Business: Theory and Practice 15(3): 210-219, doi: 10.3846/btp.2014.21
Advancement of Marketing Developing Biotechnology-Based Business
expand article infoVaidas Vilmantas, Borisas Melnikas
‡ Vilniaus Gedimino technikos universitetas, Lithuania
Open Access
Abstract
The article, in a complex way, analyzes the needs of marketing improvement in developing biotechnology­based business and highlights its role in the context of modern society and globalization challenges. The article distinguishes between the existing problems of biotechnology business, the present perspectives and specific characteristics of developing the marketing of biotechnological business. The paper represents the possibility of the substantial modernization of marketing tools with regard to modelling user’s behaviour, improvement in marketing strategy for the company, the correction of the elements of the marketing complex, changes in the marketing conception inside the company, product and service differentiation and renewal, the encouragement of expansion into other markets, variations in or the expansion of the target market, alternatives to the positioning strategy for the company, an increase in competitive ability and an internal impact of marketing on the varying elements. The article has referred to the analysis of scientific literature and research on the opinions of consumers and experts in the field in the context of biotechnology­based businesses.
Keywords
biotechnology business; consumer behaviour; consumer formation; development; high technology; marketing