A different set of challenges and opportunities exist for the business-to-business (B2B) marketer, who intends to serve the needs of organizations rather than individuals/households. The B2B marketing process is longer and largely governed by relationship marketing. Buying behaviour is more rational and there are multiple decision influencers. Demand for B2B products and services is less elastic than B2C, thus transactions are more, necessitating a more frequent and direct contact between the buyer and seller. The B2B market represents a lucrative and complex market worthy of specialized analysis. Therefore, a growing number of business schools globally have added industrial or business marketing to their curricula.
This textbook provides an understanding of the most recent industry trends and today's dynamic business-to-business (B2B) market. This edition ties the concepts to real-world decision-making and to industry best practices. The similarities and differences between consumer goods and B2B marketing are reviewed. Revised content focuses on market analysis, organizational buying behaviour, relationship management, and marketing strategies to reach organizational customers. A new digital playbook and expanded content on smart, connected products explore how digital-first engagement preferences of B2B buyers are transforming customer relationship processes.
- Emphasizes on ESG (Environmental, Social, and Governance) Framework
- Provides an insight on Supply Chain Resilience
- Highlights Omnichannel—the new standard in marketing
- Focuses on Relationship Marketing Strategies
- Emphasizes on Marketing Excellence—preparing for Success
- Introduces the Innovation Flywheel and elaborates on Smart, Connected Products
- Chapter introduction provides a preview of chapter material that follows
- Discussion questions at the end of each chapter help in putting the theory into practice
- Richly illustrated discussions highlight best practices
- A careful balance is kept between global and Indian/Asian business scenarios
Part 1 The Environment of Business Marketing
1 A Business Marketing Perspective
Part 2 Managing Relationships in Business Marketing
2 Organizational Buying Behavior
3 Customer Relationship Management Strategies for Business Markets
Part 3 Assessing Market Opportunities
4 Segmenting the Business Market and Estimating Segment Demand
Part 4 Formulating Business Marketing Strategy
5 Business Marketing Planning: Strategic Perspectives
6 ESG and Business Marketing Strategies for Global Markets
7 Managing Products for Business Markets
8 Managing Innovation and New Industrial Product Development
9 Managing Services for Business Markets
10 Managing Business Marketing Channels: The Omnichannel Imperative
11 Supply Chain Management
12 Pricing Strategies for Business Markets
13 Marketing Communications and the Customer Decision Journey
14 B2B Sales Strategies for Digital-First Buyers
Part 5 Evaluating Business Marketing Strategy and Performance
15 Marketing Performance Measurement
Michael D. Hutt, PhD from Michigan State University, is the Ford Motor Company Distinguished Professor of Marketing at the W.P. Carey School of Business, Arizona State University. He was faculty at Miami University (OH) and University of Vermont.
Dheeraj P. Sharma, PhD from Louisiana Tech University, is Director, Indian Institute of Management Rohtak and faculty at Indian Institute of Management Ahmedabad, India. Prof. Sharma has more than 200 articles published and presented in top national and international journals and conferences and has authored more than 10 books. Dr Sharma’s expert views are cited in many international newspapers and TV channels. His primary research interest is ‘business relationships’.
Thomas W. Speh, PhD from Michigan State University, was Professor of Marketing Emeritus and former Associate Dean at the Farmer School of Business, Miami University (OH). Previously, he taught at the University of Alabama.
K. Douglas Hoffman, MBA and DBA from University of Kentucky, is Professor of Marketing and University Distinguished Teaching Scholar at Colorado State University. His teaching experience spans nearly 30 years at Colorado State University, the University of North Carolina at Wilmington, and Mississippi State University.
