Industrial marketing

• What is the definition of industrial marketing?

  Offering the right product at the right price
• What does B to B stand for in industrial marketing?

  Business to Business
• What types of goods and services are sold in industrial marketing?

  Finished goods, raw materials, components, services
• What methods are adopted when selling to industrial customers?

  • Finely targeted approach to purchasing agents
  • Focused marketing, not aimed at mass markets
  • Use of trade fairs and exhibitions
  • Specialized sales personnel for one-to-one relationships
  • Advertising in trade magazines and journals
• What is the purpose of a marketing budget?

  It sets targets for the marketing department
• How does a marketing budget help in planning?

  It ensures spending is kept under constant review
• What are the benefits of a marketing budget?

  • Helps control marketing costs
  • Identifies high-cost areas
  • Highlights ineffective expenditures
  • Aids in future business planning
  • Coordinates strategies with other departments
  • Sets motivating targets for employees
• What problems might arise from a marketing budget?

  • Rigidity to market changes
  • Ambitious targets may demotivate
  • Inaccuracy leading to poor decisions
  • Conflicts with other business objectives
  • Resource redirection from other departments
  • Time and expense in budget setting
• What are the opportunities in international marketing?

  • Larger potential market
  • Greater profit opportunities
  • Risk spreading across markets
  • Enhanced business reputation
  • Economies of scale in marketing
• What difficulties might arise in global marketing?

  • Increased risk compared to domestic markets
  • Need for awareness of government policies
  • Cultural differences affecting marketing
  • Product adaptation requirements
  • Economic factors influencing targeting
  • Variations in business practices
  • Understanding existing competition
  • Exchange rate difficulties