Explain the characteristics of different business markets

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What are business markets? The process of selling products or services to other businesses, where those products are used as a raw material to produce a new product is called business markets. There can be two options, either the products are used to develop a new product or they are bought by the companies to resell.

What are the types of business markets?

1) Business to consumer market

Business to consumer market is the market where companies use various platforms to advertise their products to reach maximum audience. Business to consumer market is one of the biggest business markets because a massive number of audience is targeted.

2) Business to business market

It is a type of market where companies sell their products to other companies.

3) Service market

In the service market business, the business sell their service (intangible products) to businesses or consumers. This type of business market works on both business to consumer and business to business markets.

4) Industrial markets

The industrial business market involves the selling of products or services to the industries. This type of market has nothing to do with the consumer because the products or service that are being sold are none of their use.

5) Professional service market

In the professional service market, a business has the command over a certain field and have the expertise to deliver that service effectively and efficiently. So this type of market offers that service to other businesses.

What are the characteristics of different business markets?

1) Market structure and demand

When we talk about customers in the business markets, they are very less. When buying products, the customers (business buyers) buy them in a large quantity. Another great benefit of this is the business targets a large geographical area because they want to reach massive potential customers.

2) Nature of the buying unit

The business buys and sells at the same time when it comes to purchases. Not only their purchasing is efficient, also the purchases that occur are detail-oriented. Business prefer buying products from the vendors/business who provide them with the products they asked for/needed. It involves many technical professional who approves the product before it is purchased.

3) The decision process

The decision making process of the business market is not simple because it involves a long-term deal/contract. So before agreeing to work with the other business, history of them is checked along with their past projects they have executed.

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