Discuss the factors affecting business process, Technology, Economy and Finance?
Business to business marketing is a facet of organization in which the manufacturers have a relation with the dealers forming an integral component of the business. JCB is considered as the second largest manufacturer of all the construction equipment in the world with about 122 countries having collaboration with it. The marketing strategies of JCB take up various forms of internet marketing, social media marketing, advertisements and other form of media marketing. The following report would cover some of the multi-dimensional aspects of technology, economics, science, systems, geography, ethics, ecology, politics and laws related to JCB in UK. These factors collaboratively have an impact over the business planning and business processes of the company.
The business of JCB is done in the field of manufacturing and development for the engine that is considered as being the biggest of the committed program. The power system factor of JCB is a million pound investment for the manufacturing plant and the assembly line involved in it.
The technology they have adopted for the purpose of manufacturing is ahead of time and the strategy they follow is based over no faults forward system. This technology is the best suited for the process of manufacturing construction equipment as no faults shall be tolerated in this process which involves risk of human life.
No faults forward include excellent testing technologies deployed in the process of task completion. It allows all the engines to proceed to the next stage of manufacturing only when the previous stage has achieved a level of perfection according to all the tests undertaken. The technology covers up vast number of prototypes made and tested in a wide variety of applications and undergoing various hours of rigorous testing (Morrison, 1999). The technology invested for the engine design and manufacturing initiates from a clean sheet of paper i.e. it is not simply an updated version of some past model low on features and design facilities but is crafter uniquely every time being started from the scratch and building up upon innovative solutions. The perfect engines build up by the company to take best from the best and combined with latest advancements in technology. They have collaborated with distributors and technology experts to produce innovative technologies of the cleanest engine till date. The technology is of low emission combustion technology providing cost effective solutions and high fuel economy for engine products. This technology was the first in the industry with collaboration of Ricardo and JCB. The hydrogen fuel technology is the most popular and used technology by JCB for which the company is aiming to be the highest shareholder.
JCB have been particular about the finance systems of the company and therefore has JCB Finance Ltd. being the finance option for sale. The company is able to deliver fast and flexible modes of finance to suit up the cash flow of the system. The company provides innovative solutions for getting a two month unscheduled payment holiday within a work span of 3 year. The finances with this company are available for plethora of JCB products and processes such as machinery, vehicles and plants. The rates provided by the company are quite competitive with industrial experts of various sectors. The company lays much over the financing of the assets rather than only dealing with the balance sheets. The products of the insurance and finance include motor fleet insurance, hired out plant insurance, practical risk management advice, short term hired in plant, liability insurance, bespoke insurance broking.
JCB have showcased a great respect for the environment including a great amount of concern for the society. JCB have realigned its responsibilities for the environment where the company is responding to the threat of the changing climate in the entire world having an impact over the building structures too. They take care of this climatic change in the business operations, the products, and all the strategies to reduce the environment footprint. JCB sustainable innovation is the philosophy of the company to overcome all the challenges and minimize the environmental impact to support all the communities in which the company operates. JCB Think Eco lays focus over the energy efficiency, supply chain, carbon management, waste management, pollution prevention, etc. JCB Efficient Design lays a huge focus over the product responsibility. On the other hand, JCB Community is a program that aims at delivering the social engagement programs for the employees as well as the communities in which the company operates.
The science of business to business dealings emphasize the breath of interest in an understanding of the elements of business valuation by enlisting the five general areas where JCB found business valuations are important and these are
JCB has been making effort to understand and make inroads into the social fabric of places of joint venture and business to business dealings.
JCB has been trying to work on these fields which are inherent to good business practice or science of business practice:
These factors play a major role in getting a right chord, which sets a better future path for the JCB venturing team in concern.
JCB has tried exploiting the international market by reaching out countries and geographical areas where no other company would dare to venture out.
The new global initiative taken by several countries have made sure the mines and other infrastructure sectors are opened up gradually and the more difficult terrain it is the more challenging it has become to venture seal deals by JCB.
The role of JCB has been to expand in areas where no other company has ventured and use exclusive mining and other related infrastructure materials which helps in not only closing in on deals for future but also gain confidence in getting more access to even long term deals with the local business units.
Whether it’s a joint venture or lead alone venture it’s always an endeavor to reach out for the best in these sectors and make a mark of class.
Radical business ideas by JCB have made it a leader on its own term. Radicalization and innovation has made the brand JCB a power to reckon with in the field of infrastructure instruments.
The sociological impact for such brands is huge as it makes it imperative to lend support for sociological causes in areas where no other companies can sustain and help in the infrastructure build up.
Business to business deals which makes a huge impact on social fabric are considered to be something every local government always look forward to and JCB has made sure the equipment they supply not only help in getting things done proper but with precision (Woods, 2001).
This endeavor has made the brand dear for both business deals as well as locals who get benefitted with such precision equipment where no other brands could make do.
Winning over the social segment is very important when a new venture is launched and JCB has done very well in this area. It has generated local employment and trained local talents to learn and deliver time and again.
In all B2B dealings psychology plays a big role where one could be using the same to trap the customer’s emotion and then persuade the potential customer to interact with you. For any deals the point of interaction is very important as it helps in both understanding the customer as well as become the guiding force for future deals.
The persuasive methods applied and if used with proper manner could become a very powerful technique to help getting deals in new un-ventured markets.
These leads to better brand perceptions and JCB uses just that to drive home the point of getting right combination of psychology, helping locals, training locals and win over the population by empowering them with decent jobs and these steps help in getting better deals in business to business interactions.
The three things psychology plays into are ethos, pathos and logis, where pathos are basically dealing with anything emotions, ethos for credibility of brand and finally logis for rationale behind the deals.
Before venturing into new markets its always better to know the political scenario and prevailing social movements as these are essential to generate both upheaval or strains which on the long run could affect the business scenario.
The political scenario could make or break a new venture and could mar business prospects on the long run and hence politics of business deals are always necessary to comprehend before it could generate enough emotion to get into long term future prospects.
No business venture could sustain for long in rough political scenario or situations which are not conducive as these can decide the tax structure or other hurdles which impair business atmosphere. JCB has made sure that political scenario is good enough for better future deals and use persuasive techniques to help tide over these things (Sawhney, 2000)..
The main factor which breaks or make a deal now a days are basically which revolve around ecology and ecological norms.
JCB has made sure that nothing untoward happens when it ventures into a new infrastructure zone and that helps in getting right chord with the local and government as well as the ecological movements which are always up in arms against such definitive roles played by these multinational companies (Miller, 2007).
Ecology and issues related to ecology makes a lot of decision taken by JCB in ventures in green field projects appropriate by following the norms laid out by the environment department of the Country of investment.
These are issues which cannot be overlooked for smooth business dealings and JCB makes sure that these rules and regulations are adhered with.
Business ethics has to be followed as long the demand for corporate social responsibility is there and foremost matter is to prevent social harm and environmental damage. The relationship between business and society is a symbiosis based on mutual benefit and JCB has been making effort to justify its position in society not only as a precision instrument provider but also play a big role in social harmony.
Any business causing social harm undermines this symbiosis and hence the moral boundaries need to be respected at all time.
In business ethics the relationship between a business and its main stakeholders are always regarded from moral point of view. JCB has tried to justify this by taking into view which interests are morally justified and not power and influence being the decisive criteria.
Business deals are always confronted with many laws and regulations and especially when these are viewed from business to business point.
Law and ethics have different social functions and JCB has been pioneering in lot many countries of its investment especially in B2B deals where the effect of functional difference between law and ethics lies in the motivation to adhere to standards. JCB has maintained the standards all through whether it’s a third world country or a truly developed country.
JCB is aware that law involves the threat of sanctions. This factor has been taken into stride by JCB wherever they have B2B deals and maintained the standards not only in precision instruments but also in the social responsibility area and has involved everyone to give these deals a look of joint effort.
JCB has maintained the joint partner role throughout so as to make these investment legitimate and give due importance to the partner in stake.
Laws and ethics have different methods as well as different content. JCB is aware of these factors very well and has made effort to involve all in their endeavour.
Systems or business system engineering means a grouping of parts that could operate together for a common purpose ( Jay W Forrester) and Peter Senge has given another definition where management attention on system thinking. Businesses are bound to be together by invisible fabrics of interelated actions which often take years to fully play out their efects on each other and this very much evident in JCB’s effort for making B2B dealings a success.
For JCB the business to business is set of activities of an entity involvd in commerce, manufacture instruments of same standards worldwide, service that results in production which is kept in same mould worldwide, and production of an economic output with an intention of making profitable gain.
The evolution of large conglomerates like JCB moving into world stage exhibit two features; the habit of entreprenuership and alliance networking at a very large scale that were culturally instinctive at a small scale. JCB’s ability to absorb into same structures with the most modern professional standards in both managing finance and operations makes it a ideal partner in all sorts of business to business deals.
Conclusion
Business to business marketing is an essential ingredient for all the business ventures and it encompasses plethora of topics for consideration such as policies, laws, ethics, technologies, systems, science, sociology, geography, ecology etc. JCB aims at achieving a total sustainability in producing some of the most innovative and technologically competent equipment for the world.
The pathos, ethos and logis play the guiding force for JCB to work towards a better goal and help sustain a growth factor for the company.
References:
1. Kaplan, S., & Sawhney, M. (2000). E-hubs: the new B2B marketplaces.Harvard Business Review,78(3), 97-106.
2. Wise, R., & Morrison, D. (1999). Beyond the exchange–the future of B2B.Harvard Business Review, 78(6), 86-96.
3. Rauyruen, P., & Miller, K. E. (2007). Relationship quality as a predictor of B2B customer loyalty.Journal of business research,60(1), 21-31.
4. Sculley, A. B., & Woods, W. W. (2001).B2B exchanges: The killer application in the business-to-business internet revolution. HarperInformation.
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