General Electric has been around for more 130 years. It is the fourth most recognized brand in the world. You can find many of their products like refrigerators, stove tops, washer and dryers in homes across the U.S. They offer a wide range of consumer products and services.
Most of GE’s annual sales do not come from their consumer products but from commercial and industrial customers. “GE’s consumer products contribute less than one-third of the company’s total $183 billion in annual sales” (Marketing An Introduction). They sell everything from aircraft engines, diesel locomotives to medical imaging technologies. Without these products businesses would not be able to operate and provide their services to its consumers.
Business to business marketing is very important to GE. It’s pretty much the same as consumer marketing. It is driven by consumer demand. If there are no consumers to purchase the product or service then there is no reason for the business to exist.
What is different is the buying decision between consumers and business. The buying process is a lot shorter with consumers. With business it’s a lot more time involved before making a decision on what to purchase. “Buying a batch of jet engines involves a tortuously long buying process, dozens or even hundreds of decision makers from all levels of the buying organization, and layer upon layer of subtle and not-so-subtle buying influences.” (Marketing An Introduction)
With technology advancing and bringing the world closer together it makes business to business marketing one of the fastest growing areas of marketing. For marketing and sales professional it’s any area you definitely need to have a understanding in.
No comments:
Post a Comment