Industrial Marketing

Industrial products are consumed as they are or with modifications to produce the final product. Industrial products are grouped into raw materials, processed materials, major equipment, accessory equipment, components and sub-assemblies, maintenance repair and operating (MRO) supplies, and services. Some companies provide services to other manufacturing and service organizations.

The services thus provided by external firms are called business services and the providers are called business service providers. Services are outsourced when they are too costly or require exceptional skills to handle. The intangible nature of services makes it difficult to measure them and both the client and the service provider could face problems during their contract.

Modern day industrial marketers have embarked upon a new form of marketing called systems marketing where a whole range of solutions are offered, rather than just a product.