Differences between industrial market and Consumer Market
Dimensions Industrial Market Consumer Market
Dimensions Industrial Market Consumer Market
a. Buying objective Enable production Personal need satisfaction
b. Buying motive Mainly rational Also emotional
c. Purchasing function Professional buying Consumers
d. Decision making Many persons involved, Often impulsive, without consulting others
much discussion
e. Characteristics Negotiations, intense Often without negotiation, little interaction
interaction
f. Product & market
knowledge Large Limited
g. Order size Often large Mostly small
h. Demand Derived, fluctuation Autonomous, relatively stable
i. Price elasticity Rather inelastic Rather elastic
j. Number of customers Mostly limited Very large
I know that 2 types of consumers in business studies. Consumer as domestic consumer and Industrial market as Industrial consumers. Now I learn more information from this topic. Thank you for sharing this useful information.
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Can you explain why an industrial market rather inelastic is?
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