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Business marketing is B2B marketing, or we can say industrial marketing. Business marketing is the marketing practice of organization or individual. Organizations may include commercial business, government, and institution. Business marketing has a derived demand, demand that rises with the demand increase in the consumer market. Aspiring students who are pursuing MBA and other business courses must acquire a set of skills such as customer marketing and general marketing skills. They also should be able to match firm's strengths and products with respect to requirement of target market. To ensure b2b marketing, profitability business marketers must price their services and products in a feasible way, so that they can sell within a given market. Marketing professionals must have several additional responsibilities which includes:
- Recognizing target market
- Generating sales needs
- Controlling and advertising a brand
- Producing and measuring marketing programs
- Executing successful product launch
An example to make it clearer can be: Indian government spending money on the nuclear power plant. The reason for this expenditure is the rising demand of the user for electricity. This is evidence that proves that business cannot exist in isolation. One demand is driven by other.
B2B marketing is primarily for the corporates where profits are high and demand is consistent. It is one of the areas where most of the product based companies try to find some space. B2B marketing jobs are increasing every day and students land up in a job where Business Marketing is the key role. You can gain expertise in Business marketing orientation by using our Business Marketing Assignment help service.
The business market module consist of several different organization which are directly or indirectly involved in several other activities, but on an easy context, they fall in four major categories:
- Manufacturers, the one who generate, produce or engineer a product/service to be sold at a specific profit. They buy the raw materials and required logistic services which they either produce or consume to create the desired product in a general operation of the firm.
- Trader, an essential entity in business modal that buy the finished good and resell them to make profit. They use the services, product and sales promotion to market the product. For instance big chain retailers and marketers are included in this type of business.
- Government or federal agencies, which represents the largest single organization market. Collectively they spend a big amount of money in order to acquire products and services which are required for the government operations. They also impose essential sanctions and duties on a firm's operation for general welfare. They indirectly affect the whole business modal.
- Institutions, are those organization whose main goals and activities are offering services and goods in a educational, charitable, community or non-business in nature.They can either be public/private organization and could be for non-profit/profit oriented. Every big corporation need to have one or other medium to support these institution.
To learn more about principals of marketing, you should have a look at our 5 C's of marketing Help.
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