Explain Business market and Consumer marketa.)Business market
Business market in simple words is business to business market where in the products or services of a particular organization are sold to or purchased by other organization or business. It also happens in support industries where the products that are manufactured are components required to be assembled into the products or services offered by some other business organization.
b.) Consumer market
Consumer market refers to a market where in the seller sells the product for a primary reason of making profits while buyer buys the products for personal use.
What are the major differences between the two?In consumer market the purchase might even be made when the products are not required in day to day activities. But in business market the business has to buy to stay profitable.
The business buyer is sophisticated in terms of the process involved in buying, decision making while on the other hand the consumer in the consumer market might not be as sophisticated
The business buyer is an information-seeker, constantly on the lookout for information and advice. On the other hand the consumer only searches information when he requires to make a decision.
Packaging is important in consumer market while its non existent in the business market.
Expert advice is taken while making purchases in the business market as against the consumer market.
Consumer market product are simplistic while business products are complicated.