Week 4 EOC: Business to Business Marketing

The difference between consumer marketing and business marketing is consumer behavior is an attempt to understand and predict human actions in the buying role. A consumer’s buyer behavior is influenced by four major factors 1: Cultural 2: Social 3: Personal 4: Psychological. These factors cause consumers to develop product and brand preferences. Now in business marketing the negotiation process between the buyer and seller is more personal. When it comes to advertising, business marketers commit only a small part of their promotional budgets and that’s through trade journals and direct mail efforts. Business markets have fewer but larger customers. “Various suppliers sell Goodyear the rubber, steel, equipment, and other goods that it needs to produce tires. Goodyear then sells the finished tires to retailers, who in turn sell them to consumers. Thus, many sets of business purchases were made for only one set of consumer purchases”. (Kotler 157) Kotler, Gary Armstrong and Philip. Marketing: An Introduction for Education Management Corporation, 10th Edition. Business customers are more geographically concentrated. Demand is different it is derived, price inelastic and demand fluctuates more. Business marketing also has some stages as well Stage1: Problem recognition Stage: 2 General need description Stage: 3Product specification Stage4: Supplier search Stage: 5 Proposal solicitation Stage: 6 Supplier selection Stage: 7 Order routine specification Stage: 8 Performance review. “Business purchases often involve large sums of money, complex technical and economic considerations, and interactions among many people at many levels of the buyer’s organization”. (Kotler 160) Kotler, Gary Armstrong and Philip. Marketing: An Introduction for Education Management Corporation, 10th Edition. So in conclusion you have two types of marketing consumer and business, which “The fundamentals of both types of marketing are essentially the same, but the issues faced can differ. All marketers select target markets and base their marketing decisions,” Read more: http://www.articlesnatch.com/Article/Business-Marketing-Versus-Consumer-Marketing/358450#ixzz2AHK2k0BO
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