Business Customers Have Different Wants and Needs Than Consumers

question 148

Essay

Business customers have different wants and needs than consumers. Name three different needs of business-to-business customers. Are there any ways business purchasing behaviour is similar to consumer buying behaviour? If so, describe the similarities.

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Definitions:

Scented Candles

Candles infused with fragrance or essential oils that are used for aromatherapy or to create a pleasant atmosphere.

Marginal Utility

The added satisfaction or utility a consumer gains from consuming an additional unit of a good or service.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay, representing the benefit to consumers.

Marginal Utility

Marginal Utility is the additional satisfaction or utility received by consuming one more unit of a good or service.