Retail and Industrial Marketing There are many differences between retail marketing and industrial marketing given the nature of these two markets. Consumer/retail marketing refers to marketing of goods and services required for personal or family use and falls into three main categories: fast-moving goods, durable goods, and services. On the other hand, industrial marketing entails selling goods and services between two different businesses entities. Sales in industrial marketing do not target retail consumers directly and these sales are also classified into three main categories: marketing for finished goods, marketing for raw materials, and business to business services. Industrial marketing needs marketing strategies different from those needed in retail marketing. Industrial marketing targets a small number of end-users while the number of end-users targeted by retail marketing is extremely wide. In other words, industrial marketing tends to be more focused as compared to retail marketing which targets millions of consumers. Retail marketing calls for a wide market research to ascertain the market needs due to a large and wide group that is targeted whereas industrial marketing requires slightly lower market research. Retail marketing involves mass communication in form of radio, television, and print adverts than is needed in industrial marketing. Industrial marketing calls for a rationalized analysis of consumer knowledge in making corporate decisions whereas retail marketing needs less consumer knowledge. This is due to the fact that consumer needs entail informal buying processes coupled with fewer individuals involved in making retail marketing decisions. In addition, industrial marketing requires more focus on utility than is needed in the retail marketing. Marketing and Business Plan Marketing is most crucial part of any business operation as it determines the number of potential clients whose dealing with a given firm define the number of sales; hence, the profit margin. When a business plan is being drawn, it is the marketing section that will explain how to get to consumers and convince them to buy a company’s products. That section of marketing in a business plan includes four main sub-sections: Unique Selling Proposition of products aims of pricing, product distribution plans, and plans to meet advertising and promotion needs. The mentioned sub-sections can easily be done if adequate reference is made to the market research that has been conducted and written in the business plan. After considering the overall aim and target of the business plan, then one can proceed with the sectional development of the marketing plan. The products category of marketing plan should focus on product uniqueness and why customers should consider it superior to other goods and services in the market. It is also necessary to write the physical attributes of a firm’s product at this part to distinguish them from the rest in the market. After describing product quality a marketing plan should determine how to price product(s) in a way that will ensure competitive market rate and at the same time reward a company’s Return on Investment (ROI). Also, in pricing, it is vital to put i