EOC Week 4: Consumer vs Business Marketing

There are a good few differences between consumer buyers and business buyers. First of all, consumer market is made up by many people, who buy things for personal use. Business buyers buy goods and turn around to re-sell what they buy, for a profit. Another difference is what influences the buyers are under. "Often, consumers themselves don’t know exactly what influences their purchases. Consumer purchases are influenced strongly by cultural, social, personal, and psychological characteristics. For the most part, marketers cannot control such factors, but they must take them into account." (Marketing: An Introduction for Education Management Corporation 10th Edition, Armstrong and Kotler, page 6)

"Business buyers are subject to many influences when they make their buying decisions. Some marketers assume that the major influences are economic. They think buyers will favor the supplier who offers the lowest price or the best product or the most service. They concentrate on offering strong economic benefits to buyers. However, business buyers actually respond to both economic and personal factors." (Marketing: An Introduction for Education Management Corporation 10th Edition, Armstrong and Kotler, page 48)

Though it may seem like the consumer buyer has more decisions to make, it is actually the business consumers who have the most complicated decisions when buying something. "Business buyers usually face more complex buying decisions than consumer buyers. Business purchases often involve large sums of money, complex technical and economic considerations, and interactions among many people at many levels of the buyer’s organization. Because the purchases are more complex, business buyers may take longer to make their decisions." (Marketing: An Introduction for Education Management Corporation 10th Edition, Armstrong and Kotler, page 41)

"At a general level, marketing medical imaging technology or diesel locomotives to business customers is like selling refrigerators to final buyers. It requires a deep-down understanding of customer needs and customer-driven marketing strategies that create superior customer value." (Marketing: An Introduction for Education Management Corporation 10th Edition, Armstrong and Kotler, page 39)