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Tuesday, May 20, 2014

Differences between industrial market and Consumer Market

Differences between industrial market and 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

2 comments:

  1. 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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  2. Can you explain why an industrial market rather inelastic is?

    ReplyDelete

 
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