B2B Marketing is a marketing done for direct interest of any other business, it is all about the marketing efforts made towards promoting goods or services whose direct transactions are with other businesses. The transactions ions between two companies and considered business to business, B2B marketing is now one of the fastest developing fields of marketing around the globe. Now in the period of hi-tech world where technology is growing with the new pace it has bring more businesses together, which is helping companies which are far way are now tapping up with each other. Technology has also helped in making the world nearer and helps in exploring the capabilities of each business to other, which is creating more options for business to consider. So it has become essential for sales and marketing experts to well understand and apply the principles of B2B marketing.
Characteristics of the industry:
- Fewer but quantity buyers
- Demand varies as per the consumer demand – e.g. air conditioner industry buys more copper because consumers increases buying.
- Larger the volumes and higher the value as are bulk orders.
- Buying unit differs – more rational approach, more people involved.
- Buying & selling are processes with Purchase orders and delivery challans so are formalized.