Andy's Hardware sells bolts, screws, nails, washers, and nuts to construction companies. This is an example of Multiple Choice business-to-consumer marketing. business-to-business marketing. target marketing. total marketing. market segmentation.
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Marketers must know as much as possible about the markets they wish to serve. There are two major markets in business, the consumer market and the business market. Because businesses can't fill the needs of every group, they must decide what groups to serve, and then develop products and services tailored to meet their needs. The consumer market consists of individuals buying goods for personal consumption. The business-to-business market (B2B) is comprised of individuals and organizations buying goods and services for use in conducting their business. The buyer's reason for buying, or in other words, the end use of the product, determines whether a product is a consumer good or a B2B good. The consumer market can be segmented in many ways since consumer groups differ greatly by age, education, income, and taste, and many other ways.
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Darren King owns a small printing company and uses reams of print paper every month. When he goes to the wholesaler to pick up his normal paper supply, he also sees that the supplier is selling remnants of colored construction paper. Darren purchases the colored construction paper for his children to use for school projects and to make art. Select the two statements below that correctly describe Darren's purchases. a. The colored construction paper from the wholesaler is a business product because it was purchased from a wholesaler. b. The supply of print paper from the wholesaler is a business product because Darren uses it to provide a service that he sells. c. The supply of print paper from the wholesaler is a consumer product because Darren is the ultimate consumer of the product. d. The supply of print paper from the wholesaler is a business product because Darren is a business owner. e. The colored construction paper from the wholesaler is a consumer product because Darren's family will use it for personal projects.
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As a company owner, you are trying to grow your party supply sales by reaching new customers. You know most of your customers are college students in their early 20s, but you conduct more research of your sales and discover customers who are business with events. This market is located within a 25 mile radius, they are mid- to small-sized companies with main holiday events and smaller birthday and retirement parties. You have just conducted customer:
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