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33-595: The Academy of Hospitality & Tourism (AOHT) prepares students for hospitality and tourism careers with a focus on business marketing and management. AOHT is affiliated with the National Academy Foundation; DECA, an Association of Marketing Students; and the American Hotel and Lodging Association . The program provides training for entry-level management positions in lodging, food service, time travel, tourism, and sporting/entertainment events. Students in

66-453: A background to meet today’s medical needs. Information Technology & Business Services students will be eligible for the latest certification in Cisco networking and computer hardware systems, such as A+ certification. Students may choose from fields such as Computer Electronics Technology and International Business. Students enrolled in this academy have the opportunity to acquire knowledge in

99-410: A business entity is the factor by which it prepares a product or service in a cost efficient manner. The external efficiency of a business entity is the factor by which it effectively markets itself so as to utilize the market, in order to retrieve maximum profits from that internal efficiency. So in a B2B market setting, the external efficiencies of the business entities due to conduct trade is vital to

132-635: A creative organization. He is an active consultant and board member of various startups and university programs, such as the Positive Psychology Center and Integrated Product Design Committee. He also holds positions in numerous professional associations, including the Marketing Accountability Standards Board . He is a trustee of the Philadelphia Museum of Art, where he chairs its Marketing Advisory Committee and

165-558: A key academic text on this subject, and works on the Buy Class (see Buying center ) by Robinson, Farris and Wind (1967) and the decision-making unit by Webster and Wind (1972) as the "traditional references". Professional conferences on business marketing are held every year and courses are commonplace at many universities today. According to Jeremy Kourdi, more than half of marketing majors start their careers in business marketing rather than consumer marketing. The internal efficiency of

198-626: Is The Lauder Professor and Professor of Marketing at The Wharton School of the University of Pennsylvania , and is the founding director of the Wharton "think tank”, The SEI Center for Advanced Studies in Management. Professor Wind received his PhD from Stanford University in 1967 and his MA (in 1963) and B Soc Sci (1961) degrees from The Hebrew University in Jerusalem. He also received an M.A. Honors from

231-694: Is The Lauder Professor and Professor of Marketing at The Wharton School of the University of Pennsylvania. He joined the Wharton faculty in January 1967, upon receipt of his doctorate from Stanford University. Wind is the recipient of various awards, including the four major marketing awards- The Charles Coolidge Parlin Award (1985), the AMA /Irwin Distinguished Educator Award (1993), the Paul D. Converse Award (1996) and

264-707: Is a member of its Brand Steering Group and the Digital Age Committee. Professor Wind is the co-founder of the Interdisciplinary Center Herzliya, Israel (IDC), and since its founding in 1994, the chairman of its academic council. Professor Wind previously served as the academic trustee of the Marketing Science Institute (1989-1995), chairman of The Institute of Management Sciences College of Marketing (1974-1975) and chancellor of The International Academy of Management (2000-2006). Wind

297-400: Is aimed at large groups through mass media and retailers , the negotiation process between the buyer and seller is more personal in business marketing. According to Hutt and Speh (2004), most business marketers commit only a small part of their promotional budgets to advertising, and that is usually through direct mail efforts and trade journals. While advertising is limited, it often helps

330-915: Is exemplified in the Technical Career Services Academy. Students are given hands-on experience with the mechanical and technological aspects of careers in each strand. Robert Morgan is 72% Hispanic/Latino, 20% Black/African American, 7% White and 1% Asian. Business marketing Business marketing is a marketing practice of individuals or organizations (including commercial businesses, governments, and institutions). It allows them to sell products or services to other companies or organizations, who either resell them, use them in their products or services, or use them to support their work. The field of marketing can be broken down into many sections such as business-to-business (B2B) marketing, business-to-consumer (B2C) marketing, and business-to-developer (B2D) marketing. However, business marketing

363-461: Is particularly achievable if it is supported with a strong brand. Hutt and Speh (2001) note that "business marketers serve the largest market of all; the dollar volume of transactions in the industrial or business market significantly exceeds that of the ultimate consumer market". For example, they note that companies such as GE, DuPont and IBM spend more than $ 60 million a day on purchases to support their operations. Dwyer and Tanner (2006) say

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396-425: Is the biggest. In fact, the U.S. government is the biggest single purchaser of products and services in the country, spending more than $ 300 billion annually. But this category also includes state and local governments . The third category, institutions, includes schools, hospitals and nursing homes , churches and charities. Finally, resellers consist of wholesalers, brokers and industrial distributors. Often

429-610: Is to act as a catalyst for deeper insights, bolder innovation, and broader positive impact of advertising. Professor Wind has taught MBA courses in Marketing Strategy, Marketing Methods and Applications for Business Consulting, Creativity and Interactive Marketing in the Age of the Empowered Consumer. His current research focuses on the network challenge; creativity and innovation; the future of marketing and advertising; and creating

462-675: Is typically associated with the business-to-business sector. The practice of a purveyor of goods trading with another may be as old as commerce itself. In relation to marketing today, its history is more recent. Michael Morris, Leyland Pitt, and Earl Dwight Honeycutt say that for several years business marketing took "a back seat" to consumer marketing. This entailed providers of goods or services selling directly to households through mass media and retail channels. David Lichtenthal (professor of marketing at Zicklin School of Business ) notes in his research that business marketing has existed since

495-763: The consumer market . An example would be a government wishing to purchase equipment for a nuclear power plant . Another example would be when items are in popular demand. The underlying consumer demand that has triggered this is that people are consuming more electricity (by using more household devices such as washing machines and computers). Business markets do not exist in isolation. A single consumer market demand can give rise to hundreds of business market demands. The demand for cars creates demands for castings, forgings, plastic components, steel, and tires. In turn, this creates demands for casting sand, forging machines, mining materials, polymers, and rubber. Each of these growing demands has triggered more demands. As

528-413: The decision making unit . In addition the research and decision making process a B2B buyer undertakes will be more extensive. Finally the purchase information that buyers are researching changes as they go through the buying process. The business market can be convinced to pay premium prices more often than the consumer market with appropriate pricing structure and payment terms. This pricing premium

561-457: The target market for a business product or service is smaller and has more specialized needs reflective of a specific industry or niche. A B2B niche, a segment of the market, can be described in terms of firmographics which requires marketers to have good business intelligence in order to increase response rates. There may be multiple influencers on the purchase decision, which may also have to be marketed to, though they may not be members of

594-799: The 10 Grand Auteurs in Marketing and later named as the 2003 recipient of the Elsevier Science Distinguished Scholar award of the Society for Marketing Advances. In May 2004 he was awarded as Honorary Fellow of the Decade by the Interdisciplinary Center Herzliya (Israel). In 2009, Wind was selected as one of the 10 Legends of Marketing and Sage published 8 edited volumes anthologizing his various publications in 2013. Wind's regular contributions to professional marketing literature include 23 books and over 250 papers, articles, and monographs encompassing

627-592: The Buck Weaver Award (2007). He is the recipient of the first Faculty Impact Award given by Wharton Alumni (1993). In 1984, he was elected as member of the Attitude Research Hall of Fame and has won a number of research awards, including two Alpha Kappa Psi Foundation awards and a recent inclusion in JAR Classics issue of 18 articles that have withstood the test of time. In 2001, he was selected as one of

660-478: The Design Arts & Entertainment Academy are involved in multimedia activities such as live broadcasting, commercial art, and graphic animation. Hands-on experience prepares students for careers in design arts and television. WRMN8 (TV production) is the school's news station. The Engineering Academy presents technology in the fields of engineering and architecture. Students with an interest in math and science have

693-664: The Internet: infomediaries and metamediaries. Infomediaries, such as Google and Yahoo , are search engine companies that also function as brokers, or middlemen, in the business marketing world. They charge companies fees to find information on the Web as well as for banner and pop-up ads and search engine optimization services. Metamediaries are companies with robust Internet sites which furnish customers with multiproduct, multivendor and multiservice marketspace in return for commissions on sales. Jerry (Yoram) Wind Jerry (Yoram) Wind

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726-588: The University of Pennsylvania. Over the years, Wind has served as editor-in-chief of the Journal of Marketing , the policy boards of the Journal of Consumer Research and Marketing Science , the editorial boards and guest editor of all the major marketing journals. He led the creation of the Wharton Executive MBA Program (1974) and was founding director of both The Joseph H. Lauder Institute (1983-1988) and Wharton International Forum (1987). He led

759-486: The business marketer set up successful sales calls. Both business to business (B2B) and business-to-consumer (B2C) marketing is done with the ultimate intention of making a profit to the seller (business-to-business marketing). In B2C , B2B and B2G marketing situations, the marketer must always: These are the fundamental principles of the 4 Ps of marketing (the marketing mix ) first documented by E. Jerome McCarthy in 1960. While "other businesses" might seem like

792-610: The mid-19th century. He adds that the bulk of research on business marketing has come in the last 25 years. This began to change in the middle to late 1970s. Academic periodicals , including the Journal of Business-to-Business Marketing and the Journal of Business & Industrial Marketing , now publish studies on the subject regularly. A 2005 paper from the University of Portsmouth refers to Fill and Fill's Business-to-business marketing: relationships, systems and communication (2005) as

825-485: The needs of management, identify forces of change, and understand and create emerging management paradigms. Professor Wind is also the founding academic director of The Wharton Fellows Program (2000), a powerful global network of CEOs and senior executives who are committed to lifelong learning focused on transformational leadership. He is the founding director the Wharton Future of Advertising Program (2008), whose mission

858-451: The opportunity to develop and showcase their talents and abilities through this academy. The Health Sciences Academy offers a multitude of programs designed to meet the interests of any student interested in pursuing a career in medicine. The programs are designed to fulfill predicted critical shortage areas in the health services industry. Modern equipment, school site working labs, and high level math and science courses provide students with

891-630: The purchases made by companies, government agencies and institutions "account for more than half of the economic activity in industrialized countries such as the United States, Canada and France". A 2003 study sponsored by the Business Marketing Association estimated that business-to-business marketers in the United States spend about $ 85 billion a year to promote their goods and services . The BMA study breaks that spending out as follows (figures are in billions of dollars): Despite

924-468: The rapidly growing area of arts and entertainment. This academy is geared towards live stage performance and the performing arts. The Specialty Service Industries Academy covers three diverse strands that have been identified as growth areas in the 21st century. It offers rigorous curriculum in cosmetology, culinary arts, and early childhood education, and provides students opportunities for success in these service industries. The School-to-Career Initiative

957-550: The reinvention of the Wharton MBA curriculum (1991–93) and the development of the Wharton globalization strategy (1995-1997). He is the founding director of the Wharton SEI Center for Advanced Studies in Management, whose mission is to ensure the relevance of management research and education to the evolving needs of business and society in the 21st century by partnering with global thought leaders in diverse fields to anticipate

990-450: The simple answer, Dwyer and Tanner say business customers fall into four broad categories: companies that consume products or services, government agencies, institutions and resellers. The first category includes original equipment manufacturers , such as large auto-makers who buy gauges to put in their cars and also small firms owned by 1–2 individuals who purchase products to run their business. The second category, government agencies,

1023-529: The spending power of citizens increases, countries generally see an upward wave in their economies. Cities or countries with growing consumption are generally growing business markets. Despite the differences between business and consumer marketing from a surface perspective being seemingly obvious, there are more subtle distinctions between the two with substantial ramifications. Dwyer and Tanner note that business marketing generally entails shorter and more direct channels of distribution. While consumer marketing

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1056-554: The stream of leads and undeniable impact of marketing in B2B organizations, a 2021 report by Statista states that majority of businesses only allocate 5% of their budget towards promotions. By contrast, B2C companies typically spend 5% to 12% of their total revenue on marketing. According to Morris, Pitt and Honeycutt (2001), the growth of business marketing is largely due to three "revolutions". According to Anderson and Narus (2004), two new types of resellers have emerged as by-products of

1089-405: The success of the B2B transaction, especially if they belong to the same concern , in which case an internal market between the co-owned business entities is emergent. Being able to make use of external economies of scale within the same ownership group is actually one of the motivations for creating a concern. Business markets have derived demand – a demand in them exists because of demand in

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