B2B Vs B2CMarkets: A Comparative Study
B2B:- The channel, through which two business organizations connect with each other
and work together to get the best out of their respective core competencies, is termed as B2B Marketing and the platform as B2B marketplace. The two organizations can be a wholesaler and a retailer, or a manufacturer and a wholesaler or a retailer.
B2B Industries: The B2B industry constitutes not only the business organizations, but, also the channels through which they sell their products and services. The B2B Industry is not restricted to a particular sector, but, spreads across agriculture to science, apparel to FMCG to hardcore services, home appliances to industrial supplies and lots more. Functioning in a B2B channel brings along certain impediments, quite different from that of functioning in a B2C or any other channels. Hence, these individual organizations work in tandem with certain authoritative bodies, which, with their expertise provide solutions to unique marketing challenges and barriers along the process. The bottom line remains "customer satisfaction", whether; the customer is in form of another business body or an individual consumer.
B2C:- Business to consumer marketing is defined as "marketing of the products to a consumer market". Here consumers are buyers of those products that are not business related. B2C products include goods and services such as food, clothes, cars, houses, phone services, credit repair services, etc.
B2C Industries:- B2C features on a large target market, interested in a single step buying process and shorter sales cycle. Top of the mind recall help in creating brand identity. B2C marketing tools include merchandising and point of buying activities like coupons, displays and store fronts. This type of marketing focuses on the benefits of the product. The purchases are made more on emotional factors than professional motives. The target audience here is more interested to know how a particular product or service will benefits them personally.
Business Opportunities:- From what we have understood:
* In case of B2B marketing, one normally connects to one partner or several trusted partners because this marketing encourages relatively static list of trading partners
* Although the two categories employ similar marketing programs such as direct marketing, internet marketing, advertising and public relations, they differ in their communication message co-incidentally creating difference in the related marketing activities
* In B2B the logic behind the product plays the main role, while in B2C, the product needs to capture the emotional aspect of the customer
* B2B marketing takes place between two business players, maximizing the value of the relationship. Normally, B2B features a multi-step buying process and longer sales cycle.
* B2C is product driven and focuses on maximizing the value of the transaction. B2C marketing is highly brand driven, encouraging the shopper to purchase, remain loyal and potentially pay a higher price.
Conclusion:- On a concluding note, we can say that the difference between a B2B and B2C business opportunity depends solely on the buyers' emotional perspective about the purchase. When consumers make buying decisions based on status, security, comfort and quality, they are definitely B2C business customers. Whereas, when the buying decisions are based on increasing profitability, reducing costs and enhancing productivity, we can be well assured that they are the B2B customers.
B2B Vs B2CMarkets: A Comparative Study
By: Vaiv Jais
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