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 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): Trade Shows/Events -- $17.3 Internet/Electronic Media -- $12.5 Promotion/Market Support -- $10.9 Magazine Advertising -- $10.8 Publicity/Public Relations -- $10.5 Direct Mail -- $9.4 Dealer/Distributor Materials -- $5.2 Market Research -- $3.8 Telemarketing -- $2.4 Directories -- $1.4 Other -- $5.1 Despite 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. This is a far cry from B2C companies who typically spend 5% to 12% of their total revenue towards marketing. Growth The tremendous growth and change that business marketing is experiencing is largely due to three "revolutions" occurring around the world today, according to Morris, Pitt and Honeycutt (2001). Technological revolution. Technology is changing at an unprecedented pace, and these changes are speeding up the pace of new product and service development. A large part of that has to do with the Internet, which is discussed in more detail below. Technology and business strategy go hand in hand. Both are correlated. While technology supports forming organization strategy, the business strategy is also helpful in technology development. Both play a role in business marketing. Entrepreneurial revolution. To stay competitive, many companies have downsized and reinvented themselves. Adaptability, flexibility, speed, aggressiveness and innovativeness are the keys to remaining competitive today. Marketing is taking the entrepreneurial lead by finding market segments, untapped needs and new uses for existing products, and by creating new processes for sales, distribution and customer service. (Occurring within marketing itself) Companies are looking beyond traditional assumptions and they are adopting new frameworks, theories, models and concepts. They are