College: Lecturer: Course: Date: Differences between business and consumer markets The main difference between business and consumer markets is that in consumer markets, the buyer purchases the goods for own consumption, while in business markets, the buyer purchases the products with the aim to either resell them as they are or modify them before reselling. The consumer markets are driven by brands and loyalty to a particular seller more than by the price of good. Due to this, consumer markets are typified by aggressive marketing strategies by the sellers in a bid to maintain the customers (KPMG, N.D.).
But in the business markets, the buyer is actually willing to buy the product, and doesnt need aggressive marketing (Robert, N.D.).
In consumer markets, each customer has an equal potential value to the seller, and the overall value of the customer is relatively little since the total number of customers is high. But in the business markets, there is a small number of customers who contribute a large percentage of revenue to the seller (Dobney, N.D.).
Therefore, any customer within the consumer markets is likely to be more dispensable than any customer within the business market. Due to the high number of buyers within the consumer markets, sales are usually done remotely, without the product manufacturer meeting the customer. But in the business markets, the manufacturer usually meets with the buyer during sales (Dobney, N.D.).
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The business markets are hence more personal than the consumer markets. Along with a personal approach in the business markets, the buyers in this kind of market often have the option of having the goods customized specifically for them. Customization is usually not an option within the consumer markets, as the goods are produced in bulk (Dobney, N.D.).
The quality of service in consumer markets is also relatively low.
In the business markets, the service quality has to maintain a high level, since the buyers are sophisticated enough to tell the difference (Robert, N.D.).
The buyers within the consumer markets are usually too many to be dealt with on an individual base. Along with this, the sellers dont have time to negotiate the prices with such consumer for each individual good. Therefore, the goods in consumer markets are usually fixed in prizes. But in business markets, the commodities can be negotiated, and the prices readjusted according to the agreement between the seller and the buyer (Dobney, N.D.).
Works cited Dobney, N.D. Business markets 20th April 2009 KPMG, N.D.
Consumer markets 20th April 2009 Robert W. Bly The 7 Key Differences Between business-to-business and consumer marketing 20th April 2009 .
