Page 148 - DLIS402_INFORMATION_ANALYSIS_AND_REPACKAGING

Unit 7: Marketing of Information

A given firm may hold numerous products in the marketplace, spanning numerous and sometimes Notes
wholly unrelated industries. Accordingly, a plan is required in order to effectively manage such
products. Evidently, a company needs to weigh up and ascertain how to utilize its finite resources.
For example, a start-up car manufacturing firm would face little success should it attempt to rival
Toyota, Ford, Nissan, Chevrolet, or any other large global car maker. Moreover, a product may be
reaching the end of its life-cycle. Thus, the issue of divest, or a ceasing of production, may be made.
Each scenario requires a unique marketing strategy. Listed below are some prominent marketing
strategy models.

7.7 Marketing Specializations

With the rapidly emerging force of globalization, the distinction between marketing within a firm’s
home country and marketing within external markets is disappearing very quickly. With this in mind,
firms need to reorient their marketing strategies to meet the challenges of the global marketplace, in
addition to sustaining their competitiveness within home markets.

Buying Behaviour

A marketing firm must ascertain the nature of customers’ buying behavior if it is to market its product
properly. In order to entice and persuade a consumer to buy a product, marketers try to determine
the behavioral process of how a given product is purchased.

Buying behavior is usually split into two prime strands, whether selling to the
consumer, known as business-to-consumer (B2C), or to another business, known
as business-to-business (B2B).

B2C Buying Behaviour

This mode of behaviour concerns consumers and their purchase of a given product. For example, if
one imagines a pair of sneakers, the desire for a pair of sneakers would be followed by an information
search on available types/brands. This may include perusing media outlets, but most commonly
consists of information gathered from family and friends. If the information search is insufficient, the
consumer may search for alternative means to satisfy the need/want. In this case, this may mean
buying leather shoes, sandals, etc.
The purchase decision is then made, in which the consumer actually buys the product. Following
this stage, a post-purchase evaluation is often conducted, comprising an appraisal of the value/
utility brought by the purchase of the sneakers. If the value/utility is high, then a repeat purchase
may be made. This could then develop into consumer loyalty to the firm producing the sneakers.

B2B Buying Behaviour

Relates to organizational/industrial buying behavior. “B2B” stands for Business to Business. B2B
marketing involves one business marketing a product or service to another business. B2C and B2B
behavior are not precise terms, as similarities and differences exist, with some key differences listed
below:
In a straight re-buy, the fourth, fifth and sixth stages are omitted. In a modified re-buy scenario, the
fifth and sixth stages are precluded. In a new buy, all stages are conducted.

LOVELY PROFESSIONAL UNIVERSITY 143