1.2 Explain The Characteristics Of Different Business Markets

The characteristics of different business markets are dependent upon what product or services an organization produces or provides and the type of buyer they want to attract. Business to business, businesses sell to each other e.g. accountants specializing in business accounts. Consumer markets; products and services are sold by businesses to consumers e.g. supermarkets and cafes etc. A service market is where a business sells its services directly to individual consumers for example hairdressers. Industrial markets are ones where industrial or production products are sold to other industries. They tend to have few buyers but make high value sales. Professional service markets are ones where a professional service, such as legal advice is sole to both business and individual clients.
1.2 Explain the nature of interactions between business within a market
The interaction between businesses in a market is based on how an organisation communicates with its customers. An example of this maybe by advertising, by going out into the community, by developing a website, all of these things are looking at how the business gets to its consumers. Business to business interactions tend to be protracted and …show more content…
Consistent product development is a necessity for companies striving to keep up with changes and trends in the marketplace to ensure their future profitability and success. A competitive product development strategy should include a company-wide commitment to creating items that fulfil particular consumer needs or characteristics. These characteristics might include consumers' desire for the following: products that are high-quality or low-cost; products that provide the consumer with speed or flexibility; or products that offer some other form of differentiation that posits them a desirable