Case Assignment I (GE & BMW) |
Marketing Management |
Business to Business marketing refers to the transactions made between two businesses. A vital step in business-to-business marketing is to create and communicate relevant differentiation from competitors. Thomas Edison invented the light bulb and today the same company taken gigantic steps in creating power plants. With the change in time, the marketing has to also evolve and no longer is it just about marketing a product. The importance of business marketing today is to touch all aspects of a business, create a complete brand experience, from start to end. Companies want to ...view middle of the document...
Another important feature is lead generation. Finding prospective buyers is an essential part of any business and this is helped by proper brand building and public relations. Hence, the close supplier-customer relationship is an integral part of the process. Since the customers are few and buying power is more, it is necessary to maintain strong relations. Having a strong brand is very important if the company is looking to grow in the future. Not only would a strong brand lead to high prices and a high market share, but it would also be ranked higher in the eyes of the consumers. With such a brand, there comes a sense of responsibility which if carried out well, brings creditability to the brand and the company on the whole.
“Imagination at Work”, “Ecomagination”, and “Healthymagination” have done well in establishing GE’s diversified brand. All the three had a striking similarity in GE’s marketing strategy in the way that they try to unify the business into the main GE brand. When any company is as large as GE or as diversified as them, it becomes very essential to present the diversified businesses and products as a part of the main brand. The world is familiar with the main company General Electric but may not be aware about each and every activity the company carries out or each business it owns. The consumers have faith, trust and reliability on General Electric and hence this is the purpose for which GE’s name must be marketed with the new campaign.
All three campaigns concentrated on promoting GE on the whole and not just one product or service. Beth Comstock, GE’s former Chief Marketing Officer, quoted: “When you’re a company like ours, with 11 different businesses, brand is really important in pulling the identity of the company.” This statement is absolutely correct because the if new diversified businesses are let alone without the support of the main brand then not only do they take time to grow on their own but they may also create confusion in minds of consumers.
“Imagination at Work” highlighted the company’s renewed focus on innovation and new technology. The award-winning campaign initially spent over $150 million in corporate advertising but it was efficient in unifying these new divisions under the GE brand. “Ecomagination” highlighted the company’s efforts to develop environmental friendly “green” technologies such as solar energy, lower emission engines and water purification technologies. Another such successful campaign was “Healthymagination” which communicated the company’s advances in the medical technologies around the world. These corporate campaigns have united GE’s business units. Through advertisements of aircraft and solar energy technologies, GE definitely had not hoped to find large sales orders. The idea must have been to strengthen the brand and give the people a stronger and more reliable brand which it succeeded in showcasing. The new business units along with the brand marketing have kept...