B2B Marketing (finish it up)
Still have to: Segment, Portfolio (Resources), Market Research, Brand (branding does not happen only at a costumer level). Brand is a promise of a repeatable experience. It makes it easy for customers and it reduces their risk. Companies are not the same, the risk is higher. It is as important for B2B the value of brand for a marketer. How you create value of a brand is different in the B2B, it is through the 4P’s are different.
Product: Larger logistics, larger service component, more complex (different benefit calculation), implementation (install it, etc. not just sell it to you).
Price: sensitivity impacted by the economic situation, if their job is on the line. Might not be the most important part, we want think that value is the most important part…
Place: Salesperson, personal relationships.
Promotion: Brand can help you open the door for sales (e.g. IBM vs. start-ups). Tends to be more specific, build trust, delivered by the sales people. Still have to go down the list to convince people to liking, buying, etc.
MARKET LIFE CYCLE
Diffusion of innovation (this idea of being new)
Innovators: 2-3% always the first to try something new, the pay a premium (either price or price + time), they get a product + a benefit. The benefit might be the status, ego (first to sensory experience, trend setters), get the full experience without anyone tarnish their experience. They are crazy, usually have the opposite opinion of the general population. You do not need to spend marketing dollars on them, they will come anyway.
Early Adopters: 15% they are opinion leaders. Here is where you need to start spending your money in order to get the general population. They are looking for a competitive advantage.
General population: It has been approved (veto?) twice so they adopt as to not let early adopters have the competitive advantage.
Laggards: 18% they have trouble to keep up
Market Life Cycle vs. Product Life...