The different types of buyers and consumers are categorized as the consumer market and the business market. Within these two categories, the consumer, or, buyer market makes up individuals and households that purchase “goods and services for personal consumption.” The "business market" however, consisits of organizations that purchase goods and services for the “use in the production of other products and services or for the purpose of reselling or renting them to others at a profit.”
Business markets have a smaller amount of large buyers, whose charactereistics are unlike those of the consumer market. Business Market consuming behavior is “more geographically concentrated.”
Difference between consumer market and business market decision processes.
Consumer Market: Behavior is “influenced by four key sets of buyer characteristics: cultural, social, personal and psychological.”
Consumer Market: Behavior is “influenced by four key sets of buyer characteristics: cultural, social, personal and psychological.”
Culture, is defined by social class and group wants and behaviors; social, incorporates the factors of influences by family and small groups that determine ideal brands and products; personal adopts the different age groups and lifestyles, and psychological, utilizes motivators and perception of “beliefs and attitudes.”
Business market: Behavior is influenced by a buying center that displays “three types of buying situations: straight rebuys, modified rebuys, and new tasks.”
Step 3Understand the type of Buyer or Consumer, their impacts on marketing, and their impacts on the Target Market. Why is this important? Each category host diverse consuming behaviors, are based on market segmentation, are influenced by a market's environment. Considering this, you should always understand that different marketing tools or approaches cost money to implement. And studying various types of consumers can assist in determining the focus and effort required.
Step 3Understand the type of Buyer or Consumer, their impacts on marketing, and their impacts on the Target Market. Why is this important? Each category host diverse consuming behaviors, are based on market segmentation, are influenced by a market's environment. Considering this, you should always understand that different marketing tools or approaches cost money to implement. And studying various types of consumers can assist in determining the focus and effort required.
Overall, due to the amount of time and costs that research requires to isolate and locate their consumers or business market, an organization can ensure their marketing strategy is appropriate by practicing target marketing or questioning center participants, center participants’ influence, environments, organizations, and interpersonal characteristics. Concisely, target marketing defines the relationship between a consumer and product based on market segmentation, which is the dividing of the buyers market into categorical segments, such as needs or characteristics; then the process of evaluating segments based on attractiveness, which in turn, subsequently determines the appropriate position to competitively perform for the benefit of the target consumer. All of these strategies are interpreted as a basis for marketing research and as stated in my previous response, can determine the appropriate strategic plan and collective budget. Full Page
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