B2B and knowledge management
B2B and knowledge management
Presented by
Institution
Part one
Relate B2B to the four P’s of marketing (product, price, placement, promotion) B2B is an abbreviation for Business-to-Business, which stands for commercial transactions between businesses, for example between a wholesaler and a manufacturer or between a retailer and a wholesaler. B2B is used in marketing therefore has a strong relationship with Porter’s four P’s of marketing. B2B exchange is the business transaction that takes place between two businesses without the involvement of a consumer. B2B demonstrated the four P’s in the following manner. The four P’s are the basics of an effective marketing plan that people conducting business transactions ought to understand. For an effective B2B transaction, the involved parties must have an idea of the product demanded in the market, the price of the product, the target market (placement), and the promotion strategies. B2B marketers make use of unique business models that works best for their business transactions and the four P’s model works perfectly (Hutt & Speh, 2013, pp. 148-150).
Part two Consulting organizations are more interested in knowledge management (KM) in order to increase their areas of operations to create room for more customers. Knowledge management is essential for assessing and providing analytical needs and implementations requirements to clients in order to offer business solutions. KM helps consulting organizations form a link between technology solutions and client’s need, hence; providing better advices and best solutions (Lamont, 2013). The Knowledge management cycle used at Infosys Technologies was aimed at converting each employee’s knowledge into a firm asset. The process involved encouraging employees to provide details about their experience in different areas such as technology, software development, and oversea duties. This move was made in order to improve the
Presented by
Institution
Part one
Relate B2B to the four P’s of marketing (product, price, placement, promotion) B2B is an abbreviation for Business-to-Business, which stands for commercial transactions between businesses, for example between a wholesaler and a manufacturer or between a retailer and a wholesaler. B2B is used in marketing therefore has a strong relationship with Porter’s four P’s of marketing. B2B exchange is the business transaction that takes place between two businesses without the involvement of a consumer. B2B demonstrated the four P’s in the following manner. The four P’s are the basics of an effective marketing plan that people conducting business transactions ought to understand. For an effective B2B transaction, the involved parties must have an idea of the product demanded in the market, the price of the product, the target market (placement), and the promotion strategies. B2B marketers make use of unique business models that works best for their business transactions and the four P’s model works perfectly (Hutt & Speh, 2013, pp. 148-150).
Part two Consulting organizations are more interested in knowledge management (KM) in order to increase their areas of operations to create room for more customers. Knowledge management is essential for assessing and providing analytical needs and implementations requirements to clients in order to offer business solutions. KM helps consulting organizations form a link between technology solutions and client’s need, hence; providing better advices and best solutions (Lamont, 2013). The Knowledge management cycle used at Infosys Technologies was aimed at converting each employee’s knowledge into a firm asset. The process involved encouraging employees to provide details about their experience in different areas such as technology, software development, and oversea duties. This move was made in order to improve the
References: Efraim, T. (2010). Introduction to Electronic Commerce for Ashford University, 3rd Edition. Pearson Learning Solutions. Hutt, M. D., & Speh, T. W. (2013). Business marketing management: B2B. Australia: South- Western, Cengage Learning. Lamont, J. (2013). Consulting firms play a key role in context of KM. KMWorld Magazine. Retrieved June 24, 2014, from: http://www.kmworld.com/Articles/News/News-Analysis/Consulting-firms-play-a-key-role-in-context-of-KM-14825.aspx