MBA-Marketing Industrial Marketingthe problems customers are attempting to solve. For marketing effectiveness, theproduct should always be regarded as a variable and should be viewed from theperspective of the customer. Customer benefits and need satisfaction, rather thanthe physical product, should be the center of attention. Further, customersatisfaction should be dominant in all corporate decision making; so, it cannotbe the exclusive domain of the marketing department. Providing customersatisfaction must involve all decision makers and will affect product design,demand analysis, manufacturing techniques, resource utilization, and long-rangeprofits of the business-organisations.Moreover, the understanding of the concept of industrial marketing iscompulsory for industrial marketing manger: to provide proper guidance andstimulation for research and development of new products; to exploit anddevelop markets for new products; to define the methods for promoting productsto customers considering the major increase in the cost of media advertising andpersonal selling; to innovate in distribution and other areas to keep up withchanging requirements of industrial customers doing business on a multinationalbasis; to meet stiff competition through modernised business; to refine andmodify product positioning; and to approach problems in the modern ways.
1.3 DEFINITION OF INDUSTRIAL MARKETING
The word Industrial Marketing is also treated as Business-to-BusinessMarketing, or Business Marketing, or Organizational Marketing. Industrialmarketing/business marketing is to market the products and services to businessorganizations: manufacturing companies, government undertakings, privatesector organisations, educational institutions, hospitals, distributors, and dealers.The business organizations, buy products and services to satisfy many objectiveslike production of goods and services, making profits, reducing costs, and, soon.In contrary, marketing of products and services to individuals, families, and