{"id":1071,"date":"2022-04-10T22:22:00","date_gmt":"2022-04-10T20:22:00","guid":{"rendered":"https:\/\/support.centreforelites.com\/the-concept-business-market\/"},"modified":"2024-03-14T09:35:44","modified_gmt":"2024-03-14T07:35:44","slug":"the-concept-business-market","status":"publish","type":"post","link":"https:\/\/support.centreforelites.com\/en\/the-concept-business-market\/","title":{"rendered":"The Concept Business market"},"content":{"rendered":"\n

The business market <\/b>consists of organizations that buy goods and services to produce <\/span>other goods and services, to resell to other business users or consumers, or to conduct the organization’s operations. It is an extremely large and complex market <\/a>spanning<\/a> a wide variety of business users that buy a board array of business goods and <\/span>services. Besides manufacturing, the business market includes the agriculture, reseller, government, services, nonprofit, and international markets.<\/span><\/p>\n\n\n\n

\"The<\/a><\/figure>\n\n\n\n
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Business market demand generally is derived, inelastic, and widely fluctuating. Business buyers usually are well informed about what they are buying. Business market demand is analyzed by evaluating the number and kinds of business users and their purchasing power.<\/p>\n\n\n\n

 <\/p>\n\n\n\n

Business buying, or purchasing, has taken on greater strategic importance because organizations are buying more and making less, under intense time and quality pressures, and developing long-term partnering relationships with suppliers.<\/span><\/p>\n\n\n\n

Business buying motives are focused on achieving a firm’s objectives but the business buying self-interest must also be considered.<\/span><\/p>\n\n\n\n

The buying-decision process in business markets may involve as many as five stages: need recognition, identification of alternatives, evaluation<\/a> of <\/span>alternatives, purchase decision, and post purchase behaviour. The actual number of stages in a given purchase decision depends largely on the buying situation, whether new-task buy, straight re-buy<\/a>, or modified re-buy.<\/span><\/p>\n\n\n\n

The concept of a buying centre reflects the multiple buying influences in business purchasing decisions. In a typical buying centre are people playing the roles of users, influences, deciders, gatekeepers and buyers.<\/span><\/p>\n\n\n\n

Buying patterns (habits ) of business users often are quite different from patterns in the consumer market. In the business market, direct purchases (without middlemen) are more common, purchases are made less frequently, and orders are larger. The negotiation<\/a>period usually is longer, and reciprocity arrangements are more common. The demand for services is greater, and the <\/span>dependability of supply is more critical. Finally, leasing (rather than product ownership) is quite common in business marketing<\/a>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The business market consists of organizations that buy goods and services to produce other goods and services, to resell to […]<\/p>\n","protected":false},"author":1,"featured_media":2206,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"wds_primary_category":139,"footnotes":""},"categories":[139],"tags":[261],"class_list":["post-1071","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-marketing","tag-business-market"],"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/pexels-photo-730564.jpeg?fit=1733%2C1300&ssl=1","jetpack-related-posts":[{"id":1076,"url":"https:\/\/support.centreforelites.com\/en\/nature-and-scope-of-the-business-market\/","url_meta":{"origin":1071,"position":0},"title":"NATURE AND SCOPE OF THE BUSINESS MARKET","author":"centreforelites","date":"April 10, 2022","format":false,"excerpt":"\u00a0The business market consists of all business users, organizations that buy goods and services for one of the following purposes: (i)\u00a0\u00a0\u00a0\u00a0 To make other goods and services. FFF buys wood to make furniture. (ii)\u00a0\u00a0\u00a0\u00a0\u00a0 To resell to other business users or to consumers. (iii)\u00a0\u00a0\u00a0\u00a0\u00a0 To conduct the organization's operations. The\u2026","rel":"","context":"In "Marketing"","block_context":{"text":"Marketing","link":"https:\/\/support.centreforelites.com\/en\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1041,"url":"https:\/\/support.centreforelites.com\/en\/fundamentals-of-online-marketing\/","url_meta":{"origin":1071,"position":1},"title":"Fundamentals of Online Marketing","author":"centreforelites","date":"April 21, 2022","format":false,"excerpt":"\u00a0\u00a0Introduction We are in the age and times of \"here\" and \"now\"; Individuals and organizations seem to be in a hurry and everyone wants to obtain quick and immediate results. 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The 4 Main Factors","author":"centreforelites","date":"April 14, 2023","format":false,"excerpt":"The factors\u00a0affecting Marketing Demand or the market for business products are: (i) the number of potential business users; (i ) their purchasing power; (iii) buying motives, and (iv) buyer habits. Let us now discuss these factors in turn. 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NUMBER AND TYPES OF BUSINESS USERS\u00a0 Number of Buyers.\u00a0 The business market contains relatively few\u2026","rel":"","context":"In "Marketing"","block_context":{"text":"Marketing","link":"https:\/\/support.centreforelites.com\/en\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1096,"url":"https:\/\/support.centreforelites.com\/en\/marketing-functions\/","url_meta":{"origin":1071,"position":4},"title":"MARKETING FUNCTIONS","author":"centreforelites","date":"April 10, 2022","format":false,"excerpt":"Marketing is made up of a number of activities known as marketing functions. Ordinarily, identifying these functions might look simple since it would appear necessary only to itemise the various activities required to move goods and services from producers to consumers. The difficulty of determining exactly where marketing begins and\u2026","rel":"","context":"In "Marketing"","block_context":{"text":"Marketing","link":"https:\/\/support.centreforelites.com\/en\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1098,"url":"https:\/\/support.centreforelites.com\/en\/introduction-to-marketing\/","url_meta":{"origin":1071,"position":5},"title":"INTRODUCTION TO MARKETING","author":"centreforelites","date":"April 10, 2022","format":false,"excerpt":"INTRODUCTION The economic system of any given society is made up of three basic elements. These are production, marketing and consumption. If the given society is a rudimentary or primitive and stagnant one, production and consumption often play prominent roles. 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