What is a major difference between consumer markets and business markets quizlet?
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skip some of the stages. Companies must manage the overall customer relationship, which often includes many different buying decisions in various stages of the buying decision process. Advances in information technology have given birth to The institutional market consists of schools, hospitals, prisons, and other institutions that provide goods and services to people in their care. These markets are characterized by low budgets and captive patrons. The government market, which is vast, consists of government units—federal, state, and local—that purchase or rent goods and services for carrying out the main functions of government. Government buyers purchase products and services for defense, education, public welfare, and other public needs. Government buying practices are highly specialized and specified, with open bidding or negotiated contracts characterizing most of the buying. Government buyers operate under the watchful eye of the U.S. Congress and many private watchdog groups. Hence, they tend to require more forms and signatures and respond more slowly and deliberately when placing orders. Students also viewedWhat are the major differences between business and consumer markets?Consumer markets often handle smaller amounts of money, since consumers make purchases based on their individual requirements. With consumer market purchases, sales often go directly to the business' profits. In contrast, B2B markets handle large amounts of money because of the scale of purchases.
How does the consumer market differ from the business market quizlet?As compared to consumer markets, business markets usually have fewer but larger buyers. Business demand is derived demand, which tends to be more inelastic and fluctuating than consumer demand. The business buying decision usually involves more, and more professional, buyers.
What are consumer markets and business markets?Business markets often focus more on sales and purchases that are sold directly to other businesses, which may use those products to re-sale directly to the consumer. Consumer markets are markets where the consumer purchases an item to use for their own use.
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