What are industrial markets and consumer markets?

What Are The Similarities Between Consumer Markets And Business Markets?

• Answer:

  Selling to the public (consumer markets) and selling to businesses and professional buyers (corporate markets) do have their similarities. Most will argue that the two are very different but it is possible to find qualities that are the same in both markets. For both consumer markets and business markets, the foundation of the marketing of any product is based on the knowledge you have of your customers, whether it is the general public or businesses. While the fundamental idea is similar, the two markets do need to be dealt with in different ways. A consumer is more distant and therefore a seller needs to use mass communication and distribution tools. In comparison a business or personal buyer is closer and selling tools will be based on any networking links and information gained through these links. The product and its packaging is important when selling to both consumer markets and business markets. The way that the product is presented to a customer must appeal to their needs and desires. Some argue that this is far more important for a consumer market as the product needs to grab their attention without too much explanation and needs to appeal to the masses. Selling to businesses on a more personal level allows time and room for explaining the product first hand in a way that is specific to the client. Branding is also similarly important in consumer markets and business markets. A company with a well established brand and marketing scheme with consumers is likely to be successful with the launch of new products. A great example of this is Apple. They have an established brand that most consumers can recognize instantly and the hype for new products is always big. Branding in the business market helps show a company’s position in the value chain. Being able to show evidence of a well-established brand will help back up the sale of a product with a personal buyer.