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Business to Business Marketing - Essay Example

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Business to Business Marketing

However, the company has been using the services of PJW Media Production, thus, sharing a good professional relationship between them. Recent economic downturn has inflicted a loss of TCL clients that are switching to other methods of promoting their business, due to the availability of fewer budgets for marketing. It has been noted that the revenue has gone down by 25% in the past year. Therefore, it has been a concern for David Thorpe and Angela Brown the Joint Managing Directors, to retain clients and develop opportunities for gaining new business. Apart from the economic downfall, the company is facing challenges from local companies and from those that have extensive national networks. The objective of this report would be to identify the cost effective methods that can be offered to clients in the financial economic crisis. Moreover, the promotional strategy of TCL needs to be modified for attracting new clients, with regards to the economic crisis prevailing in the country. Though the company takes pride in providing excellent services to its clients, it should ensure that relationships are given priorities for retaining existing clients. Apart from these, the company is seeking to employ a sales team that will individually be responsible for fetching new clients for their company. Thus, the organisation and the implementation of sales strategy will be formulated to enhance the client base and remain competitive within the marketing and advertising sector. 2.0 Marketing Mix Successful marketing depends on how organisations focus on the four key elements, namely, product, price, promotion and place. This was the approach that most of the organisations undertook to address the key elements of effective marketing. However, the modern approach has included three more elements which are important for service industry, i.e. people, process and physical evidence. Therefore, the 7Ps will be discussed below focusing on the areas where TCL needs to develop to gain a competitive edge in this industry (The Chartered Institute of Marketing, 2009). 2.1 Product TCL’s services can be separated into three sections, namely, media services, advertising and marketing services. Media services include planning of the place and time of broadcasting the advertisement. To benefit in the long-run the company can buy effective spaces of individual media broadcasters which will enable them to enhance the sales thus, increasing their revenue. It should be ensured that clients get the value for their product by the priority the company would provide with regard to place and time of the advertisement. It will help the organisation to retain the existing clients and bring in new clients. Small and medium sized enterprises depend mainly on above-the-line promotional activities that comprise TV advertisements. It is a general concept that advertisement through TV commercials is one of the most expensive approaches (The Times 100 & Wilson and Wilson Publishing Ltd, 2012). Thus, TCL should discourage this service at the present financially down economy and hence, focus ...Show more

Summary

Business to Business Marketing Table of Contents 1 Table of Contents 2 1.0 Introduction 4 2.0 Marketing Mix 5 2.1 Product 5 2.2 Price 6 2.3 Place 7 2.4 Promotion 7 2.5 People 8 8 2.6 Process 8 2.7 Physical Evidence 9 3. Relationship Variables and Business Networks 9 3.1 Key Relationship Variables 9 3.2 Business Networks 11 3.3 Relationship and Network Importance in TCL 12 4.0 Organising the Sales Force 14 4.1 Geography Based 14 4.2 Customer Based 15 4.3 Product Based 16 4.4 Best Approach for TCL 16 5.0 Conclusion 17 6.0 References 18 7.0 Bibliography 20 20 1.0 Introduction Triangle Creative Ltd (TCL) is a booming organisation that deals in providing services to clients through advertising, on…
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