A Guide to Industrial Marketing
To reach the wider market; a business must market and promote its products well. business development is rated by profit made. Profit is not just realized but marketing and promotion of products and services must be done. industrial marketing is a way of promoting and selling goods . Industrial marketing is a business to business marketing where two business are involved. It entails marketing of goods and services by one business to the other. It is a branch of sales which specializes in offering products and services to another enterprise. The two firm involved are both key players and solely depend on each other.
Industrial marketing thrive when the relationship between the seller and buyer is warm The interrelationship between the businesses involved must be cordial since there is dependency. In most cases, the goods exchanged in industrial marketing are bulky. Since contracts and tenders may go for several seasons, the relationship between the supplier and client must endure. A perfect example of an industrial marketing is a large firm producing large-scale manufacturing machinery and distributing the machinery to other firms
The characteristic of industrial marketing is where there are direct relationships and contact. Industrial marketing is all about maintenance of a business relationship. The people who are involved in the purchasing process must be trained appropriately to handle the transaction and offer ideas. There are several stages that must be followed to totality before the industrial marketing come to live. Technical selling is catered for where the sale representative make an appointment with a prospective buyer.
For an industrial marketing to start, some things have to be discussed, and agreement reached. In the list of things to be considered are request for proposal, tendering process and the contract signing among others. The selling activities that result from an agreement does not just happened instantly, time must be consumed. It has prospecting in it, qualifying, and making of representation, tender preparation and negotiations. A well-comprehended knowledge on marketing must be within the sale representative mind A marketing plan must be laid down. The market plan is paramount since it clearly stipulate on how best to win the client trust and make the products on disposal attract great firm. Communication between the key players is always maintained.
The demand for industrial products is inelastic. This means that uncertainties in the market such as price fluctuation does not affect the demand of the goods. However, industrial buying is influenced by various factors. Most of these factors are economic and personal. In case the mutual relationship between the involved parties fail, then the outcome of both business is likely to be affected.