Study_Guide_for_lecture_4_-_business_markets

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Marketing 431 Study Guide Lecture 4 Business Markets page 1 ©2006 Bruce Robertson Study Guide for Lecture 4 – Business markets What is a business consumer Someone who doesn’t get to enjoy what they bought Use to make other stuff Resell to other people Used to run the organization Actually, its usually another business B2B Definition: Business marketing is the marketing of goods and services to companies, governments, or not-for-profit organizations for use in the creation of goods and services they can produce and market to others. And if you thought the consumer market was big… Retail sales $4.1 trillion (Census 2005) GDP $13.4 trillion (BEA 2006 ) Doesn’t count “intermediary goods” You do the math Industrial firms – 12,000,000 Manufacturers – 350,000 Agribusiness – 2,000,000 Services – 7,700,000 Not for Profit – 56,000 Resellers – 3,800,000 Government – 88,000 Aside… According to Bruce There are tremendous job opportunities in the B2B sector Every company has at least one salesperson Characteristics of Business Markets NAICS A way of categorizing businesses by industry type
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Marketing 431 Study Guide Lecture 4 Business Markets page 2 ©2006 Bruce Robertson 6 Digit code 3 digit industry subsector 4 digit industry group 5 digit industry 6 digit US industry Why is NAICS important Industry Sales Employment Number of firms Salaries http://www.census.gov/econ/census02/data/comparative/USCSA.HTM The downside Only one NAICS code per company Government data is relatively old Market Structure
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