CU-BSC.TTM-SEM-IV-B2B Marketing

BACHELOR OF SCIENCE TRAVEL AND TOURISM MANAGEMENT SEMESTER-IV B2B MARKETING

CHANDIGARH UNIVERSITY Institute of Distance and Online Learning SLM Development Committee Prof. (Dr.) H.B. Raghvendra Vice- Chancellor, Chandigarh University, Gharuan, Punjab:Chairperson Prof. (Dr.) S.S. Sehgal Registrar Prof. (Dr.) B. Priestly Shan Dean of Academic Affairs Dr. Nitya Prakash Director – IDOL Dr. Gurpreet Singh Associate Director –IDOL Advisors& Members of CIQA –IDOL Prof. (Dr.) Bharat Bhushan, Director – IGNOU Prof. (Dr.) Majulika Srivastava, Director – CIQA, IGNOU Editorial Committee Prof. (Dr) Nilesh Arora Dr. Ashita Chadha University School of Business University Institute of Liberal Arts Dr. Inderpreet Kaur Prof. Manish University Institute of Teacher Training & University Institute of Tourism & Hotel Management Research Dr. Manisha Malhotra Dr. Nitin Pathak University Institute of Computing University School of Business © No part of this publication should be reproduced, stored in a retrieval system, or transmitted in any formor by any means, electronic, mechanical, photocopying, recording and/or otherwise without the prior written permission of the authors and the publisher. SLM SPECIALLY PREPARED FOR CU IDOL STUDENTS 2 CU IDOL SELF LEARNING MATERIAL (SLM)

First Published in 2021 All rights reserved. No Part of this book may be reproduced or transmitted, in any form or by any means, without permission in writing from Chandigarh University. Any person who does any unauthorized act in relation to this book may be liable to criminal prosecution and civil claims for damages. This book is meant for educational and learning purpose. The authors of the book has/have taken all reasonable care to ensure that the contents of the book do not violate any existing copyright or other intellectual property rights of any person in any manner whatsoever. In the event the Authors has/ have been unable to track any source and if any copyright has been inadvertently infringed, please notify the publisher in writing for corrective action 3 CU IDOL SELF LEARNING MATERIAL (SLM)

CONTENTS Unit-1 Introduction To Concept Of B2b Marketing ............................................................... 5 Unit-2 Environment Scanning - I......................................................................................... 23 Unit-3 Environment Scanning -II ........................................................................................ 33 Unit-4 Understanding Buying Behavior .............................................................................. 48 Unit-5 New Product Development....................................................................................... 64 Unit-6 Life Cycle Of Product .............................................................................................. 85 Unit-7 Channels Of Distribution -I .................................................................................... 107 Unit-8 Channels Of Distribution -II................................................................................... 120 Unit-9 Promotional Mix .................................................................................................... 133 Unit-10 Pricing Decision Analysis .................................................................................... 144 Unit-11 Introduction To E-Marketing................................................................................ 159 Unit-12 Models Of E-Marketing ....................................................................................... 170 Unit-13 Strategy For E-Marketing ..................................................................................... 182 Unit-14 Ethics In E-Marketing .......................................................................................... 194 4 CU IDOL SELF LEARNING MATERIAL (SLM)

UNIT-1 INTRODUCTION TO CONCEPT OF B2B MARKETING STRUCTURE 1.0 Learning objectives 1.1 Introduction of Concept of B2B Marketing 1.2 B2B Market 1.3 B2B Versus Consumer Marketing 1.4 Understanding B2B Markets 1.5 Accessing Market Opportunities 1.6 Summary 1.7 Keywords 1.8 Learning Activity 1.9 Unit End Questions 1.10 References 1.0 LEARNING OBJECTIVES After studying this unit, you should be able to ● Describe the significance of B2B Marketing ● Recognize the key characteristics of B2B Marketing ● Describe the difference in B2B and B2C 1.1 INTRODUCTION TO CONCEPT OF B2B MARKETING Every time you purchase something, what are all the factors that would affect you to choose a product among other competitors? Before any reasons, the brand visibility would stand first as we tend to take the marketing seriously. But as an entrepreneur looking up for a product for your business in order to be successful among the consumer, you need to be more knowledgeable on the product purchased. So here B2B marketing refers to the techniques carried out by any business individuals or an organization to market their products or services to the business individual or organizations who resell, use them in their products or services or use them to support their works to deliver their consumers. This will be more informative and specific compared to B2C as the buyers in B2B are subject matter experts. B2B Marketing can also be called Industrial Marketing as both the buyer and seller belong to the industry. Unlike B2C, B2B Marketing needs to be more specific and involve more tactics as it involves the factors of purchase from different stacks and also for a longer term. 5 CU IDOL SELF LEARNING MATERIAL (SLM)

Generally, business-to-business marketing denotes theact of marketing of products or services to any other businesses or organizations. B2B marketing holds several key factors of B2B in its format. And B2B marketing content by nature it appears to be with more information and straightforward than B2C. The reason is because the business purchase decisions, in comparison to those of consumers, are based more on the revenue impact and return on investment (ROI) is rarely a consideration for the everyday, and primarily focusing for corporate decision makers. Today, B2B marketers usually sell to procuring committees with various key stakeholders, that makes for a complex and sometimes challenging landscape, but as data sources become more robust and accurate, the ability to map out committees and reach buyers with relevant, personalized information is greatly improving. Creating a B2B Marketing Strategy: Competition for customers, and even for attention, is high. Building out a B2B strategy that delivers results requires thoughtful planning, execution, and management. Here’s a high-level look at the process B2B companies use to stand out in a crowded marketplace: Figure 1.1Marketing Strategies Step One: Develop Vision Fail to plan, plan to fail – this truism remains eternally accurate. Before any decisions are made, you’ll want to select specific and measurable business objectives, then lay out the framework for how your B2B marketing strategy will achieve them. Answering these seven B2B content strategy questions is a good place to start. Step Two: Define Your Market and Buyer Personal 6 CU IDOL SELF LEARNING MATERIAL (SLM)

This is an especially vital step for B2B organizations. Whereas B2C goods often have a wider and more general audience, B2B products and services are usually marketed to a distinct set of customers with particular challenges and needs. The more narrowly you can define this audience, the better you’ll be able to speak to them directly with relevant messaging. We recommend creating a dossier for your ideal buyer persona — by researching demographics, interviewing people in the industry, and analyzing your best customers — to compile a set of attributes you can match against prospects to qualify leads. Step Three: Identify B2B Marketing Tactics and Channels Once you’ve established solid intel around your target audience, you’ll need to determine how and where you intend to reach them. The knowledge you’ve attained through the previous step should help guide this one. You’ll want to answer questions like these about your ideal customers and prospects: ● Where do they spend their time online? ● What questions are they asking search engines? ● Which social media networks do they prefer? ● How can you fill opportunity gaps that your competitors are leaving open? ● What industry events do they attend? Step Four: Create Assets and Run Campaigns With a plan in place, it’s time to put it into motion. Follow best practices for each channel you incorporate into your strategy. Critical ingredients in effective campaigns - a message your team wants to spread that’s typically tied to a desired action - include a creative approach, useful insights, sophisticated targeting, and strong calls to action. Step Five: Measure and Improve This is the ongoing process that keeps you moving in the right direction. In the simplest terms, you want to figure out why your high performing content performs and why your low performing content doesn’t so that you can make smarter decisions concerning your money and time. The more vigilant you are about consulting analytics and applying your learnings, the more likely you are to surpass your goals and grow continually. Even with a well- researched foundation, the creation of content and campaigns inherently requires a lot of guesswork until you have substantive engagement and conversion data to rely on. Let your audience dictate your path. Consult metrics to pinpoint the channels, topics, and media that resonate most, then double-down. Meanwhile, cut or alter anything that isn’t performing. 7 CU IDOL SELF LEARNING MATERIAL (SLM)

1.2 B2B MARKET To execute a better marketing strategy, we need to have proper planning. The planning can be developed only after getting to understand the audience better. B2B companies are supportive enterprises that offer the things other businesses need to operate and grow. In B2B not every business organization is the target audience, we need to understand ● to whom the product will be very much suitable, ● who can improve their business using our product or services. ● who are having actual benefits are the targets. So, let's derive what B2B is and its market. Figure 1.2 B2B Transaction Methods ● Business-to-business (B2B) is a transaction or business conducted between one business and another, such as a wholesaler and retailer. ● B2B transactions tend to happen in the supply chain, where one company will purchase raw materials from another to be used in the manufacturing process. ● B2B transactions are also commonplace for auto industry companies, as well as property management, housekeeping, and industrial cleanup companies. The history of B2B marketing (or “industrial marketing”, as it was called pre-1990s) is hard to come by. The first academic journal dedicated to industrial marketing was published in 1971, more than 50 years after the advertising boom of the 1920s. There’s a 50+ year dead zone in the literature. 8 CU IDOL SELF LEARNING MATERIAL (SLM)

Figure 1.3 B2B Model Market: A business market is a community a company uses to define, or to sell products or services to a specific group of consumers. There are four basic categories of business markets: ● Producers, ● Resellers, ● Governments, and ● Institutions. Figure 1.4 Team Work Producers: Producers are companies that purchase goods and services that are transformed into other products. Resellers: Resellers are companies that sell goods and services produced by other companies without any material change. These include wholesalers, brokers and retailers. Governments: 9 CU IDOL SELF LEARNING MATERIAL (SLM)

They contract with companies that provide all kinds of services to citizens. It is also known as the B2G (Business to Government) model. Institution: Institutional markets include non-profit organizations, like government and non-profit organizations, they buy a huge quantity of products and services. Keeping costs down is particularly important to them. In order to understand the scope, we need to draw the factors that create demand and influence the buyers in B2B. Since it deals with Business professionals, there includes the following steps to recognize the suitable product or service ● Recognition: Knowing their problem or need. ● Search: Finding the solutions available ● Evaluating: Comparing the solutions available. ● Commitment: Defining the requirements of the problem. ● Decision: Selecting a supplier ● Final: Justifying the decision Figure 1.5 Selecting a Supplier Once the buyer has defined the product or service, there involves certain criteria to meet the purchase factors that get involved in Decision stage are ● Goal: They focus on ROI, efficiency, and expertise. ● Motivation: They are driven by logics and financial incentive ● Drivers: Need to be very much educated. ● Process: They work closely with the supplier team. 10 CU IDOL SELF LEARNING MATERIAL (SLM)

● People: They confer with decision makers and other members of their chain of command before making a purchase decision. ● Purpose: They make purchases for long-term solutions, resulting in a longer sales cycle, longer contracts, and longer relationships with companies. 1.3 B2B VERSUS CONSUMER MARKETING In order to analyse the difference between B2B and Consumer Marketing, we need to understand what Consumer Marketing is all about. Figure 1.6 B2C Marketing Consumer Marketing: Business-to-consumer marketing, or B2C marketing, refers to the tactics and strategies in which a company promotes its products and services to individual people by creating, advertising, and selling products for customers to use in their everyday lives. 11 CU IDOL SELF LEARNING MATERIAL (SLM)

Figure 1.7Consumer Marketing Similarities between B2B and B2C: Real People Both have real people (i.e., Buyer & Seller) Customer Both put customers first and be more customer centric. First Creditability Need trust, authenticity and Credibility. Available need to give your customers the option to contact you through different channels. Goals Solving clients' problems. Need to define the customer profile, buying journey and buying personas. Journey Assurance on post purchase relationship Experience Personalized experience to nurture, engage, convert, and make sales. 12 CU IDOL SELF LEARNING MATERIAL (SLM)

Aligned consistent and well-aligned marketing messages. It is essential for both marketing online and offline communications. Defined You need to have the clarity to measure performance, mitigate risks, and Strategy resolve issues effectively. Table: 1.1 Similarities between B2B and B2C 13 CU IDOL SELF LEARNING MATERIAL (SLM)

Figure 1.8Similarities between B2B and B2C Sales Difference Between B2B and B2C Marketing: B2B B2C Target Audience A group of stakeholders includes Every Individuals executives, VP, Managers, Head, Staffs Path to Sale Multiple touch points, but similar Different Path to sales like direct, sales process templates across multiple touch point, physical industries. interaction Content Type Informative, Facts & Data Driven Simple, Fun & Relatable Added Benefit Being rational as the market will be Being emotional as tend to be more planned and logical with a more spontaneous and even buy specific return on investment (ROI) things without actually having a in mind need for it Pricing High Pricing so people tend to be Usually low pricing, but as price well informed in order to make a gets increased customers tend to purchasing decision. be well informed. Usage Tend to market to people that need to Tend to market to people that are buy products or services for a lot of buying it for themselves, friends, people. family, or other people in their household. Sales Cycle Longer sales cycles Short sales cycles compared to B2B Purpose More educational content. More fun to enjoy. Customer More often have longer customer More often have shorter customer Relationship relationships. relationships 14 CU IDOL SELF LEARNING MATERIAL (SLM)

Acquisition Costs Higher customer acquisition costs Have lower customer acquisition that are justified with equivalent costs that go along with lower higher prices. prices. Table: 1.2 Difference between B2B and B2C Figure 1.9 B2B Promotions Channels: There is no difference in channels in which B2B and B2C marketing are done, the same channels will be used in different ways. So, the channels are ● Ads ● Affiliate Marketing ● Communities and Forums ● Content Marketing ● Email Marketing ● Events and Trade Shows ● Influencer Marketing ● Partnerships ● Podcasts 15 CU IDOL SELF LEARNING MATERIAL (SLM)

● PR ● Referral Programs ● Review Sites ● Social Media ● Word of Mouth Figure1.10 Different Channels of Advertising 1.4 UNDERSTANDING B2B MARKETS In order to understand the B2B Market, we need to execute some market research. Market research is a component of market analysis that takes a closer look at target markets and customers. It also helps to design the marketing strategy. The main data that will help to understand the markets are ● Company websites ● Industry association websites ● Competitor websites ● SWOT reports ● Industry profiles 16 CU IDOL SELF LEARNING MATERIAL (SLM)

● Analyst reports ● Credit reports ● Company family trees ● News Figure 1.11 Identifying Market Opportunity With the above factors we will be able to know the following and act accordingly ● Identify market opportunities and threats ● Understand your differentiators ● Learn about competitors ● Understand buyers ● Understand market size ● Identify trends 17 CU IDOL SELF LEARNING MATERIAL (SLM)

Figure 1.12Identifying Market opportunity 1.5 ACCESSING MARKET OPPORTUNITIES Accessing market Opportunity is something that any organization takes up to understand Market Opportunities. It is a tool to understand and access the attractiveness of business opportunities. It is a part of the business planning or strategy processes wherein before undertaking a new product or service, you analyze the market for it to determine probable profit and revenue from it. In order to analyses the market opportunity the following factors should be studied 1. Urgency: The importance and the need of the product. 2. Market Size: Possible demand of the product. 3. Pricing Potential: Highest average price a purchaser would be willing to spend for the solution. 4. Cost of Customer Acquisition: Efforts and money that can be spent on Marketing. 5. Cost of Value - Delivery: Effectiveness in delivering the solution. 6. Uniqueness of Offer: Analyzing the competitors offers. 7. Speed to Market: The duration to create and supply the solution or product. 8. Up-Front Investment: Investing capacity. 9. Up-Sell Potential: The possibility to upsell other products. 10. Evergreen Potential: Scope of extending the customer relationship. 1.6 SUMMARY ● B2B marketing refers to the techniques carried out by any business individuals or an organization to market their products or services to the business individual or 18 CU IDOL SELF LEARNING MATERIAL (SLM)

organizations who resell, use them in their products or services or use them to support their works to deliver their consumers. ● Business-to-business (B2B) is a transaction or business conducted between one business and another, such as a wholesaler and retailer. ● A business market is a community a company uses to define, or to sell products or services to a specific group of consumers. ● Business-to-consumer marketing, or B2C marketing, refers to the tactics and strategies in which a company promotes its products and services to individual people ● Accessing marketing opportunities is something that any organization takes up to understand Market Opportunities. It is a tool to understand and access the attractiveness of business opportunities. 1.7 KEYWORD ● B2B: Business to Business, Business-to-business is a situation where one business makes a commercial transaction with another. This typically occurs when: A business is sourcing materials for their production process for output, i.e. providing raw material to the other company that will produce output. ● B2C: Direct-to-consumer or business-to-consumer refers to selling products directly to customers, bypassing any third-party retailers, wholesalers, or any other middlemen. ● Marketing: Marketing refers to activities a company undertakes to promote the buying or selling of a product, service, or good. It is one of the primary components of business management and commerce. Marketers can direct their product to other businesses or directly to consumers. ● Sales Cycle: The succession of stages that emerge as you persuade more people to buy your product or service is referred to as a sales cycle. ● Affiliate Marketing: Affiliate marketing involves earning a commission by promoting a product or service made by another retailer or advertiser. It is a monetization model where an affiliate partner is rewarded a Payout for providing a specific result to the retailer or advertiser. 1.8 LEARNING ACTIVITY 1. Collect list of different companies that work in B2B model and discuss how different their business strategies would be from B2C or D2C companies 19 CU IDOL SELF LEARNING MATERIAL (SLM)

___________________________________________________________________________ ___________________________________________________________________________ 2. Start a business start-up with your friends that offers B2B services and list out key sectors where they should be getting strong. ___________________________________________________________________________ ___________________________________________________________________________ 3. Take an example of B2B financial and technological start up like Zeta and prepare SWOT analysis for them to be successful and run efficiently in the future. ___________________________________________________________________________ ___________________________________________________________________________ 1.9 UNIT END QUESTIONS A. Descriptive Questions Short Questions 1. What is B2B Marketing? 2. What are the scopes of B2B Marketing? 3. What is Market Analysis? 4. How will a market be defined? 5. Why does B2B Marketing require more information? Long Questions 1. How is B2B different from B2C? 2. Who are the decision makers of the B2B Market? Explain why 3. How can B2B Market be realized? 4. List and explain the features that affect the market analysis. 5. What is the B2B Market? Explain the types B. Multiple Choice Questions 1. ______________ is a transaction or business conducted between one business and another business. a. Business to Business b. Business to Consumer c. Business to Government 20 CU IDOL SELF LEARNING MATERIAL (SLM)

d. Business to Business to Consumer 21 2. B2B Marketing should be more _____________ a. Informative b. Brief c. Attractive d. Detailed. 3. Both B2B and B2C business put __________________ first. a. Customer b. Profit c. Brand image d. Product 4. _________ helps to understand the market better on the demand. a. Accessing Market b. Analysing Market c. Identifying Market d. Searching the Market 5. B2B has ________ sales cycle a. Long b. Short c. Immediate d. Disruptive Answers 1-a, 2-a, 3-a, 4-a, 5-a 1.10 REFERENCES Reference Books ● Saxena R, Marketing Management, Tata McGraw Hill CU IDOL SELF LEARNING MATERIAL (SLM)

● Transforming B2B Marketing to Meet the Needs of the Modern Buyer, by Carlos Hidalgo ● Matthyssens, Paul &Kirca, Ahmet & Pace, Stefano. (2008). Business-to-business marketing and globalization: Two of a kind. International Marketing Review. 25. 481-486. 10.1108/02651330810904044. Websites ● https://www.businessnewsdaily.com/5000-what-is-b2b.html ● https://www.investopedia.com/terms/b/btob.asp ● https://blog.hubspot.com/marketing/b2b-marketing 22 CU IDOL SELF LEARNING MATERIAL (SLM)

UNIT-2 ENVIRONMENT SCANNING -I STRUCTURE 2.0 Learning Objectives 2.1 Introduction 2.2 Strategies for managing B2B marketing. 2.3 Summary 2.4 Keywords 2.5 Learning Activity 2.6 Unit End Questions 2.7 References 2.0 LEARNING OBJECTIVES: After studying this unit, you should be able to ● Analyze market environment ● Explain the possibility in creating a marketing strategy ● Develop marketing strategy 2.1 INTRODUCTION - B2B MARKETING ENVIRONMENT Market environment is also termed as business environment, that denotes the factors and forces that affect an organization’s ability to construct and maintain successful customer relationships. It encompasses all the factors that drive and influence an organization's marketing activities. Environment includes such factors as socio-economic, technological, supplier, competitor and the government. The business environment poses threats to a firm or offers immense opportunities for potential market exploitation. 23 CU IDOL SELF LEARNING MATERIAL (SLM)

Figure 2.1 Marketing Environment Types of Marketing Environment: The marketing environment has 2 types according to which the business activity gets affected. - Internal Environment - External Environment With the factors, the organization will be able to understand the opportunities as well as threats. Internal Environment: Internal Environment is nothing but the organization itself. The budget they have, the human resource, expertise, marketing team, materials, brand establishment are the factors that combine to form an internal environment. It helps the organization to understand the organization's capability in marketing their product and it is completely controllable and can be reframed. External Environment: External Environments include the factors that affect the marketing strategy of an organization from other factors such as social, demographic, economic, technological, political and legal, and competitive variables. These factors cannot be controlled by the organization. It defines how an organization can execute the marketing activity. External Environment is further classified as - External Micro Environment 24 CU IDOL SELF LEARNING MATERIAL (SLM)

- External Macro Environment External Microenvironment: It is also known as a task environment.It is specific to the business but is external. It consists of factors engaged in producing, distributing, and promoting the offering. External macro environment: The macro or the broad environment includes larger societal forces which affect society as a whole. It is made up of six components: ● Demographic, ● Economic, ● Physical, ● Technological, ● Political-legal, ● Social-cultural environment. Figure 2.2 Types of Marketing Environment 25 Importance of Marketing Environment: CU IDOL SELF LEARNING MATERIAL (SLM)

Marketing environment is an essential factor and most dynamic function for all types of business ie., small or big gets operated within the marketing environment. The existence, brand image, competition, customer size, everything depends on Internal and external marketing environment. So, in order to stay in the market on a long run with success one has to understand and analyze the market environment. Planning: To plan the future, it is essential to know the external and internal environment. A marketer must be aware of the current trends, dynamism, and future predictions of the marketing environment. Planning is an essential factor of any organization to stay focused and clear on the process, it helps them to create a goal and a road map to attain the goal. Knowing The Customer: The need and characteristic of the customer can be predicted if the organization keeps on analyzing the marketing environment. It helps to understand the demand so that they can deliver the right product. This smoothens the communication between the customer and the marketers as they understand the customer behaviour better. Trends: The marketers in order to break into a new market require a lot of insights about the marketing environment, they need to research every aspect of the environment regarding the product demand, competitors, their value over the market, any gaps to create a fool proof plan. The trend is nothing but the current strategy that is being very common among the market and through which the consumers are more attracted towards. Opportunities And Threats: Sound knowledge of the market environment often gives a first-mover advantage to the marketer to understand the gaps available, so that the organization can formulate a product or solution according to the need. The threats can be formulated by understanding the reasons for failure in the market. Understanding the competitors: Every niche has different players fighting for the same spot. A better understanding of the marketing environment allows the marketer to understand more about the competitions and about what advantages do the competitors have over his business and vice versa. 2.2 STRATEGIES FOR MANAGING B2B MARKETING Marketing Strategy: An overall plan of an organization to identify and reach the eligible leads and convert them into customers is referred to as marketing strategy. It contains the value proposition of the 26 CU IDOL SELF LEARNING MATERIAL (SLM)

organization, brand image, communicating in the right way, data on demographics of the targeted customer and other high-level elements. A marketing strategy is complete with \"the four Ps\" of marketing that is, ● Product, ● Price, ● Place, and ● Promotion. A clear marketing strategy should revolve around the company's value proposition, which communicates to consumers what the company stands for, how it operates, as the B2B sector is more concerned with the product and services as it is for the long run. The marketing plan can be derived only after analyzing the proper marketing strategy as it has a longer lifespan than marketing plan. The ultimate goal of marketing strategy is to realize what to be communicated to the market according to the marketing environment so that it will seek attention. Figure 2.3 Marketing Strategies 27 Main B2B Marketing Channels: ● Website CU IDOL SELF LEARNING MATERIAL (SLM)

● B2B Content marketing ● B2B Email marketing ● Search engine optimization (SEO) ● Social media marketing ● Pay per click (PPC) B2B advertising ● Video marketing ● Field marketing Constructing Marketing Strategy: Marketing strategy does not have any template as it cannot be the same for all the business or even for businesses having the same product or service since the internal and external environment factors differ. So the B2B marketing strategy needs to be tailored according to the organization's unique goals as well as the needs of the company’s that comprise the customer base. Let's look into some of the basic procedures to formulate the strategy. Research: Research is the basic foundation of any modern marketing strategy. Starting from the marketplace research to brand research, a complete detailed scientific study will help you make more informed and verified decisions. They will give you an objective foundation for your marketing and provide you with valuable baselines for measuring your results. As a result of conducting research, we will understand the clients better, which puts us in a position to serve them better. Market research also gives insight into how the processes are performed. It is possible to understand which aspect that the firm is performing better and gain a successful result. Every time a process is carried out after research the impact can be seen clearly in the results. Construct Objectives The marketing objectives should follow the company’s goal and also should inform the tactics used in the further stages to attain the goal, while creating objective there need to be certain factors to keep in mind, they are: ● Specific and Measurable: The basic criteria to construct an objective is to specify the task and ultimate result of the task and it should be more feasible to work on it with certain prediction and forecasting or to have a specific number to reach in the term of sales. ● Achievable: The more objectives remain realistic the more the firm will be able to reach the goal, as certain research is carried out it is definite the firm would have 28 CU IDOL SELF LEARNING MATERIAL (SLM)

understood what will be possible and what is not. With that factor a better way to be chosen and considered. ● Time Bound: For any task only if there is enough or sufficient time bound the work will be happening on the planned schedule. ● Niche-Driven Strategy This is one of the most important considerations of the business. There is much research that proves all the fast-growing firms tend to be more specific on targeting the niche, as their focus will be very clear and the need and want, likes and dislikes of the market is known well. Once a firm becomes an expert in identifying the niche it happens to succeed faster. Specifying a market makes the efforts easier, as it defines what should be done immediately. Website: In the present, with the developing service marketplace, the firm’s website is one of the most crucial assets. It is more than a brochure or a digital billboard which was considered as the most important factors in the past. A good website is the hub of a firm’s online presence and it is a projection of the information of the expertise into the marketplace. The website paves the way to spread visibility across the globe so that the potential client could reach the firm’s website to procure the product or the service. It also demonstrates the firm’s expertise and accessibility. It is found that 80% of the people look at the website to check about the services and products of the providers. 2.3 SUMMARY ● The marketing environment has 2 types such as Internal Environment and External Environment, according to which the business activity gets affected. ● Internal Environment is nothing but the organization itself. ● External Environments include the factors that affect the marketing strategy of an organization from other factors such as social, demographic, economic, technological, political and legal, and competitive variables. ● To stay in the market on a long run with success one has to understand and analyze the market environment. ● An overall plan of an organization to identify and reach the eligible leads and convert them into customers is referred to as marketing strategy. An overall plan of an organization to identify and reach the eligible leads and convert them into customers is referred to as marketing strategy. ● The marketing plan can be derived only after analyzing the proper marketing strategy as it has a longer lifespan than the marketing plan. 29 CU IDOL SELF LEARNING MATERIAL (SLM)

2.4 KEYWORDS ● Marketing Environment: Marketing Environment is the mixture of both external and internal factors and forces that affect the brand’s ability to establish a relationship and serve its customers. ● Strategy: Strategy is commonly a general plan that is to achieve one or more short term, long-term or overall goals under conditions of the environment. ● Niche:To sell a particular product to a particular group of people. ● Planning: The process of creating the activities needed to get a desired goal. It is the first and foremost activity. It includes the creation and maintenance of a plan, such as psychological aspects that require conceptual skills. ● Search Engine Optimisation: SEO is the practice of continually optimizing a website in order to rank in the organic, non-paid search engine results pages (SERPs) ● Search engine marketing (SEM)is an online marketing strategy that aims to increase the online visibility of a website in the search engine results pages (SERPs). 2.5 LEARNING ACTIVITY 1. Arrange a Group Discussion with two group having an organic discussion on Internal and External factors of Marketing Environment. ___________________________________________________________________________ ___________________________________________________________________________ 2. Discuss the impacts of Search Engine Optimisation and Search Engine Marketing in the development of B2B. ___________________________________________________________________________ ___________________________________________________________________________ 3. Make short and Informative videos about the importance of Marketing Environment. ___________________________________________________________________________ ___________________________________________________________________________ 4. Make a presentation on Advertising prospective in B2B channels. ___________________________________________________________________________ ___________________________________________________________________________ 30 CU IDOL SELF LEARNING MATERIAL (SLM)

5. What are the advantages of Constructive Marketing Strategy over Marketing Strategy. Explain with real life examples. ___________________________________________________________________________ ___________________________________________________________________________ 2.6 UNIT END QUESTIONS A. Descriptive Questions Short Questions 1. Why is the marketing environment important? 2. List out the different types of marketing environments with examples. 3. Define marketing strategy. 4. List the types of B2B marketing channel 5. What are the 4 Ps of marketing? Long Questions 1. Explain the types of marketing environments. 2. Explain the importance of the marketing environment. 3. How is marketing strategy constructed? 4. Why is it important to have a marketing strategy? 5. Explain how to manage B2B marketing B. Multiple Choice Questions 1. Market environment is also termed as ___________ environment. a. Organisation b. Business c. Competitors d. Customer 2. The marketing environment has _______ types. a. 1 b. 2 c. 7 d. 5 3. Marketing environment is an essential factor and most dynamic function for ________ types of business a. Small b. Big 31 CU IDOL SELF LEARNING MATERIAL (SLM)

c. Medium d. All 4. ____________ contains the value proposition of the organization, brand image, communicating in the right way, data on demographics of the targeted customer and other high-level elements. a. Marketing plan b. Marketing strategy c. Targeting d. Market environment 5. With the developing service marketplace, the firm’s ____________ is one of the most crucial assets. a. Website b. Logo c. Brand name d. Management Answers 1-b, 2-b, 3-d, 4-b, 5-a 2.7 REFERENCES Reference Books ● Saxena R, Marketing Management, Tata McGraw Hill ● Transforming B2B Marketing to Meet the Needs of the Modern Buyer, by Carlos Hidalgo ● Matthyssens, Paul &Kirca, Ahmet & Pace, Stefano. (2008). Business-to-business marketing and globalization: Two of a kind. International Marketing Review. 25. 481-486. 10.1108/02651330810904044. Websites ● https://www.businessnewsdaily.com/5000-what-is-b2b.html ● https://www.investopedia.com/terms/b/btob.asp ● https://blog.hubspot.com/marketing/b2b-marketing 32 CU IDOL SELF LEARNING MATERIAL (SLM)

UNIT-3 ENVIRONMENT SCANNING -II STRUCTURE 3.0 Learning Objectives 3.1 Introduction - Environment 3.2 Segmentation 3.2.1 Segmentation Process 3.2.2 Advantage of Market 3.3 Targeting 3.4 Positioning in B2B marketing 3.5 Summary 3.6 Keywords 3.7 Learning Activity 3.8 Unit End Questions 3.9 References 3.0 LEARNING OBJECTIVES: After studying this unit, you should be able to ● Utilize the factors to segment the market ● State the importance of targeting ● Differentiate positioning from branding 3.1 ENVIRONMENT Introduction: The Business Environment can be defined as the factors both internal; and external, which influence the positioning of the organization among the market. These factors are mostly uncontrollable in nature and affect the business. Here are some of the definitions defined for Environment. Business Environment has been defined by Bayard O. Wheeler as “the total of all things external to firms and industries which affect their organization and operation”. According to Arthur M. Weimer, the business environment encompasses the ‘climate’ or set of conditions, economic, social, political or institutional in which business operations are conducted. According to Glueck and Jauch, “The environment includes factors outside the firm which can lead to opportunities for or threats to the firm. Although there are many factors, the most 33 CU IDOL SELF LEARNING MATERIAL (SLM)

important of the sectors are socio-economic, technological, supplier, competitors, and government.” According to Barry M. Richman and Melvgn Copen ``Environment consists of factors that are largely, if not totally, external and beyond the control of individuals. Â industrial enterprises and their management. These are essentially the ‘givers’ within which firms and their management must operate in a specific country and they vary, often greatly, from country to country”. Figure 3.1 Business Environment 3.2 SEGMENTATION The purpose of the segmenting and scanning the environment is to identify the opportunities and threats affecting the business for making strategic business decisions. As a part of the environmental scanning process, the organization collects information regarding its environment and analyses it to forecast the impact of changes in the environment. This eventually helps the management team to make informed decisions. Segmentation focuses on specifying the unique audience by studying the common characteristics among the market. On understanding the similar interest, need or behavior the marketing can be designed in a way to connect with the potential customers. This allows the team also to be more focused on the important points. When the market segmentation is not done automatically there is a risk of approaching everyone in a common manner that will definitely reflect in the result. 34 CU IDOL SELF LEARNING MATERIAL (SLM)

Figure 3.2 Marketing Segmentation 3.2.1 Segmentation Process: To understand who will be benefited with the product or services of the firm designs or to understand the availability or existing product or services in the market, a firm needs to segment the market. It can be done in different ways 1. Based on needs: Here the firm needs to narrow down the pain point of the market. On understanding the pain point it is possible to find the gaps and analyse what is actually needed. 2. Based on product & services: To understand who all in need of the product or service are the firm actually designed for to be identified. Mostly it is done in an earlier stage and also can be done in a new destination. 3. Based on tiers: Here the market should be designated with the interest of the people matching with the interest of the firm. 4. Based on firmographics / demographics: The market is segmented based on the descriptive attributes of the consumer profile. 35 CU IDOL SELF LEARNING MATERIAL (SLM)

Figure 3.3 Market segmentation Criteria 3.2.2 Advantages of Market: The segmentation gives immense benefit for the organization in various aspects. It makes the best opportunity for the firm to build the right marketing strategy. Segmenting market will reduce the efforts of marketing to the half. ● It helps to retain the customers while understanding the interest and the advancement they require on the product or services the firm can easily identify and provide as needed. It improves the opportunity to retain the customers. ● When we understand the value of the product or services and pitch them to the specific market who will be interested and are affordable to, it will be obvious that the firm get what they want in terms of profit. ● By segmenting the market, it is obvious the marketing strategy is made as something that interests the consumer so And also the next stage of the communication increase in a better way. ● It creates an opportunity to expand the market as catering to one market can be concentrated while also working according to the interest of the other market. ● It makes the team stick to the objective of the organisation. If there is no market segmentation any process can get collapsed in between as there won't be an objective that specifies the road map. ● It clarifies the centre area where the competitors are also concentrating on, it will boost the competitiveness and productivity. 36 CU IDOL SELF LEARNING MATERIAL (SLM)

Figure 3.4 Market Segmentation Benefits 3.3 TARGETING The process of breaking the large market into small segments to concentrate on specific groups of the consumer within the market is called targeting. It is to define the segment far closer and extract the ultimate pitch point of the market. It helps the firm to put the energy as per the requirement instead of making a larger effort in a market where the maximum market could not find interest. Figure 3.5 Target Market 3.3.1 Importance of Targeting Targeting is one of the holistic strategies in marketing. It impacts every aspect of the firm right from advertising, branding, customer experience, business operation, etc., To give the image to the consumer of catering them in a unique way targeting is done. Communication: 37 CU IDOL SELF LEARNING MATERIAL (SLM)

When the targeting is done, the market is more scrutinized, so that the actual points that interest the consumers can be understood in a clear way and execute the marketing activities accordingly. The consumers can relate too much with the information as it seems more relevant to them. Usually brands with varied markets of customers mostly struggle to create a marketing activity that is inappropriate to many of their markets but one. The problem of miscommunication can be eliminated by targeting. Figure 3.6 Eliminated by targeting Attract high quality leads: The marketing will be more effective for a targeted audience as it has a personal impact on the audience, so that they get to understand the purpose of the product or services more clearly and also want to do the business. As it attracts the people with the need obviously it will push them to become qualified leads and also paying customers. Figure 3.7 Attracting Target customers Stand alone: By approaching the specific target market instead of broadcasting to all the market, it makes the firm look so unique among the competitors in the industry. The customer themselves will be able to identify how unique the firm is when it is practicing something different than others in the market. This may lead them to choose the firm over the other c competitors, who 38 CU IDOL SELF LEARNING MATERIAL (SLM)

are not specifically communicating. This will help the firm to create a brand image and consider it as a well-known and unique brand. Figure 3.8 Specific Target Market Customer loyalty: Being more personal to the customer will help the brand to have a very big and unique position among the market’s mind, it also helps to develop long lasting relationships. If the customer could feel that the brand is solving the problem instead of randomly selling the product they feel different and attracted, that makes them become loyal towards the brand and continue to do business over a longer period. Figure 3.9 Customer Loyalty Improvement: Targeting helps to understand the customers more intimately and understand the varieties that a brand can give to them as they are being watched closely. Generally, it is more of putting the the shoes of the customers to understand the improvement they will enjoy or even 39 CU IDOL SELF LEARNING MATERIAL (SLM)

changes they feel to get, and when it is served to the customer at the right time it will be a great opportunity to hold them for even longer term. Figure 3.10 Planning Focusing: Target itself is all about focusing on particulars and details of the closed market. It allows the brand to get more details regarding the market and the strategies that can be initiated and the direction that can be taken for the brand to develop the business. This makes the journey to reach the vision and get everyone in the organization on the same page. The brand will have more paths to come to shape in respect to marketing and the business as whole. Focusing also allowsoptimizing the resource, time and budget. Figure 3.11 Target Group 3.4 POSITIONING IN B2B MARKETING On understanding the marketing strategy so far everything deals with the brand trying to stand alone from the competitors for the consumers. Whereas positioning is something that has to be made to the minds of the target customers, to make them understand that the product or the services that are being given is of complete quality and also trust worthy comparative to the competitors. It is more of dealing with the customer’s perception. 40 CU IDOL SELF LEARNING MATERIAL (SLM)

In order to get the best image of the brand in consumers mind there need to be more efforts made for that. But the story of the position must be created from the consumers, positioning is dealt with multiple elements from branding, marketing, customer service, social responsibility. Figure 3.12 Positioning 3.4.1 Importance of Brand Positioning 1. Image: In B2B, usually the products and services are usually complex. So that the unique feature becomes the gaming point in B2B. With a strong branding process, it makes the visibility among the market and the customer tend to become more loyal as they find that particular brand is giving the better solution. It also makes them believe that they are avoiding risky purchases. As it seems to be more worthy. 2. Emotions: Targeting brings the customer closer and makes them feel more important and values so the brand gets connected to the emotion of the customer more, so like B2C, in B2B emotion plays a vital role. 3. Promise: 41 CU IDOL SELF LEARNING MATERIAL (SLM)

When the image and emotion of the customer is made clear the actual message from the brand reaches the customer in an easier way. The effort that brands put on all strategy and tactics is to pass the message holding the features of the product and services. On targeting the audience, the message goes to the audience in a more clarity. Case Study: Need of Planning & policy for Development of Travel &Tourism Good tourism planning provides profitable development and brings positive economic and social benefits to the community, it also carries inevitable drawbacks. Therefore, developers must incorporate ways to enhance human welfare and happiness. These include insistence on quality architectural, landscape, and environmental design; planning for transportation; and energy conservation and education. If such diverse goals are to be achieved, planners must implement a model that will guide their thinking by incorporating each aspect (including various political aspects) into a master plan. These include zoning, road maintenance, water and sewage treatment systems, and promotional expenses. An official body, financed through tourist earnings, is useful in keeping abreast of socio-economic activities in the industry as well as dealing with other problems such as stabilizing prices, forecasting demand, keeping an inventory of potential national tourist resources, and arranging publicity campaign. Tourism Planning Vs Tourism Policy Because tourism policy formulation and tourism planning are very directly related to one another, it is important to distinguish between the two, to identify their similarities and their differences in a tourism context. Their similarities are as follows: 1. They both deal with the future development of a tourism destination or origin. 2. They both emphasize the strategic dimensions of managerial action, although planning must also address a number of tactical concerns. Their differences are listed below: 1. Policy is the stand point of an administration. 2. Policy formulation is definitely “big picture”, while much of planning is characterized by an attention to detail. 3. Policy formulation is a creative, intellectual process, while planning is generally a more constrained exercise by the Government. 4. Policy, particularly its visioning component, has very long-term strategic emphasis, while planning tends to be a more restrictive in its time horizon Such as one, five, ten and even twenty years plans. 5. Policy formulation must allow newer circumstances and technologies to be considered.In contrast, planning teds to assume current conditions and technologies, with some allowances for predictable change. Need for Tourism Planning 42 CU IDOL SELF LEARNING MATERIAL (SLM)

The decision to develop tourism or expand present tourism development in a community, a region, or a country must be studied carefully. The socio-economic benefits from tourism are powerful. Tourism development looks attractive to both developed and underdeveloped countries with the right preconditions- some combination of natural, scenic, historical, archeological, cultural, and climate attractions. Tourism is a growth industry; and while that growth may show some slowing in the short run, the long run prospects are good. The expected continued growth is based on continually rising per capita incomes, lower travel costs, increased leisure time, and changes in consumers’ tastes and preferences toward travel, recreation and leisure goods and services. Many advocates look at tourism as a panacea for solving an area’s development problems. This view is unrealistic because benefits may be accompanied by detrimental consequences. A review of some advantages and disadvantages arising from tourism development will indicate why careful planning is necessary. Major arguments for tourism are that it. Consequently, tourism is not always a panacea. On the contrary, over development can generate soil and water pollution and even people pollution, if there are too many visitors at the same place at the same time. Consider automobile and bus traffic congestion, inadequate parking, hotels dwarfing the scale of historic districts, and displacement of the communityserving businesses by tourist serving firms, leading to degradation of the quality of life rather than improving it. Furthermore, too many visitors can have a harmful impact on life in the host country and on the visitors themselves. The beautiful landscape can suffer through thoughtless and unwise land development and construction methods. And customers and crafts can be vulgarized by over emphasis on quantity and cheapness. These responsibilities cannot really be blamed on tourism, but rather on over commercialization. Tourism is one of the world’s greatest and most significant social and economic forces. But government officials and business people must weigh economic benefits against the possible future degradation of human and natural resources. Tourism development must be guided by carefully planned policy, a policy not built on balance sheet and profit and loss statements alone, but on the ideas and principles of human welfare and happiness. Social problems cannot be solved without a strong and growing economy that tourism can help to create. Sound development policy can have the happy result of a growing tourist business, along with the preservation of the natural and cultural resources that attracted the visitors in the first place. Planning is critical to have sustainable development and protecting the environment. Viewing comprehensively the relationship between tourism and community, state, regions, and countries requires consideration of many difficult issues: the quality of architecture, landscape and environmental design; environmental reclamation and amenity; natural conservation; land use management; financial strategies for long term economic development; employment; transportation; energy conservation; education, information and interpretation systems and more. 43 CU IDOL SELF LEARNING MATERIAL (SLM)

Questions for discussion 1. Discuss the importance of planning in tourism. 2. Explain the need for planning in Tourism 3.5 SUMMARY ● The Business Environment can be defined as the factors both internal; and external, which influence the positioning of the organization among the market. ● The purpose of the segmenting and scanning the environment is to identify the opportunities and threats affecting the business for making strategic business decisions. ● Segmentation focuses on specifying the unique audience by studying the common characteristics among the market. ● Segmentation makes the best opportunity for the firm to build the right marketing strategy. ● The process of breaking the large market into small segments to concentrate on specific groups of the consumer within the market is called targeting. ● Targeting is one of the holistic strategies in marketing. It impacts every aspect of the firm right from advertising, branding, customer experience, business operation, etc., 3.6 KEYWORD ● Segmentation:The process of classifying and analyzing B2B customers based on shared company or organization attributes & characteristics. ● Market Segmentation: The process of dividing a broad consumer or business market, generally consisting of existing and potential customers, into sub-groups of consumers based on some type of shared characteristics. ● Targeting: To try to have an effect on a particular group of people ● Positioning: Positioning is the concept of associating and developing a mental position in the public consciousness about your brand and its products and services. Since minds are so stuffed with information it becomes important in choosing a unique position in the mind. ● Focusing- the concentration of attention or energy on something. synonyms: centering, direction, focal point, focus, focussing. types: particularism. a focus on something particular. 44 CU IDOL SELF LEARNING MATERIAL (SLM)

3.7 LEARNING ACTIVITY 1. Write down different areas of Segmentation on a chart and explain how it enables effective marketing. ___________________________________________________________________________ ___________________________________________________________________________ 2. Does Targeting Techniques attract more revenue for the company. Discuss with others with examples. ___________________________________________________________________________ ___________________________________________________________________________ 3. Make a drama/play on ensuring customer loyalty and Customer Retention with methods and advantages ___________________________________________________________________________ ___________________________________________________________________________ 4. What is Brand Positioning of a Company and give honest opinion of brand and its position in your mind. ___________________________________________________________________________ ___________________________________________________________________________ 5. Discuss how Positioning influences B2B marketing of a company. ___________________________________________________________________________ ___________________________________________________________________________ 3.8 UNIT END QUESTIONS A. Descriptive Questions Short Questions 1. What is the purpose of segmentation? 2. List the different types of segmentation. 3. What is targeting? 4. How targeting helps marketing for communication? 5. Explain positioning in B2B market. Long Questions 1. Explain the process involved in segmentation. 2. Draw the advantages of market segmentation. 45 CU IDOL SELF LEARNING MATERIAL (SLM)

3. Explain the importance of targeting. 4. What is positioning and state its importance. 5. How is targeting and positioning aid marketing strategy? B. Multiple Choice Questions 1. The purpose of the ____________ and scanning the environment is to identify the opportunities and threats. a. Environment b. Segmenting c. Strategy d. Planning 2. Market segmentation makes the best opportunity for the firm to build the right ________. a. Targeting b. Purchasing c. Marketing strategy. d. Advertisement. 3. The process of breaking the large market into small segments to concentrate on specific groups of the consumer within the market is called _____________. a. Targeting b. Marketing c. Distributing d. Positioning 4. _______________ impacts every aspect of the firm right from advertising, branding, customer experience, business operation, etc., a. Targeting b. Positioning c. Marketing d. Strategy 5. _________ is the process that deals with customers' minds on a brand. a. Targeting b. Positioning c. Marketing d. Strategy 46 CU IDOL SELF LEARNING MATERIAL (SLM)

Answers 1-a,2-c,3-a ,4-d,5-b 3.9 REFERENCES Reference Books ● Saxena R, Marketing Management, Tata McGraw Hill ● Transforming B2B Marketing to Meet the Needs of the Modern Buyer, by Carlos Hidalgo ● Matthyssens, Paul &Kirca, Ahmet & Pace, Stefano. (2008). Business-to-business marketing and globalization: Two of a kind. International Marketing Review. 25. 481- 486. 10.1108/02651330810904044. Websites ● https://www.businessnewsdaily.com/5000-what-is-b2b.html ● https://www.investopedia.com/terms/b/btob.asp ● https://blog.hubspot.com/marketing/b2b-marketing 47 CU IDOL SELF LEARNING MATERIAL (SLM)

UNIT-4 UNDERSTANDING BUYING BEHAVIOR STRUCTURE 4.0 Learning Objectives 4.1 Introduction 4.2 Understanding Buying Behaviour 4.2.1 Importance of understanding buyingbehaviour 4.3 Nature of Business Buying 4.3.1 Business Buyers 4.3.2 Stages in Buying Behaviour 4.3.3 Participants of Business Buying Process 4.3.4 Steps involved in Business Buying Process 4.4 Interpersonal dynamics of organizational buying behavior 4.5 Summary 4.6 Keywords 4.7 Learning Activity 4.8 Unit End Questions 4.9 References 4.0 LEARNING OBJECTIVES After studying this unit, you should be able to ● Explain the B2B purchasing decision process ● Describe factors influencing B2B purchasing decisions ● Differentiate between B2C and B2B purchasing decisions 4.1 INTRODUCTION For making an effort in selling a product, we really need to understand how the effort is being received by the customers. After receiving the message, we have to analyse what are the factors that help the customers to make the decision in spite of putting in all the effort. Only when all the factors are studied and the efforts of marketing gets altered accordingly the brand can reach the purchase stage of the consumers. In order to construct the marketing strategy, it is not only necessary to understand the market but also should understand what are all the factors influencing the market to make a purchase. 48 CU IDOL SELF LEARNING MATERIAL (SLM)

Figure 4.1 Process of Buyer behaviour 4.2 UNDERSTANDING BUYING BEHAVIOR It is not only the consumers who buy in the market but also the fellow companies and other organizations also buy goods and services to run their business and operate. This continues as they get goods and produce another product and further sell. The organizations that purchase goods from other organizations are producers, resellers, government and non-profit groups who buy a huge variety of products including equipment, raw materials, goods, labor, services etc. There are organizations which sell products and services only for other organizations and not to the consumer buyers. The B2B market has a unique pattern of buying behaviour and also decision making is more complex and dynamics that are very important to understand. 49 CU IDOL SELF LEARNING MATERIAL (SLM)

Figure 4.2 Understanding Buying Behaviour 4.2.1 Importance of understanding Buying Behaviour It is necessary for any organization to understand the buying behaviour of their customer or market to derive the success formula to deliver the product or the services to the market. Not every consumer in a market or target will have the same thought process and attitude on purchasing the product. If the organization approaches a qualified customer in a way they don't prefer it will be a failure. Since the global market is experiencing rapid changes in terms of technology, trends, fashion etc., A marketer needs to understand the factors that are affecting and changing the market. 1. Consumer difference: Differentiating the consumer of any business is very much necessary, this helps to make a target group of the consumer with similar behaviour. This is something different from a basic segmentation or targeting and considering them as a target, there will be minor differences to which marketers need to concentrate. When the marketers could understand the needs and interests of the buyers, a separate marketing approach can be designed. Understanding the difference in a market helps the marketers to tailor the strategy according to the need and attract a wider audience. 50 CU IDOL SELF LEARNING MATERIAL (SLM)