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A Brief Description Of The Business Marketing

The activity of business marketing is as old as the act of doing commerce. Ever since man started exchanging goods and services among each other, the concept of doing business has been in existence. However with the advancement of time the mode as well as the means of doing business has changed over the years. Even in the years of mid-19th century the concept of business marketing and the industrial marketing had been around. However the consumer marketing took the centre stage in the later years and business marketing took a backseat. The change in this equation came about in the 1970s. Now in the present times the business marketing is taught in almost all the universities that offer programs in business. It is important to note that now many of the majors in the field of marketing start their careers in the field of business marketing than in the field of consumer marketing.

The differences between the business marketing as well as the consumer marketing are quite obvious yet there are some more restrained differences between the two. It has been noted that the consumer marketing is targeted at a large group of audience whereas the business marketing is more of a personal one. In to study done, it has been seen that in the business marketing people do not set aside large budgets for their advertising. Their marketing efforts are more pointed and focused. They use mediums like the direct mails and trade journals that help them in setting up successful sales calls. Whether it is the B2B, B2C, or B2G marketing, the fundamentals behind the four Ps of marketing remain the same. These fundamentals are:

  • A proper matching of the product and services strengths with the needs of the targeted market.
  • Position as well as price to align with the market
  • The selling of the product and services in a manner that can show its value to the target market.

The B2B marketing is mainly the marketing to the other businesses, institutes, government, whereas on the other hand the consumer marketing is targeted at the individual only. Whatever be the deciding influences on the consumer, ultimately it is he who is going to make the purchase and spend money.

Another major impact on the business marketing is that of the internet. According to the study done by Anderson and Narus in 2004, the advent of internet has resulted in the emergence of the two new types of resellers that can be characterized as infomediaries and metamediaries, such as Google and Yahoo. Both of these companies are search engines that act like a middleman between the customer and the seller. They are the online brokers. The other ones, that is the metamediaries are those companies that have the robust internet sites on which the customers are provided with the multi products, multivendors, and multiservice market place in return from some commission on the sales The internet has also resulted in the mergers and collaboration in the business marketing between companies that till now had been seen as the potential rivals. With the advent of B2B exchanges the nature of business marketing has changed forever.

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