In the context of marketing strategies,differentiate between consumer markets and business markets.

Question

What will be an ideal response?

Answer 1

Answers will vary. Consumer marketers (B2C) direct their efforts to people who are buying products for personal consumption (e.g., granola bars, toothpaste, and clothing). B2C marketers follow market segmentation in the following categories:Demographic: B2C demographic segmentation refers to dividing the market based on measurable characteristics about people such as age, income, ethnicity, and gender.Geographic: B2C geographic segmentation refers to dividing the market based on where consumers live.Psychographic: B2C psychographic segmentation refers to dividing the market based on consumer attitudes, interests, values, and lifestyles.Behavioral: B2C behavioral segmentation refers to dividing the market based on how people behave toward various products.Business marketers (B2B) direct their efforts to customers who are buying products to use either directly or indirectly to produce other products (e.g., lumber, insulation, and robots). B2B marketers follow market segmentation in the following categories:Geographic: B2B geographic segmentation refers to dividing the market based on the concentration of customers.Customer-based: B2B customer-based segmentation refers to dividing the market based on the characteristics of customers.Product-use-based: B2B product-use-based segmentation refers to dividing the market based on how customers will use the product.