IBISWorld The types of information you collect through these sources may be quantitative or qualitative.
Origins[ edit ] The practice of a purveyor of goods trading with another may be as old as commerce itself. In relation to marketing today, its history is more recent.
Michael Morris, Leyland Pitt and Earl Dwight Honeycutt say that for several years business marketing took "a back seat" to consumer marketing.
David Lichtenthal professor of marketing at Zicklin School of Business notes in his research that business marketing has existed since the midth century. He adds that the bulk of research on business marketing has come in the last 25 years.
Professional conferences on business marketing are held every year [ citation needed ] and courses are commonplace at many universities today. According to Jeremy Kourdi, more than half of marketing majors start their careers in business marketing rather than consumer marketing.
An example would be a government wishing to purchase equipment for a nuclear power plant. The Business marketing and market research consumer demand that has triggered this is that people are consuming more electricity by using more household devices such as washing machines and computers.
Business markets do exist in isolation. A single consumer market demand can give rise to hundreds of business market demands. The demand for cars creates demands for castings, forgings, plastic components, steel and tires. In turn, this creates demands for casting sand, forging machines, mining materials, polymers, rubber.
Each of these growing demands has triggered more demands. As the spending power of citizens increases, countries generally see an upward wave in their economy. Cities or countries with growing consumption are generally growing business markets. Dwyer and Tanner note that business marketing generally entails shorter and more direct channels of distribution.
While consumer marketing is aimed at large groups through mass media and retailersthe negotiation process between the buyer and seller is more personal in business marketing. According to Hutt and Spehmost business marketers commit only a small part of their promotional budgets to advertising, and that is usually through direct mail efforts and trade journals.
While advertising is limited, it often helps the business marketer set up successful sales calls. Marketing to a business is trying to make a profit business-to-business marketing as opposed to an individual for personal use Business-to-Consumeror B2C marketing is similar in terms of the fundamental principles of marketing.
These are the fundamental principles of the 4 Ps of marketing the marketing mix first documented by E. Jerome McCarthy in The first category includes original equipment manufacturerssuch as large auto-makers who buy gauges to put in their cars and also small firms owned by individuals who purchase products to run their business.
The second category - government agencies, is the biggest. In fact, the U. But this category also includes state and local governments.
The third category, institutions, includes schools, hospitals and nursing homeschurches and charities. Finally, resellers consist of wholesalers, brokers and industrial distributors. So what are the meaningful differences between B2B and B2C marketing? In B2C marketing, the product or service features and benefits are called out up front.
The customer is expected to already know why they need the product or service. The buyer or customer is often a group or committee or department comprising several individuals who have specific roles in evaluating the proposed product or service.
In B2C, the buyer is mostly an individual who needs the product or service for his or her own use. Offerings are evaluated mainly on price, reviews and word of mouth, although these are factors in B2B marketing as well A B2C sale is to a "Consumer" i.A marketing orientation has been defined as a "philosophy of business management." or "a corpora A firm employing a product orientation is mainly concerned with the quality of its own product.
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