Consumer market involves buyers who purchase for personal use, and it buyers comes from different target market. While industrial market involves major buyers who normally purchase in mass quantity for further use in production or resale. From this differences, marketing decision are affected in the sense that, the producers in the industrial market can regulate their purchase and production having understood the consumer market according to the economic situation prevalent and vice versa.
Can You Explain The Difference Between Consumer And Industrial Market And How The Difference Affect Marketing Decisions?
A consumer market consist of purchases or individuals n their household who intends to benefit from the purchase product and who do not buy product for the purpose of making profit.It is also where people go for routine purchases in their everyday activities.In contrast industrial market are sometimes refers to business to business market where goods are bought in bulk for long term and further production. BY PRINCE KWAKYE
There are two types of consumers in business studies. The first are the domestic consumers and the second are industrial consumers. Since you haven't specifically mentioned, I suppose you mean Consumers as Domestic Consumers and Industrial Market as the other type of consumers. Domestic Consumers are consumers of day to day goods whereas Industrial market refers to Industries as consumers of goods. All the strategies are different for both these types of consumers as they represent two different segments of the market. Even the products are different or are in different quantities.
The difference between Consumer and Industrial Market is the words : Consumer , Industrial.