Answer to Question #184707 in Marketing for Glory

Question

1.     What are the differences between the markets in terms of consumers and competitors?

Answer 1

Consumer and competitor markets have similar characteristics in some respects. Many researchers have also argued that the market for competitors differs from the consumer market. The key difference between competitor and consumer markets in three broad groups: Market structure and demand, nature of the buying unit, type of decision, and the decision process.

The two markets differed in number and size of customers, expertise and purchasing process, decision-making, geographic concentration, derived demand, and relationships. From this review, seven key differences were

identified.