what are some of the differences between organizational markets and consumer markets?
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Organizations purchase goods to use in their ongoing operations and to resell to consumers, while consumers purchase goods for their personal use.
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In a market economy, the private-sector businesses and consumers decide what they will produce and purchase, with little government intervention. ... In a mixed economy both market forces and government decisions determine which goods and services are produced and how they are distributed.
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capital goods differ from consumer goods because consumer goods satisfy consumer wants directly, while capital goods satisfy consumer goods indirectly by providing the means to produce consumer goods. ... the principle that as a production of a good increases, the opportunity costs of producing an additional unit rises.
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Answer and Explanation: Below we explain the differences: In individual demand, all individuals face the same prices, that is, they are price-accepting. Individual demand depends on the income of each consumer. ... Instead, the market demand or the aggregate demand for a good is the sum of the demands of all consumers.
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In a theoretical market economy, supply and demand through free competition should determine prices. Supply and demand also decide investment decisions, production, and distribution. ... In a centrally planned economy, the government makes decisions, instead of consumers and businesses.
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There are four types of consumer products, and they are convenience, shopping, specialty, and unsought. ... Shopping products are more expensive, require research, brand comparison, have a smaller target market, and more limited distribution.
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Except for the differentiated product, this market structure is similar to pure competition. The firms sell products which are somehow differentiated, but are close substitutes for each other. ... Grocery stores, gas stations, restaurants are all examples of firms in markets which approximate monopolistic competition.
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There is no much difference between a consumer and a client. The businesses which offer services rather than products call their customers as clients. Both consumer and client are the end users who actually use the product. ... To explain it further, every customer need not be the consumer who actually uses the product.
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The main difference between a generic market and a product-market is that: a generic-market involves a less similar set of needs than does a product-market. A basic difference between a "generic market" and a "product-market" is: how similar the competing sellers' products are.
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A consumer is the person who actually uses the product. They can be the same person, but it's about the function and their relationship to the goods/service. ... A customer is a person who pays for good/service whereas a consumer is a person who uses the good/ service. A customer can be/cannot be a consumer.
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A major difference between sports management and sports marketing is that management involves internal day-to-day operations, while marketing emphasizes work with the public.
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Perhaps the simplest way to look at the difference is; traditional marketing is aimed anonymously at the whole market, whereas relationship marketing is aimed at specific customers in the market. ... The target customers are reached through individual communications, typically driven using the price and promotion Ps.
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Marketing and advertising include many words that can be difficult for common people to understand. However, a consumer is someone who consumes or uses the goods, and the customer is someone who purchases the commodity and makes the payment. ...
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A monopoly contains a single firm that produces goods with no close substitute, while an oligopoly market has a small number of relatively large firms that produce similar, but slightly different products. In both cases, there are significant barriers to entry for other enterprises.
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2. Industrial buyers are professionals. While consumer market buyers can be swayed by social or psychological motives, industrial market buyers know exactly want they want and are often a part of a buying team (while an individual may purchase a product, the decision may be a highly scrutinized team decision.)
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['Government legislation.', 'customers expectations of firms.', 'consumer lobby groups.', 'the extent of costs involved.', 'the type of industry in which they operate.', 'the potential for competitive advantage.', 'top-level corporate culture.']
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Marketing is really the blending of economics and psychology (with a little sociology thrown in). And, it's the addition of psychology that irritates economists. The major difference between economics and marketing is that economists believe consumers are rational and seek products providing the greatest utility.