Business markets have several characteristics that contrast sharply with those of consumers markets . Name and briefly characterize five of those contrasts.
There are several comparisons made towards business markets and consumer markets. Firstly, business marketers do not entertain consumers who purchase products and services for their end-use but they deal only with other businesses or firms to sell their products. In consumer markets, products are sold to consumers either for their own use or use by their family members.
Secondly, in a consumer market, many customers are geographically dispersed while in a business market, fewer customers, often geographically concentrated, with a small number accounting for most of the company’s sales.
Thirdly, in a consumer market, there are shorter decision cycles while in a business market, there are longer decision cycles.
Fourthly, in a consumer market, more reliance on mass marketing via advertising, websites, and retailing while in a business market, there is more reliance on personal selling.
Lastly, in a consumer market, there are less-rigid product standards while in a business market; there are more-rigid product standards.