Answer to Question #248849 in Marketing for Jooooooo

Question

Identify the 3 primary differences between consumer and business markets.

Answer 1

1. Business markets entails firms or businesses that acquire goods and services to utilize in the production of other commodities while consumer markets refer to markets that entail businesses selling their commodities directly to the final consumers.
2. Markets in business markets exhibit inelastic demand while consumer markets portray elastic demand. 
3. In business markets, buyers are fewer and often buy in products in large quantities while in consumer markets have many buyers who purchase in small quantities.