Business market consists of profit making organizations. They can be industries, business and retailers. They buy products for business use, reselling or making other products. Buying is dine by professional people. The product is backed by company's reputation, sales force and competitive price.The characteristics of business market are:
I) Focus: The focus of the market is organizations. They are geographically concentrated. It is business to business marketing.
II) Profit: The customers buy products for business use, reselling or making other products. Their aim is to make profit.
III) Demand: The demand for products is generally inelastic. It is not much affected by price. Buyers buy in large volume.
IV) Professionalism: The buying is done by trained and skilled professionals. Quotations and tenders are used as buying instruments. Internet is extensively used.
V) Rationality: The buying is rational based on adequate information. There is no emotional buying.
VI) Channel: Buying is generally done directly from manufacturers or authorized dealers.
VII) Relationship: There is close relationship between the buyer and the seller. Relationship marketing is important.
VIII) Promotion: Sales force is used for promotion. The image of the company provides credibility to product.
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