Difference Between A Consumer Market And Business Market

949 Words Feb 22nd, 2016 4 Pages
1. Identify and discuss similarities and differences between a consumer market and business market. Consumer marketing focus is on the individual buyer, whereas business marketing focuses on selling to a business or a firm. Both the consumer market and the business market have to carefully form marketing strategies in order to attract business. In addition, both should have a good focus on new-product development and identifying new trends in order to attract costumers and businesses. One difference in between the consumer market strategy and the business strategy is cost. The individual consumer wants a lower price, but many are more concerned about the value they receive. For a business, providing the lowest cost is extremely important in order to keep a business relationship. It is important to have a good transactional relationship with the consumer and the business you are dealing with. A good transactional relationship consists of providing acceptable quality, competitively priced goods, and an easy process and relationship with the buyer (Cron & DeCarlo, 2006). It is important to build trust, create value, and meet or exceed the consumer or businesses’ expectations (Cron & DeCarlo, 2006).

2. Identify the specific components of a market segmentation strategy and discuss the strategic and economic importance of each component. One way to implement a market segmentation strategy is to develop a go-to-market strategy. The go-to-market strategy consists of four…
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