What Is Business Marketing?
A company uses business marketing to market and sell its products and services to another business. Read on to learn more about how business marketing works and how to enter a career in this field.
An Overview of Business Marketing
Business marketing, also known as business-to-business marketing, occurs when a business markets and sells its products or services to another business or organization. The businesses that purchase these products may use them in manufacturing, to run their businesses or for resale. In consumer marketing, advertising can be broad and interaction with customers often takes place through large retailers. Business marketing differs in that it relies on much more personal, direct relationships between businesses.
Important Facts About Marketing Research Analysts and Marketing Specialists
|Median Salary (2018)||$63,120|
|Job Outlook (2016-2026)||23% growth|
|Work Environment||Consulting firms, companies|
|Similar Occupations||Advertising, promotions, and marketing managers, cost estimators, economists, operations research analysts, public relations specialists, statisticians, survey researchers|
Source: U.S. Bureau of Labor Statistics
How Business Marketing Works
According to the American Marketing Association, an organization's marketing sales force is largely responsible for generating and maintaining relationships with customers. Business marketers typically work closely with their customers, so strong customer service skills take a high priority. To reach other businesses, organizations often use business marketing channels, such as trade magazines and direct mail. According to the Business Marketing Association, business marketers increasingly spend advertising revenue at trade shows and through electronic media.
Starting a Career
According to the U.S. Bureau of Labor Statistics, market research analysts typically need at least a bachelor's degree in marketing, business, statistics or a related field, although high-level positions may require a master's degree. Getting work experience through an internship or other hands-on project can be beneficial to obtaining an entry-level job. Several schools offer degree programs in marketing or in business administration with a marketing concentration. The curriculum in a bachelor's degree program typically includes a set of basic business courses covering topics like business operations, management, economics and finance plus a core of marketing classes, such as consumer behavior, marketing research and international marketing. Courses in business statistics and computer applications are also often included.
Necessary Employment Skills
Aspiring business marketing professionals must acquire general marketing and customer service skills. They also must be able to match their firm's products and strengths with the needs of a target market. To ensure profitability, business-to-business marketers also must price products and services to sell well within a given market. Business marketing professionals have numerous additional responsibilities, which include the following:
- Making sales calls
- Maintaining and promoting a brand
- Identifying target markets
- Generating sales leads
- Executing product launches
- Creating and evaluating marketing programs