Characteristics of Different Business Markets
Added on 2020-07-23
9 Pages2975 Words734 Views
PRINCIPLES OFBUSINESS
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1 ...........................................................................................................................................11.1 Explain the characteristics of different business markets.....................................................11.2 Explain the nature of interaction between businesses within the market. ............................21.3 Explain how an organisation goals may shaped by the market in which it operates............21.4 Describe the legal obligations of a business. .......................................................................2TASK 2............................................................................................................................................22.1 Define business innovation...................................................................................................22.2 Explain the uses of models of business innovation. .............................................................32.3 Identify the process of product or service development. .....................................................32.4 Explain the process of product or service development .......................................................32.5 Explain the benefits' risk and implications associated with innovation. ..............................3TASK 3 ...........................................................................................................................................43.1 Explain the importance of financials viability for an organisation. .....................................43.2 Explain the consequences of poor financial management. ..................................................43.3 Explain different financial terminology. ..............................................................................4TASK 4 ...........................................................................................................................................44.1 Explain the uses of a budget..................................................................................................44.2 Explain how to manage a budget. ........................................................................................5TASK 5 ...........................................................................................................................................55.1 Explain the principles of marketing .....................................................................................55.2 Explain a sales process..........................................................................................................55.3 Explain the features and uses of market research. ...............................................................55.4 Explain the value of a brand to an organisation. ..................................................................65.5 Explain the relationship between sales and marketing.........................................................6
INTRODUCTIONIn addition to targeting specific types of consumers or segments of a particularmarketplace, businesses can tailor their products and services to different types of macromarketplaces. You can sell the same product or service differently in various markets bymodifying what you offer, your pricing, promotional strategies and distribution channels.TASK 1 1.1 Explain the characteristics of different business markets.Market structure and demandTypically, there are few but relatively large types of business buyer deals thatorganisations often engage in that are related to the business market. It should also be noted thatthese customers are much focused geographically. There are various instances when the businessmarkets had to deal with inelastic demand that is not necessarily influenced by the changes in theprice of products or service, especially within a short run (Armstrong, Kotler, Harker andBrennan, 2015).It should also be noted that demand for the business markets and business products also tends tofluctuate, which only implies that the demand for business market products can change relativelyquickly than the demand for consumer goods or services.Nature of buying unitThis is the other characteristic that distinguishes the difference between consumermarkets and business markets (Armstrong, Kotler, Harker and Brennan, 2015). Participants inthe business purchase tend to buy more and there are more participants, and the process alsotends to be relatively professional. On the other hand, participants in the consumer purchase areoften less, and efforts put towards the same is also little. The people involved in consumerpurchasing lack the knowledge and experience when comparing them to those who are involvedin business buying.Decision and decision making processOrdinarily, the decisions revolving around the business market are somewhat complexthan decisions made by the consumer markets (Babin and Zikmund, 2015). This is primarilybecause business market requires an intensive process that involves technical and economic1
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