Answer to Question #146930 in Marketing for Ali

Question

Q3 – Identify atleast two differences between Consumer and Business Markets. Use Examples to explain.

Answer 1

Differences between Consumer and Business Markets with Examples

In consumer markets, purchasers buy goods and services to consume and not to resell them. An example of a consumer market is a hospital, which provides health services to sick patients. On the other hand, in business markets, businesses buy goods and services from other firms to resell or use them to produce other products to sell. An example of a business market is a timber yard that buys wood; hence, use them to create timber products for sale.

In consumer markets, several purchasers buy products in small amounts. An example is a grocery store that sells food items. In business markets, fewer purchasers purchase products in large quantities. An example is an accounting organization that provides services to various firms.