Course Code: MKT525 Course Title: BUSINESS TO BUSINESS
MARKETING
Course Instructor: Dr. Prashant Chauhan
Academic Task No.: 1 Academic Task Title: CA1
Date of Allotment: 04/08/20 Date of submission: 09/14/20
Student’s Roll no: B23 Student’s Reg. no: 11909639
Evaluation Parameters:
Learning Outcomes: (Student to write briefly about learning obtained from the academic tasks)
Declaration:
I announce that this Task is my individual work. I have not duplicated it from some other understudy's
work or from some other source aside from where due affirmation is made unequivocally in the
content, nor has any part been composed for me by some other individual.
Student’s Signature:
Mukul Kumar Mishra
Evaluator’s comments (For Instructor’s use only)
General Observations Suggestions for Improvement Best part of
assignment
Evaluator’s Signature and Date:
Marks Obtained: Max. Marks:
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Introduction
PANEL Pro is a startup company and is currently a subcontractor assembler of the
control panel. Its chairman is a former high-tech executive with technical,
management and sales experience who wants the company to grow rapidly based
on such expertise. He is unsure of following the business model (design, assembly,
parts distributor or consulting) and how to promote PanelPro. He has some
knowledge about potential customers and the competition, but wants more before
moving on. Two marketing research approaches have been suggested, but he
wonders whether he should spend his limited money on research or act on the basis
of what he already knows from his corporate experience. If he spends on research,
what should be its purpose, method and potential payoff? So Middleton's core
expertise is design engineering, manufacturing and sales, with the help of which he
wants to develop the organization
PANEL Pro was a Boston-area company producing controls for regulating
machinery used in a variety of tasks, ranging from chemical processing to metal
fabrication. PanelPro previously used subcontinent assembly work that kept it busy
but now Middleton was looking for more opportunities for the company to expand,
such as a montage designer or consultant who wanted to sell directly to customers.
So he considered a market research project for alternative business and marketing
strategies.
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Analysis
Market Value Analysis
Market potential analysis involves evaluating the overall market size of the
related product that the firm plans to launch. This will include defining - why the
target market segment needs the product and how it will provide solutions to
meet the needs of its consumers. Various factors like market potential of
PANELPro products
Maturity of the market. In mature markets the profitability is often stable
but the market potential is less as most of the players have already taken
market share based on the segment they are serving. New players have to
go for market share strategies in marketing.
Technological competence of the existing players and culture of
innovation and development in the industry.
Untapped market sizes and barriers to both enter the market and serving
the customers. Often companies can easily see the unfulfilled needs in the
markets but they are difficult to serve as there are costly barriers.
Define the core need that your product is serving and list out all the direct
and indirect competitors in the market place. This will help not only in
positioning of the product but also in defining or creating a segment
better.
Uncovering the current and untapped market sizes and barriers to serving
the larger market. Analyze the areas that you need to sort out while
launching the products to wider market and what are the challenges the
firm will face in market place.
Estimate the current stage in product life cycle and its implications for
marketing decisions for the product.
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Customer Value Analysis
Capturing customer value is essential to marketing efforts as it results in higher
return in the form of both current & future sales, greater market share, and
higher profits. By creating superior customer value, the organization can create
highly satisfied customers who stay loyal and buy more. This, in turn, means
greater long-run returns for the firm.
The crucial role of customer perceived value in acquiring and retaining profitable
customers. Product differentiation is often based on building on a value niche that
his niche contributes to perceived value. If the perceived value is high then
customer stay loyal to the product if not then she can switch to the competitor’s
product.
Graphically displaying value differences for deeper understanding and
better internal communication. This helps is building a narrative that a
customer can identify with. The better the insight more are the chances of
connecting with the potential customers.
Identifying and selecting actionable value creation options. This can help
in increasing the customer lifetime value. Customer lifetime value is the
value of the entire stream of purchases that the customer would make
over a lifetime of patronage.
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Competitive Analysis
Uncovering customer-based competitive positions for key rivals and
firm’s offering. This will not only help in assessing the strengths and
weaknesses of the competitors but also help in defining and positioning
of the product.
Developing a positioning and launching strategy. It will require not only
distribution channel analysis but also promotion mix for the product.
Strategic Marketing Planning — the process of developing and
maintaining a strategic fit between the organization’s objectives and
capabilities and the ever evolving marketing opportunities for its
products.
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Problems Identification
The resources the company holds are weaker or not sufficient compared
to others organizations in the market. In other words it means the aspects
in which the organization is less efficient and needs to improve in order
to align with the market trends.
The company significantly rely on the capabilities of the manager that
how effectively it can prioritize and determine the most important
element
The company only incorporates the aspects of the present day and only
incorporate the events that took place within the short term period
whereas it should consider past data also.
Panelpro Apart from the model only provide the overview of the
environment and does not define the industry clearly.
Company doesn’t incorporate new business model and the changing
dynamics of the market and the impact of globalization. Moreover it does
not consider non-market forces.
It emphasizes more on external factors and ignore the specific factors that
are more specially related with the firm
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Suggestions
• Understanding the buyer behavior model for the PANELPro industry.
• Identify relevant market share drivers for the PANELPro industry.
• To provide best services to the acquired customers as well as existing customers
and earn maximum profit.
• Uncover customer-based competitive positions for key competitor and firm
offering. This will not only help in assessing the strengths and weaknesses of the
customers, but will also help in assessing and defining it, which is a position in the
market.
• The company can go for other media and advertising resources, so that it can
advertise the product.
• The company can appoint sales staff and HR for this, the company.
• The company should also make alternative business plans and other models so
that which suits best.
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Conclusion
As PANELPro is the new company and one of the latest entrants in the market, it
still has to go through various processes such as creating a business model,
planning, advertising, recruiting and building it, ending its reputation and
recognition in the market it occurs. The company should go through various
marketing techniques such as advertising and other promotional techniques. In
order to gain tacit knowledge and to get a true overview of the customers, they must
conduct an in-depth competitive analysis of how to market their product. Therefore
the company should put more emphasis on the customers and give them the best
quality products to run the company more efficiently and smoothly. Since
customers are the ultimate and their word of mouth also matters a lot. So in this
report we have done the problem identification analysis of the company PANELPro
and suggested solutions and suggestions for the company for better functioning of
the organization and how it can develop more customer base and earn more profit.
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References
https://panelpro.com
https://caserighted.com/panelpro/
https://caseassistant.xyz/panelpro-case-study-solution-analysis-33796/
https://store.hbr.org/product/panelpro/909A03
http://fernfortuniversity.com/hbr/marketing/strategy/12117-panelpro.php
http://fernfortuniversity.com/hbr/marketing/strategy/12117-panelpro.php. (n.d.).
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