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Business Marketing Is a BIG Business
Marketing is used by individuals, businesses, institutions
and government organizations to facilitate sales of their
products or services to other companies or individuals. It
may also include reselling services/products to a third
party, use them as components in their products/services
or use them to support their operations.
Business marketing is also known as industrial marketing,
business-to-business marketing or b2b marketing. B2b
marketing is a big business and has large market where
the dollar volume of transactions is significantly higher
than that of the total consumer market.
There are many organizations that spend more than $62
million daily on the purchases to support their internal
operations; this itself is a proof of the scope of business
marketing. In Canada, United States, France and other
such industrialized countries more than half of the
economic activity is due to the purchases made by
government agencies, companies and institutions.
In fact a study reveals that in order to promote goods and
services, business-to-business marketers in the United
States are spending more than $88 billion a year. If we
consider the break-up of spending pattern for b2b
marketing, it reveals that business-to-business marketers
spend maximum amount on trade Shows & events that is
close to $18.3 million, and around $13.5 million on internet
and electronic Media.
Next in the spending breakup chart comes brand
promotion or market support that costs over $11.5 million,
magazine advertising overhead is $11.2 million, publicity
or public relations incur $10.5 million and the direct mailing
costs over $9.4 million to the b2b marketers.
As per the report, the least is spent on dealer/distributor
materials ($5.6 million), $4.1 million on market research,
$2.4 million on telemarketing, $1.4 million on directories
and the rest $5.1 million on other t5hings by the marketers.
People have clearly understood the importance of
business marketing and are spending billions of dollars to
make their brand shine.
marketing@strategicservices.com www.strategicservices.com
