Business market contains profit making organizations. They could be businesses, retailers and business. They purchase products for company use, Leasing or making different products. Buying is dine by professional men and women. The product is backed by company’s reputation, sales force and competitive cost.
The Qualities of business market are:
1. Focus: The focus of this marketplace is associations. They’re geographically concentrated. It’s business to business marketing.
2. Profit: The clients buy products for business use, reselling or making other products. Their aim is to earn profit.
3. Importance: The demand for products is generally inelastic. It is not much affected by price. Buyers buy in large quantity.
4. Professionalism: The buying is accomplished by trained and skilled professionals. Quotations and tenders function as buying instruments. Web is extensively utilized.
5. Rationality: The purchasing is rational based on sufficient information. There’s no emotional buying.
6. Channel: Buying is normally done directly from producers or authorized dealers.
7. Relationship: There’s close connection between the buyer and the seller. Relationship marketing is important.
8. Promotion: Sales force is employed for marketing. The image of the company offers authenticity to merchandise.