MARKETING ASSIGNMENT

-Cartoon reference (www.businesscartoon.co.uk), website accessed 10 June 2013
Course: MBA (Full Time)

Module: Marketing

Task:

“Critically analyse the various methods of evaluating consumer and business markets and how this can be used to inform the marketing plan”

Submitted by: Mannu Kantt
S1123714
Date: 17 June 2013

TABLE OF CONTENTS

INTRODUCTION 4 COMPARISON OF CONSUMER AND BUSINESS MARKETS 6 METHODS OF EVALUATION 7 IMPORTANCE OF THE EVALUATION METHODS & SUMMARY 14 REFERENCES 15

INTRODUCTION At present every individual has varied preferences and infinite aspirations that pose a significant challenge for a marketer to prompt consumers to purchase a particular product and build long term affinity for a brand. A marketer needs to have an understanding of the target market aimed for the product; comprehensive knowledge about the consumer’s buying behaviour and factors that influence the buying behaviour.
There are two types of markets in the business environment and these are categorised as consumer market and business market. In the consumer market, the goods or services are bought directly by the end of the chain consumer for the personal use. For example- breakfast cereals usually called convenience goods. Also, shopping products such as televisions, and electronic devices as well as professionals offering services like lawyers are classified as speciality products. In contrast, business market involves purchase of products that facilitate the development of an end product for the consumption by the consumers ultimately. This includes products and services that are rented or purchased by other organisations, manufacturers, schools, banks, and government agencies.
Buyers in both markets go through a decision making process before a purchase. The decision