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Explain how in the simulation you would shift from a business-to-consumer (B2C) model to a business-to-business (B2B) model, and explain how you would adjust your promotional efforts to enhance your relationship marketing. Would Conscious Capitalism be relevant in a B2B environment? Explain.
Submitted on:
Dec 14, 2023, 6:33 PM
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Elizabeth Quiroz
Dec 15, 2023, 7:29 AM
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Explain how in the simulation you would shift from a business-to-consumer (B2C) model to a business-to-business (B2B) model, and explain how you would adjust your promotional efforts to enhance your relationship marketing.
In the simulation, the main goal for our company is to sell bikes to the end customer, which in this case is an individual consumer through one of our owned stores. If we were to switch our business model and change from a B2C model to a B2B model, I would adjust our promotional efforts to focus more on the benefits our products would bring to the company and its end consumers. Since B2B refers to the transactions between businesses and involves an exchange of goods I would focus on my company’s supply chain abilities, ability to ramp up production and meet demand as well as market our products as something that would bring in more customers for their business (Pereira, 2023). In addition, I would also market the product as something that will benefit from economies of scale, for example, if a business buys one bike, then they will pay a higher per unit cost than if they bought 10,000. I would focus my marketing with businesses on quantity-based purchases that would lower their overall costs.
Would Conscious Capitalism be relevant in a B2B environment? Explain.
Conscious Capitalism is applicable no matter if the products being sold are between two businesses, according to the definition of conscious capitalism it “refers to socially responsible economic and political philosophy….that businesses should operate ethically while they peruse profits” (Kenton, 2023). This again reinforces the notion that companies can still maintain a solid bottom line while also enriching all the stakeholders tied to their business. In the past, this meant only focusing on the shareholders but it has slowly morphed to incorporate other stakeholders such as the customers, consumer, community, and environment (Kenton, 2023). Like selling to an individual if your company’s reputation is not known for being ethical other companies will distance themselves from them.
own because associating with your brand will hurt theirs. Additionally, companies will not want to continue doing business with you if they know you are not taking into consideration their needs and concerns thus creating a distrustful relationship. Conscious capitalism has shown to be successful with large corporations such as Starbucks and Whole Foods and just because a company is pledging to be ethically responsible does not mean that they have to necessarily give up profits.
References:
Pereira, D. (2023, March 29).What is business-to-business (B2B)? types and examples. Business Model Analyst.https://businessmodelanalyst.com/business-to-busin…
Kenton, W. (2023b, June 19). Conscious capitalism: Definition, 4 principles, company examples. Investopedia. https://www.investopedia.com/terms/c/conscious-cap…
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