Marketing Management Q2 (A) A company that has been successfully selling consumer electronics to individual customers is planning to enter the business market by offering bulk sales of its products to corporate clients. As a marketing manager, you need to prepare a briefing on how the business market differs from the consumer market. Explain two key differences between business markets and consumer markets that the company should consider when developing its marketing strategy. Provide examples to illustrate these differences. (5 Marks)
Ans :
Introduction
Understanding the differences between corporate (B2B) and consumer (B2C) markets is critical for developing effective marketing strategies. Business markets feature corporate transactions and differ greatly from consumer markets, in which people buy goods for personal use.
Concept & Application
Buying Process
The buying process is a key contrast between commercial and consumer marketplaces. In consumer markets, purchasing decisions are often made quickly and are heavily influenced by emotions, brand appeal, and personal preferences. Consumers typically make decisions alone or in small groups, focusing on price, product attributes, and brand reputation.
Conclusion
Understanding the critical distinctions between business and consumer markets enables companies to tailor their marketing strategies better.
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