Industrial Marketing

By:- Vijay KambojVijaykambojlearner.blogspot.com

What is Marketing

• Marketing is the science and art of identifying, creating, and delivering value to satisfy the needs of a target market at a profit.  Marketing identifies unfulfilled needs and desires. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services

What is Marketing

• Marketing is often performed by a department within the organization. This is both good and bad. It’s good because it unites a group of trained people who focus on the marketing task. It’s bad because marketing activities should not be carried out in a single department but they should be manifest in all the activities of the organization.

What is Marketing Marketing is the social process by which

individuals and groups obtain what they need and want through creating and exchanging products and value with others.

Kotler

Marketing is the management process that identifies, anticipates and satisfies customer requirements profitably

The Chartered Institute of Marketing (CIM)

What is Marketing

The right product, in the right place, at the right time, at the right price

Adcock.

Industrial marketing

• The basic concept of marketing remain the same for both the consumer marketing and industrial marketing. However there are differences between consumer markets and industrial markets. These differences must be understood well by industrial marketers, who want to reach and satisfy the customer batter and faster then their competitors in order to achieve the corporate objective.

What is Industrial Marketing

• Industrial marketing is also referred to as business to business (B2B) marketing or business marketing or organizational marketing. Industrial marketing is the marketing of products and services to business organizations. Business organizations include manufacturing companies, educational institutions, hospital, distributors and dealers.

Difference between Industrial Consumer Marketing

Sr. No

Areas Industrial Marketing

Consumer market

1 Market Characteristics

Geographically concentrated

Relatively fewer buyer buyers

Geographically disbursed

Mass market

2 Product Characteristics

Technical complexity

Customized

Standardized

3 Service Characteristics

Service, timely delivered & availability very important

Service, timely delivered & availability somewhat important

Difference between Industrial Consumer Marketing

Sr. No

Areas Industrial Marketing Consumer market

4 Buyer Behaviour Involvement of various functional areas in both buyer & supplier firms

Purchase decisions are mainly made on rational/performance basis

Technical expertise

Involvement of family members

Purchase decisions are mostly made on physiological/social/ physiological needs

Less technical expertise

Non-personal relationship

Difference between Industrial Consumer Marketing

Sr. No

Areas Industrial Marketing

Consumer market

5 Channel Characteristics

More direct

Fewer intermediaries/middlemen

Indirect

Multiple layers of intermediaries

6 Promotional Characteristics

Emphasis on personal selling

Emphasis on Advertising

7 Price Characteristics Competitive bidding & negotiated prices

List prices for standard products

List prices or maximum retail price (MRP)