What is business market and how does it differ from the consumer market
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Transcript of What is business market and how does it differ from the consumer market
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What is Business Market , and how does
it differ from comsumer market?
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Business Market consists of all the organisations that acquire goods and services used in the production of other products, or services that are sold rented or supplied to others
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Biggest enemy to marketers
COMMODITIZATION
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How does business market differ from consumer market?
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1Fewer and larger buyers than the
consumer market
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2Close supplier-customer
relationshipBecause of smaller customer base and
power of large customers, suppliers are expected to customize their offerings to
individual customer needs
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3Professional PurchasingPurchasing is done by trained purchasing agents who follow
their organizations policies, constraints and requirements
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4Multiple buying
influencesMore people influence business
buying decisions
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5Multiple sales calls
For large projects it may take many attempts and large scale
cycles
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6Derived and inelastic
demandDemand of business goods is derived
from demand for consumer goods
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7Fluctuating Demand
A given percentage increase in the consumer demand can lead to a
much larger percentage increase in demand of the production
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8 Geographically concentrated
buyersGeographical concentration of
producers help to reduce the selling cost
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9Direct Purchasing
Business buyers often buy directly from the manufacturers unlike in case
of the consumers
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Summary• Fewer and larger buyers than the consumer market• Close supplier-customer relationship• Professional purchasing• Multiple buying influences• Multiple sales call• Derived and inelastic demand• Fluctuating Demand• Geographically concentrated buyers• Direct purchasing
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Created by :Maulshri Pathak
Internship under :Prof. Sameer Mathur
IIM, Lucknowwww.iiminternship.com