and they want to collect the product information on their own. The B2B companies can take recourse to IMC for the co-ordination of the messages that aids in building the brand image (Blakeman 2018). The consistency of the message appeals to the people and it aids in the development of strong customer relationships. It helps the customers in satisfying their needs. There exist variousforms of the traditionalmedia likethe magazines, newspapers along with the television. The new forms of media on the other hand comprises of internet, social media along with the You Tube that helps the companies in spreadingthemessagemorereadilyamongvarioussectionsofthepopulation.The communications theory talks about the fact that understanding of needs along with the emotions of audience can be stated to be essential for ensuring accuracy of the message (SvÄ›tlÃk 2017). The B2B Company have to encode the message in the form which can be easily understood by receiver. The multiphase communication in the present age aids the marketers in carrying out the communication directly with the help of the mass media. The IMC helps in reaching out to various kinds of the stakeholders that stimulates the brand awareness and achieves the brand loyalty for products along with the services of a company.
3 BUSINESS TO BUSINESS MARKETING It aids in the projection of the unified voice which reinforces brand among the various kinds of the stakeholders (Valos et al. 2016). The process of the transmission of the consistent message builds the trust along with the awareness among the clientsalong with the customers. Gray Dawes Travel is a leading travel management company within UK which was established in the year 1865 by the entrepreneur Archibald Gray along with Edwin Sandys Dawes. The company is proud about their rich heritage and they have stressed on the values with the help of the IMC campaigns (Gdg.travel 2020). The message that is delivered with the help of IMC of the company is that they are ethical and have the innovative bent of mind that can provide a better travelling experience for the clients. The company takes recourse to the IMC tools of advertising, sales promotion, events, social media marketing along with the mobile marketing that have enabled the company in sending out the consistent message among the stakeholders. The advertising with the aid of the newspapers along with the magazines harps on the fact that they offer various kinds of flight, hotel along with the car hire options that have ensured the agility of the company. The social media marketing and the mobile marketing talks about the fact that they understand the need of the flexibility that helps in satisfying the diverse kinds of needs of the people. CDL is instrumental in providing the world-class software which aids in the growth of the insurance retailers (Cdl.co.uk 2020). The trend setting solutions of the company have helped in producing the client base that have taken care of the profitability of the company. CDL takes recourse to the integrated marketing communication that have ensured the popularity of the company in the market. The social media platforms of the company stresses on how the company supports the full automation for the telematics along with the connected home devices that can provide the retailers with the real-time pricing capability. The direct marketing campaigns launched by the company helps the company in sending out the message to the client that the company
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4 BUSINESS TO BUSINESS MARKETING applies various kinds of the technologies like the machine learning along with the big data that have aided in transforming the experiences of people. IMC aids the business in the arena of transmission of the consistent message that appeals to different kinds of the stakeholders. It provides the useful approach that aids in delivering message to buyers by taking recourse to various kinds of the promotional strategies. Answer 2) Key account management refers to the process that aids in expanding the relationships with the main accounts and it works closely with various kinds of the multiple business departments. It is indicative of the process of the strategic account management which is responsible for achievement of the sales quota (Badawi and Battor 2019). It helps in ensuring development along with the retention of the strategic customers. The main strength of key account management lies in the fact that it lays emphasis on the sales resources for the retention of the customers that can generate high level of the revenue. The consultative selling approach is taken recourse to that helps the business in understanding the unique needs of the customers (Guesalaga et al. 2018). It brings about the reduction of the risk which improves the business performance of a firm. It makes customers dependentonsupplierwhichincreasesthecustomerretentionofacompany.Strong relationship with that of the main account helps the companies in the development of the stable revenue streams. It helps in building the strong relationship at the senior level in an organization. It lays emphasis on the resources which ensures that the key accounts are satisfied with all the aspects of the service. The commitment from the senior executives along with the cooperation helps in dealing with the main accounts (McDonald and Rogers 2017). It helps organization in meeting criteria that enhances the satisfaction of the customers. It
5 BUSINESS TO BUSINESS MARKETING helps in the area of the prompt delivery and aids in providing the rapid response to the queries. The drawbacks of key account management as a part of the integrated marketing communication mix lies in the fact that it does not get the support from the senior management of a company. There exists the insufficient commitment of the time along with the resources that is necessary for the operation of the key account management. The integration of the resources of the supplier proves to be a challenge that acts as a barrier in the path of the delivery of the business results. It have been found that the company does not align itself well for delivering full value of the solutions that can be said to be a disadvantage of the key account management (Ivens et al. 2018). The whole company is unable to perceive the departmental objectives that acts as a hindrance for a B2B company. There exists the problem of the resentment along with the lack of the ownership from that of the regional sales people that can hinder the process of the key account management in a company (Ivens et al. 2016). Intellect soft provides the software development solutions that can help the companies in overcoming the challenges related to the technological transformations in the daily along with the large-scale operations (Intellectsoft.co.uk 2020).The company excels in the area of the block chain development, cloud computing along with the augmented reality solutions that have helped in the introduction of the security to the operations of an organization. The process of the key account management have helped in the assigning of the dedicated account managers who focuses on the arena of strategic management of an organization. It have enabled the company in handling the account transitions that have helped the company in building the trusted relationship with the client. The process of the selection of the main accounts proves to be rigorous for Intellect Soft. It have to take into account various kinds of factors like the growth potential along with the market potential that adds to the difficulties for Intellect Soft. The position of the key account manager becomes redundant in the event of
6 BUSINESS TO BUSINESS MARKETING having too many accounts that poses the problem for Intellect Soft. The suppliers have the limited capacity in managing the key accounts and the process of the integration proves to be difficult for the business. The account management have to be handled in a responsible manner that exists like a barrier in the path of Intellect soft. Key account management proves to be useful for expanding relationships and it works in working collaboratively with different kinds of the business departments. It is indicative of a strategic process that helps companies in achieving the sales quota. It lays a great deal of stress on the aspect of the sales resources which can retain the customers which can help a company in the generation of the revenue. It adopts the consultative approach that can help an organization in understanding unique demands of the people. The disadvantage of key account management resides in the fact that there exists problem of insufficient commitment of time and the resources.
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7 BUSINESS TO BUSINESS MARKETING References Badawi, N.S. and Battor, M., 2019. Do social capital and relationship quality matter to the key account management effectiveness?.Journal of Business & Industrial Marketing. Blakeman, R., 2018.Integrated marketing communication: creative strategy from idea to implementation. Rowman & Littlefield. Cdl.co.uk, 2020.CDL | CDL - Innovate And Deliver. [online] CDL | CDL - Innovate and Deliver. Available at: <https://www.cdl.co.uk/> [Accessed 24 March 2020]. Finne, Å. and Grönroos, C., 2017. Communication-in-use: customer-integrated marketing communication.European Journal of Marketing,51(3), pp.445-463. Gdg.travel, 2020.Home | Gray Dawes Travel. [online] Gray Dawes Travel. Available at: <https://www.gdg.travel/> [Accessed 24 March 2020]. Guesalaga, R., Gabrielsson, M., Rogers, B., Ryals, L. and Cuevas, J.M., 2018. Which resources and capabilities underpin strategic key account management?.Industrial Marketing Management,75, pp.160-172. Intellectsoft.co.uk, 2020.Software Solutions For Businesses - Intellectsoft UK. [online] IntellectsoftUK.Availableat:<https://www.intellectsoft.co.uk/solutions>[Accessed24 March 2020]. Ivens, B.S., Leischnig, A., Pardo, C. and Niersbach, B., 2018. Key account management as a firm capability.Industrial Marketing Management,74, pp.39-49. Ivens, B.S., Pardo, C., Niersbach, B. and Leischnig, A., 2016. Firm-internal key account managementnetworks:Framework,casestudy,avenuesforfutureresearch.Industrial Marketing Management,58, pp.102-113.
8 BUSINESS TO BUSINESS MARKETING McDonald, M. and Rogers, B., 2017.Malcolm McDonald on Key Account Management. Kogan Page Publishers. SvÄ›tlÃk,J.,2017.Integratingonlineadvertisingintointegratedmarketing communications.Marketing Identity,5(1/1), pp.206-215. Valos, M.J., Habibi, F.H., Casidy, R., Driesener, C.B. and Maplestone, V.L., 2016. Exploring theintegrationofsocialmediawithinintegratedmarketingcommunication frameworks.Marketing Intelligence & Planning.