B2b, or business marketing, is easily the largest market within the economy. Economics specialists have noted that some companies spend over $60 million per day on supporting their operations through advertising & marketing.
· BMA Study
A study conducted by the BMA, or Business Marketing Association in 2003 showed that on estimate, business to business spending in the US alone came to around $85 billion.
This figure has been separated into spending on:
· Growth of B2B Economy
Social Science studies claim that the growth of business marketing is the result of three major factors. These factors include: First of all technological advances, in particular the increased use of Internet facilities. These have not only become vital for customer services, but are also used extensively to improve distributor opportunities.
Secondly, changes in business strategies and entrepreneurial attitudes have taken place. For instance, many companies have re-invented themselves and downsized in order to gain the flexibility, aggressiveness and speed required to remain competitive. Finding new markets and products is quintessential.
The third factor consists of the moving away from traditional concepts of mass marketing and the accompanying preoccupation with individual transactions. Today's marketing is defined by alliances, relationships and partnerships.
· BMA Study
A study conducted by the BMA, or Business Marketing Association in 2003 showed that on estimate, business to business spending in the US alone came to around $85 billion.
This figure has been separated into spending on:
- Trade Shows and Events, total $17.3 billion
- Internet and Electronic Media, total $12.5 billion
- Promotion and Market Support, total $10.9 billion
- Magazine advertising, total $10.8 billion
- Publicity and Public Relations, total $10.5 billion
- Direct Mail, total $9.4 billion
- Dealer and Distributor Materials, total $5.2 billion
- Market Research, total $3.8 billion
- Telemarketing, total $2.4 billion
- Directories, total $1.4 billion
- Other, total $5.1 billion
· Growth of B2B Economy
Social Science studies claim that the growth of business marketing is the result of three major factors. These factors include: First of all technological advances, in particular the increased use of Internet facilities. These have not only become vital for customer services, but are also used extensively to improve distributor opportunities.
Secondly, changes in business strategies and entrepreneurial attitudes have taken place. For instance, many companies have re-invented themselves and downsized in order to gain the flexibility, aggressiveness and speed required to remain competitive. Finding new markets and products is quintessential.
The third factor consists of the moving away from traditional concepts of mass marketing and the accompanying preoccupation with individual transactions. Today's marketing is defined by alliances, relationships and partnerships.