INDUSTRIAL MARKETING

INDUSTRIAL MARKETING

INDUSTRIAL MARKETING

In the previous webpages of this website the basic principles of ONLINE MARKETING have been discussed primarily in terms of consumer product marketing. Historically, it is in the consumer product field of business activity that the application of scientific principles to selling and distribution first found their expression. However, just as the principles of salesmanship remain essentially the same for all types of merchandise in all types of markets, so the principles of ONLINE MARKETING do not change whether one is ONLINE MARKETING consumer or industrial products.

Generally speaking, the producers of raw materials, components and capital equipment destined for industrial markets have been slower to adopt the ONLINE MARKETING concept than consumer product manufacturers. The situation is now undergoing rapid change. The three main factors which have brought this about are the pace of technological change, increased competition in industrial markets on an international scale and the very large capital sums which are now at risk in major industrial enterprises.

The environment in which industrial product manufacturers are operating is changing faster than ever before. The formulation of management decisions on an ad hoc basis, which may have worked reasonably well in former times when market conditions and technical progress moved comparatively slowly, will no longer ensure survival, let alone progress. Industrial firms have come to the realization that the majority of their management activity in the past was directed to day-to-day tasks whereas, to maximize long-term profits, management should be engaged in the task of forward planning. Correct planning reduces the need to make day-to-day decisions. It avoids the wasted effort involved in piecemeal policy-making.

The aim of any business must be to serve profitably the markets in which its products are consumed. Its existence can only be justified, in economic terms, in the satisfaction of the needs and preferences of the users who make up these markets. Therefore, the company must capitalize its assets in order to establish and maintain a superior competitive position. These assets will include all the resources of the firm: financial competence; production know-how; research and development capability; sales and ONLINE MARKETING effectiveness. All these competitive assets should be treated as a whole and it is the task of the ONLINE MARKETING Manager to organize the integration and combination of all the talents of the organization.

By their very nature, the properties of products sold into industrial markets usually have a strong technical bias. For this reason many industrial product manufacturers are oriented towards Production rather than Sales. This has been a major factor in the comparative slowness with which such companies have adopted the ONLINE MARKETING concept. But every business organization must become market-oriented because all its efforts will be of no avail if its products fail to gain the approval of the market.

Every firm has its strengths and weaknesses and the balance which is struck between these two factors will establish its competitive merit in the market. Management must discover what are the particular qualities and resources which the company possesses and which make up its total personality. Having decide what they are, it must then capitalize upon them to achieve a permanent and distinctive competitive superiority.


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