Industrial Classification Identifying Potential Business Customers Market segmentation involves identifying the particular groups of people / organizations that benefit from your product and then selling to them. LEARNING OBJECTIVES List the characteristics that marketers use to segment organizations KEY TAKEAWAYS Key Points Organizations can be segmented by industry, size, function, level, and type of individuals within the organization. Industry classifications can assist in determining what specific industries potential customers are… Read More »Industrial Classification

Promotional Methods B2B marketers use industry or trade publications, trade shows, private events, and social media to generate awareness about their products and services. LEARNING OBJECTIVES Differentiate between the promotional methods and tools used in B2B versus B2C marketing KEY TAKEAWAYS Key Points Business marketers generally avoid mass market broadcasts, preferring instead communication channels aimed at specific industries and business audiences. B2B marketing promotional methods differ from B2C brands due… Read More »Promotional Methods: Promotional Tools Used in the B2B Marketing Mix

Purchase Influences Purchase influences of B2B customers differ from those of the consumer market due to the high time and cost investments of B2B transactions. LEARNING OBJECTIVES Differentiate between business-to-business customer influences versus consumer market purchase influences KEY TAKEAWAYS Key Points Customer retention, customer relationship management, personalization, customization, and one-to-one marketing programs are instrumental in encouraging new and repeat purchases in B2B companies. Unlike consumer buyer markets, business customers are… Read More »Purchase Influences

Purchase Behavior Business customers – as compared to consumers – tend to be more rational, are more concerned with quality, and look to make lasting relationships. LEARNING OBJECTIVES Identify the unique characteristics of B2B purchase behavior and how it influences B2B marketing tactics KEY TAKEAWAYS Key Points Notable differences exist in the purchase behavior of B2B versus consumer marketing due to the length and complexity of B2B transactions. Business customers… Read More »Purchase Behavior

Customer Concerns B2B companies typically implement client services or customer care processes to address customer concerns and enhance customer satisfaction. LEARNING OBJECTIVES Give examples of the types of customer concerns faced by B2B companies, and the common methods used to address these concerns KEY TAKEAWAYS Key Points Customer concerns may arise due to issues over product quality and functionality or a lack of corporate responsiveness to customer complaints. B2B companies… Read More »Customer Concerns : B2B companies implement client services or customer care processes

Business Customers Characteristics of Business-Customer Interactions B2B customer interactions are influenced by what are typically long and complex buying processes and tend to be more relationship-based. LEARNING OBJECTIVES Describe how B2B customer transactions differ from B2C customer transactions KEY TAKEAWAYS Key Points B2B customer relationships generally feature high brand loyalty due to the amount of time and money invested during the sales cycle. During the selling process, B2B sellers may… Read More »Business-Customer Interactions

Types of Businesses Primary ownership types of businesses include corporations, cooperatives, LLPs, LLCs, and sole proprietorships. LEARNING OBJECTIVES List the most common ownership types and industry classifications for organizations KEY TAKEAWAYS Key Points Businesses vary depending on jurisdiction, ownership type, and industry or sector. Among the different ownership types for businesses are sole proprietorship, cooperatives, corporations, and partnerships. General classifications for businesses include: agriculture and mining, financial services, manufacturing, information… Read More »Types of Businesses

B2B vs. Consumer Marketing: Similarities and Differences B2B markets to individuals acting on behalf of organizations, while consumer marketing targets single individuals who pay for their own transactions. LEARNING OBJECTIVES Describe the main similarities and differences between B2B and B2C marketing KEY TAKEAWAYS Key Points Whereas emotional factors play a large part in a consumer ‘s decision to purchase a product, B2B purchasing decisions are less emotional and more task-oriented.… Read More »B2B vs. Consumer Marketing: Similarities and Differences

B2B Promotional Mix Like business-to-consumer (B2C) marketing, business-to-business (B2B) marketing, or business marketing, relies on product, price, placement, and promotion to competitively position the product offerings, promote the brand, and efficiently use company resources. Similar to consumer marketers, business marketers must create an integrated marketing communications strategy to ensure products and promotional methods complement and support each other. B2B marketing spans all types of businesses and industries. Because B2B sales… Read More »B2B Promotional Mix

What is Business Marketing? Business marketing is the practice of individuals or organizations (i.e., commercial businesses, governments, and institutions) promoting and selling products and/or services to other organizations. These organizations resell or use these products and services to support their operations. Companies that act as suppliers or manufacturers may also integrate other business products into their own product offering to improve performance and functionality. Unlike a consumer, who makes a… Read More »What is Business Marketing?