Industrial marketing
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Industrial Marketing Assignment
DMA 403: Industrial Marketing
Q1) Explain the concept of industrial marketing and how it is different from consumer marketing:
Concept-Industrial marketing, also known as business-to-business (B2B) marketing, is a branch of communications and sales that specializes in providing goods and services to other businesses, rather than to individual customers. Consumer marketing on the other is….
Volume of sales and revenue generated-Industries buy in bulk as compared to how individual customers buy. Revenue is therefore greater in industrial marketing than consumer marketing.
Product complexity- First and foremost, industrial products are very complicated and require a lot of technical knowledge to sell for example agricultural machinery. Therefor in industrial marketing the products involved are more complex as compared to products in consumer marketing such as television sets.
Knowledge of buyers- Consumer marketing assumes powerful sellers and passive, inexpert buyers who can be influenced to purchase by a variety of advertising techniques. In contrast, industrial marketing process consists of very knowledgeable buyers (and often buyer teams) who analyze products and purchases. Therefore mere sales gimmicks are not enough to convince buyers in industrial markets.
Bids and quotations- In consumer marketing the consumers either buy or don't buy from listed prices. For example prices of products in supermarkets. On the other hand, industrial products are often sold by request for quotes that may require a quotation with elaborate specifications to define the product. Industrial buyers are information seekers constantly on the look out for information and advice that can help the buyer do the job better.
Advertising and promotion- Developing a newspaper ad for impulsive shoe buyers is relatively straightforward as the case in consumer marketing
Industrial Marketing Assignment
DMA 403: Industrial Marketing
Q1) Explain the concept of industrial marketing and how it is different from consumer marketing:
Concept-Industrial marketing, also known as business-to-business (B2B) marketing, is a branch of communications and sales that specializes in providing goods and services to other businesses, rather than to individual customers. Consumer marketing on the other is….
Volume of sales and revenue generated-Industries buy in bulk as compared to how individual customers buy. Revenue is therefore greater in industrial marketing than consumer marketing.
Product complexity- First and foremost, industrial products are very complicated and require a lot of technical knowledge to sell for example agricultural machinery. Therefor in industrial marketing the products involved are more complex as compared to products in consumer marketing such as television sets.
Knowledge of buyers- Consumer marketing assumes powerful sellers and passive, inexpert buyers who can be influenced to purchase by a variety of advertising techniques. In contrast, industrial marketing process consists of very knowledgeable buyers (and often buyer teams) who analyze products and purchases. Therefore mere sales gimmicks are not enough to convince buyers in industrial markets.
Bids and quotations- In consumer marketing the consumers either buy or don't buy from listed prices. For example prices of products in supermarkets. On the other hand, industrial products are often sold by request for quotes that may require a quotation with elaborate specifications to define the product. Industrial buyers are information seekers constantly on the look out for information and advice that can help the buyer do the job better.
Advertising and promotion- Developing a newspaper ad for impulsive shoe buyers is relatively straightforward as the case in consumer marketing