Business have life stages as well as individuals. The entrepreneurs selling to an industrial market must be aware of where their customers are in their development.
The Introductory Stage
Business normally in their first year of operation have needs for products and services that will accelerate their development. Start-up equipment and heavy promotional service are in demand.
Once established, the business enters a period of heavy growth and often cashflow problems. They are seeking better equipment and financial service.
Having obtained an acceptable market share, a business must purchase whatever is necessary to maintain and improve its position. These business are concerned with customer service and improve efficiency.
Threatened with new market entries and technology, the business is hanging on in hopes of adding a new stimulus. Looking fortechnological development to replace obsolette equipment and new ideas to generate new interest.
Since industrial entrepreneurs often sell to an industry comprised of members at different stages in their life cycle, their market strategy must be flexible enough to appeal to the industrial needs of its members. The marketing strategy must be tailored to the needs of its target market. A business must approach the market with a distinct identity and image. Creating the proper marketing strategy will give the business a differential advantage over its competition.