Consumer Marketing- Is marketers figuring how consumers respond to various marketing efforts the company does. They have to figure out what certain stimulus can produce a reaction in a consumer’s “black box.”
· Marketing stimuli consist of the four Ps: product, price, place, and promotion. Other stimuli are the buyer’s environment: economic, technological, political, and culture.
· Marketers want to understand how the stimuli is change into a response, their two parts of how. First, the buyer’s characteristics. Second, the buyer’s decision process.
· The consumer’s characteristics can consist of cultural, social, personal, and psychological factors and have to be taken into consideration. Then motivation and perception are taken into consideration as well. Motivation for example, a woman purchases a certain make-up product to look good, but she might really purchases it to look younger or hide flaws that she might have. Perception is a process organized and interpreted to form a meaningful picture of the world. So it’s the marketer’s responsibility to change any negative perception a consumer might have in their product.
Business marketing- Is behind-the-scenes the things consumers buy involve many sets of business purchases before the consumer sees the product. The main differences from consumer market are market structure and demand, the nature of the buying unit, and the types of decisions and the decision process.
· Market structure and demand. A company can market to a buyer, but there are some buyers they can’t appeal to because there is no need for the company’s service. Then derived demand a business demand that ultimately comes from the demand for consumer goods. It’s a way for companies to combine promotion and because the demand for a certain product is really high, possibly becoming b-to-b partnership or marketers.
· Nature of buying units. These types of purchases are done by trained purchasing agents who spend their time learning how to buy better. The more complex the buying is the more participants are working.
· Types of decisions and the decision process. A business buyer has more complex buying decisions than a consumer. Business purchases involve large sums of money, and then you have technical, economical considerations and interactions among many people at many levels of the buyer’s organization. Business buying takes long because of the complexity of the buying, and the buying is more formulized than a consumer’s buy. Business buying needs to be approved and specifications. Business can be influenced by customers, so you have supplier development- systematic development of networks of supplier-partners to ensure an appropriate and dependable supply of products and materials for use in making products or reselling them to others.
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