Harrish Sairaman Entrepreneurs are emerging as a whole new breed in the 21st century.
Characteristics of Business Market Business plan market characteristics certain cases the business market is much similar to the consumer market.
But in general, there are certain factors that distinguish business market from the consumer market. Following are the some of these distinguishing factors. Moreover, these buyers are much concentrated geographically.
The demand involved in the business market is the derived demand that finally comes from the demands of final consumers.
In certain cases the business markets deal with the inelastic demand, which is not influenced by the price changes of the relative products or services especially in the short run.
For example, if the price leather is reduced, then the demand of the shoe producer is not increased unless the price of the producing shoes also reduces which ultimately enhances the demand of the final customers for shoes.
The demand of the business market is much more fluctuating. This means that the demand for the business products or service changes more quickly than the demand for the consumer products or services. The business demand is affected greatly by a small degree of increase in the consumer demand.
Nature of Buying Unit In the consumer purchase, the participants involved are less along with relatively little efforts. These purchasing decisions are carried out by the highly professional people of the organizations who have spent many years of their lives in learning the way to purchase the business products effectively.
With purchase of any main items of business market, there is an established buying committee that includes a group of technical experts along with the members of top management who collectively perform the buying decision. As then the business purchase process is longer in duration therefore the decisions of the buyers are also finalized in longer duration.
Moreover, the business buying process is more formalized than the consumer buying process. The purchasing process is also detailed through the preparation of the policy manuals by the purchasing organization.
Finally, the buyers and sellers are highly dependent on each other in the business buying process. Normally the customers are present at a distant place from their consumer markets. Moreover, their offerings are customized according to the needs of their customers.
Those business organizations that effectively assist their customers at every step of the purchase are more benefits from a larger portion of sales in the short run. For this purpose there is a standard model of business buyer behavior which explains the effects of different stimuli on the resulting responses of the buyers.
The marketer must understand how these stimuli convert into different kinds of responses so that he can effectively develop his marketing mixes.
There are two factors that are quite significant in the generation of different kinds of purchase responses inside the organization.
These include the buyer center and buying decision process. The buyer center is composed of various people that are associated with the buying process.Business plan outline of topics frequently covered by business plans.
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