Business marketing
A 2005 paper from the University of Portsmouth refers to Fill and Fill's Business-to-business marketing: relationships, systems and communication (2005) as a key academic text on this subject, and works on the Buy Class (see Buying center) by Robinson, Farris and Wind (1967) and the decision-making unit by Webster and Wind (1972) as the "traditional references".
[citation needed] In turn, this creates demands for casting sand, forging machines, mining materials, polymers, and rubber.
[citation needed] Despite the differences between business and consumer marketing from a surface perspective being seemingly obvious, there are more subtle distinctions between the two with substantial ramifications.
[citation needed] According to Hutt and Speh (2004), most business marketers commit only a small part of their promotional budgets to advertising, and that is usually through direct mail efforts and trade journals.
[citation needed] The first category includes original equipment manufacturers, such as large auto-makers who buy gauges to put in their cars and also small firms owned by 1–2 individuals who purchase products to run their business.
[citation needed] In fact, the U.S. government is the biggest single purchaser of products and services in the country, spending more than $300 billion annually.
[citation needed] For example, they note that companies such as GE, DuPont and IBM spend more than $60 million a day on purchases to support their operations.
[citation needed] Dwyer and Tanner (2006) say the purchases made by companies, government agencies and institutions "account for more than half of the economic activity in industrialized countries such as the United States, Canada and France".
The BMA study breaks that spending out as follows (figures are in billions of dollars):[citation needed] Despite the stream of leads and undeniable impact of marketing in B2B organizations, a 2021 report by Statista states that majority of businesses only allocate 5% of their budget towards promotions.
[citation needed] Infomediaries, such as Google and Yahoo, are search engine companies that also function as brokers, or middlemen, in the business marketing world.
[citation needed] They charge companies fees to find information on the Web as well as for banner and pop-up ads and search engine optimization services.
[citation needed] Metamediaries are companies with robust Internet sites which furnish customers with multiproduct, multivendor and multiservice marketspace in return for commissions on sales.
