Business markets is the marketing of products and services both locally and internationally, to commercial enterprises, to governments and some nonprofit organizations for the purposes of consumption, using equipment or for resale of goods. These firms deal with organizations…
It is important for marketers to market their products to large buyers, as they are vital to the business. In addition, geographical concentration has important implications as firms can focus and put more effort in areas that have a high potential of purchasing the company’s products. Moreover, firms should ensure there is distribution of large volumes of products to a huge proportion of customers. The business marketer should as well understand the legal systems and the contractual side of the government. This includes the knowledge of the government requirements for effective negotiations. Some of these contracts include the fixed price profit where there is stability in inflation and costs are controlled. Secondly, the cost reimbursement which works when there is a need for developmental efforts. Marketers should also be aware of available opportunities in institutional markets that include hospitals, universities, and schools (Hutt & Speh, 2008).
Finally, they should respond to the distinctive purchasing needs all market segments. Marketing organizations are structured in such a manner that customer markets turn into the centers in which firms are organized. This is the reason why organizations’ marketing efforts focuses on market sectors like the institutions, the governments, and the local and international ...
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