Explain How the Decision Process in the Business Market and Consumer

question 71

Essay

Explain how the decision process in the business market and consumer market differ.

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Definitions:

Market Segmentation

The process of dividing a target market into smaller, more defined categories based on characteristics such as demographics, interests, needs, or location.

Consumer Base

The group of individuals or organizations that are the actual or potential buyers of a product or service.

Cosmetics Company

A business entity that manufactures, distributes, and sells beauty and personal care products.

Marketing Mix

A set of marketing tools—often referred to as the 4Ps (product, price, place, and promotion)—that businesses use to pursue their marketing objectives.