COMMERCE 2MA3 Chapter Notes - Chapter 5: Market Segmentation, Direct Selling, North American Industry Classification System
12 Feb 2020
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Many firms find it more productive to focus their efforts on key industries or market segments rather than on ultimate consumers. Manufacturers buy raw materials, components, and parts that allow them to manufacture their own goods. Resellers are marketing intermediaries that resell manufactured products without significantly altering their form. Institutions, such as hospitals, educational organizations, prisons, religious organizations, and other nonprofit organizations, also purchase all kinds of goods and services for the people they serve. In most countries, the central government tends to be one of the largest purchasers of goods and services. For marketers to be effective and successful at b2b marketing, they must master three key challenges for each business customer they want to serve. The first challenge is to identify the right persons or decision makers within the organizations who can authorize or influence purchases. Second, marketers must understand the buying process of each potential client.
