Quite apart from consumer markets, in which consumers buy products for direct consumption, there exists an enormous producer or business or industrial market consisting of all the individuals, businesses and institutions which acquire goods and services that are used in the production of other goods, or in the supply of service. The industrial market is actually larger than the consumer market, because ________________________________.
Companies are unlikely to buy larger quantities and increase their inventories in response to a temporary sales promotion.
Producers and suppliers of services require capital equipment such as buildings and machines, raw materials and manufactured parts and components, supplies such as energy, pens and paper, and services from cleaning to management consulting.
Companies only make large expenditures on new production capacity when consumer demand is increasing, and usually stop all capital investments if consumer demand stops growing.
All of these have to be marketed, and there is more industrial than, consumer marketing, although few ordinary consumers realize this because _______________.
they are seldom exposed to it.
they are well-trained professionals who know exactly what they are doing
many industries are dominated by only two or three large companies.
The buying process for industrial goods is different from that used for consumer goods. The customer base – the number of buyers – is generally small, because _______________.
many industries are dominated by only two or three large companies.
it depends on the demand for the consumer goods sold by the industrial producers.
in this area, personal selling is generally more important than advertising, sales promotion and publicity.
The buyers of industrial goods are less easy to persuade than most ordinary consumers, because ____________________.
they are seldom exposed to it.
they are well-trained professionals who know exactly what they are doing
in this area, personal selling is generally more important than advertising, sales promotion and publicity.
The sales representatives working for industrial marketers have to be equally well-trained and competent, because _______________.
they are seldom exposed to it.
it depends on the demand for the consumer goods sold by the industrial producers.
in this area, personal selling is generally more important than advertising, sales promotion and publicity.
The demand for industrial goods is a derived demand, because ________________.
it depends on the demand for the consumer goods sold by the industrial producers.
in this area, personal selling is generally more important than advertising, sales promotion and publicity.
companies are unlikely to buy larger quantities and increase their inventories in response to a temporary sales promotion.
Furthermore, demand is largely inelastic, because ___________________.
companies are unlikely to buy larger quantities and increase their inventories in response to a temporary sales promotion.
producers and suppliers of services require capital equipment such as buildings and machines, raw materials and manufactured parts and components, supplies such as energy, pens and paper, and services from cleaning to management consulting.
companies only make large expenditures on new production capacity when consumer demand is increasing, and usually stop all capital investments if consumer demand stops growing.
This is especially true of companies working with a just-in-time system, which are interested in high quality, frequent and reliable delivery and long-term relationships, rather than occasional price reductions. The demand for capital goods such as plant and equipment, is also more volatile than that of consumer goods, because ______________.
companies are unlikely to buy larger quantities and increase their inventories in response to a temporary sales promotion.
producers and suppliers of services require capital equipment such as buildings and machines, raw materials and manufactured parts and components, supplies such as energy, pens and paper, and services from cleaning to management consulting.
companies only make large expenditures on new production capacity when consumer demand is increasing, and usually stop all capital investments if consumer demand stops growing.
This Pattern of investment is often described as the most important cause of business cycle. Industrial marketers have to understand who is responsible for buying in companies and institutions, and what criteria determine their choices, because __________________.
industrial customers often develop close relations with sellers
industrial and institutional customers are often required to invite sealed bids and to give the contract to the lowest quotation or tender.
companies are unlikely to buy larger quantities and increase their inventories in response to a temporary sales promotion.
Companies often require products customized to their own specifications, so sellers are expected to understand a lot of technical details. Yet even long-term relationships are no guarantee of future sales, because ________________.
industrial customers often develop close relations with sellers
industrial and institutional customers are often required to invite sealed bids and to give the contract to the lowest quotation or tender.
they are seldom exposed to it.
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