Industrial marketing is the management and study of exchange relationships of goods and services between businesses. Goods in industrial marketing are those that industries use to manufacture an end product from either one or more raw materials. It can also be referred to as business to business marketing. Visit the official site for more information about industrial marketing.
The main features of industrial marketing process are few but steers the business involved to a breakthrough if done correctly. One feature is to know that marketing is basically one-to-one which makes it simple for the seller to know a potential customer and be able to create a relationship that allows face time between the customer and the client. Another feature shows as that the process of selling and buying is very complex and that it goes through many different stages like proposal request, tender request, process of selection, awarding of tender, negotiations of the contract and finally the signing of the contract. Another feature entails that in the buying sections very highly trained and professional people are involved. And the feature on selling involves processes that are long because they include prospecting, wooing, qualifying, preparing tenders, development of strategies, making representations and doing contract negotiations.
Industrial marketing can also cross the line into the consumer territory. For example, a furniture seller can distribute their furniture by the use channels inside the industrial marketing and also promote consumer sales. You will find that many products are desired equally but manufacturers together with service providers often try to maintain separate consumer and industrial marketing processes to illustrate that the needs of the two channels are different. Follow the link for more information about industrial marketing.
The process taken by a purchasing organization to procure services and goods from a supplier that is suitable for their need is referred to as competitive tendering. Competitive tendering is often involved in industrial marketing since some purchases are of higher value and very complex. Therefore, the purchasing organization will seek to view different bids from the suppliers that compete against each other and select the best offer the can get.
It is important in industrial marketing before selling a solution to first understand the requirements of the consumer. If you do not do that you may sell a solution that does not work for them and by doing so you would have shown how ill-suited you are in your work. Since many products must be customized to meet the consumers’ needs, it makes personal selling very effective in the industrial marketing world. Learn more about marketing https://www.huffingtonpost.com/section/business , follow the link.