Business Marketing Describe business marketing

Transcript:Business Marketing Describe business marketing:
Business Marketing Describe business marketing Describe trends in B-to-B Internet marketing Discuss the role of relationship marketing and strategic alliances in business marketing Identify the four major categories of business market customers Learning Outcomes Explain the North American Industry Classification System Explain the major differences between business and consumer markets Describe the seven types of business goods and services Discuss the unique aspects of business buying behavior Learning Outcomes (continued) Business Marketing LO 1 Marketing of goods and services to individuals and organizations for purposes other than personal consumption Called industrial, business-to-business, B-to-B, or B2B marketing Business products Are used to manufacture other products Consumer products Are bought to satisfy an individual's personal wants or needs Trends in B-to-B Internet Marketing LO 2 Company websites used to facilitate communication and orders Digital marketing used to increase brand awareness and to position businesses as thought leaders to generate sales leads New applications provide additional information about customers Technology is used to facilitate orders and enhance customer experiences Use of social media to attract customers Content Marketing LO 2 Strategic marketing approach focused on creating and distributing valuable, relevant, and consistent content Metrics that are useful for increasing the success of a social media campaign Awareness Engagement Conversion Relationship Marketing LO 3 Importance Customers have become more demanding Competition has become more intense Business suppliers use social networking sites to advertise themselves to businesses Steady dialogue between the supplier and the customer needs to be maintained to gain repeat business Strategic Alliance LO 3 Cooperative agreement between business firms Types Licensing or distribution agreements Joint ventures Research and development consortia Partnerships Major Categories of Business Customers LO 4 Producers - Construction, manufacturing, transportation, finance, real estate, and food service firms Resellers - Wholesalers and retailers Governments - Federal, state, and local buying units Institutions - Educational institutions, hospitals, churches, labor unions, fraternal organizations, civic clubs, foundations, and other nonbusiness organizations North American Industry Classification System (NAICS) LO 5 Detailed numbering system developed by the U.S., Canada, and Mexico Classifies North American business firms by their main production processes Number, size, and geographic dispersion of firms can be identified Data can be converted to market potential and share estimates and sales forecasts Can identify firms that may be prospective users of a supplier’s goods and services Nature of Demand in Business LO 6 Business versus Consumer Markets LO 6 Types of Business Products