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Unformatted text preview: Brendan O’Neal MKT 5815 Chapter 1 Report Dr. Gene Landrum Hodges University A Business Marketing Perspective Business markets are defined as “markets for products and services, local to international, bought by business or governments for consumption or for resale” (Hutt and Speh, 2009). Chapter one of Hutt and Speh’s Business Marketing Management, B2B (2009) gives an overview of business marketing, relationship management in marketing, supply chain management, and marketing strategy. Themes in the chapter include the similarities and differences between consumer-goods marketing and business marketing, what customers make up the business market, how we can classify industrial goods in a manageable way, and what influences demand (Hutt and Speh, 2009). The marketing managers in today’s organizations face many challenges secondary to the expansion of today’s organizations into global organizations. Some of the many challenges include building relationships with suppliers of labor and raw materials in other localities or countries where we are separated by seas or continents. Some firms are involved in the business market side of marketing, marketing to other companies that ultimately make our consumer goods. Other firms are involved in the production and marketing of the consumer goods. As we can see, contrasting the two types of firms, their marketing approach must be adjusted according to whom they are marketing their product to. Despite the organization’s target market (consumer or business) there is a benefit to have a market orientation (Hutt and Speh, 2009); this is when an organization displays mastery of the needs of their customers. With a market orientation, the customer’s values and beliefs are first, the organization is able to collect and analyze data about the customer and the competitor and use it to their advantage, and the organization is able to use a multitude of resources, integrate them, and efficiently complete the job at...
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This note was uploaded on 01/30/2011 for the course MKT 5815 taught by Professor Kest during the Spring '10 term at Hodges University.
- Spring '10