Industrial marketing

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Business-to-business (B2B) marketing, also known as industrial marketing, is a unique branch of marketing that has evolved significantly since the 1980s. Originally industry-centric, it transitioned to a more business-focused approach, a shift that was formalized with the introduction of the term ‘business marketing^[1]’ in the late 1990s. B2B marketing is marked by its one-to-one interactions, the engagement of professional purchasers, and intricate sales processes. Over time, the boundaries between industrial and consumer marketing have become less distinct, as many products appeal to both businesses and individual consumers. A crucial component of B2B marketing is procurement, with competitive bidding often playing a major role. Industrial marketers frequently participate in business-to-government marketing, which entails selling to government entities and competing for contracts. Strategies in this sector are typically designed to reach specific customer^[2] groups, and their effectiveness is commonly evaluated using metrics such as the hit rate.

Terms definitions

1. ↑ business marketing. Business Marketing, a discipline dedicated to the strategies, methodologies, and management processes employed by companies to advertise and sell their goods or services to other businesses, has its roots in the mid-19th century and has seen an increase in research in the past quarter-century. It's a prevalent field of study in academia, with numerous marketing graduates beginning their professional journey in this area. Efficiency plays a crucial role in business marketing, with internal efficiency pertaining to cost-effective product creation and external efficiency focusing on successful marketing and profit optimization. Its interconnection with consumer markets underlines the fact that business markets often derive their demand from consumer markets. Business marketing varies from consumer marketing in several aspects, including more direct distribution channels and a more personalized negotiation process. The tactics in this sector are fluid, underscoring the importance of robust business intelligence, thorough research, and technological utilization. The influence of business marketing is substantial, with billions being invested annually in the US alone.

2. ↑ customer. The main keyword in this text is 'customer.' A customer refers to a person or entity that acquires goods or services from a company. They play a vital role in the business environment, establishing connections with companies via transactions. Customers may also be referred to as 'clients,' particularly when they obtain customized advice or solutions from a company. The term 'client' is derived from Latin, suggesting a tendency to lean or bend towards a company. Customers come in various forms - from final customers who directly purchase products or services, to industrial customers who integrate these products or services into their own offerings. These customers can hold different positions in relation to the business, such as being employers in construction endeavors. Companies often divide their customers into distinct groups, like business owners or final users, to better comprehend and cater to them. The comprehension and handling of customer relationships is a crucial field of research and application in business.

Industrial marketing (Wikipedia)

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Industrial marketing or business-to-business marketing is the marketing of goods and services by one business to another. Industrial goods are those an industry uses to produce an end product from one or more raw material. The term, industrial marketing has largely been replaced by the term B2B marketing (i.e. business to business marketing).

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