explain the different types of consumers and their behaviour in B2B and B2C markets and factors underpinning customer loyalty
Consumer behavior refers to a decision-making process by which consumers interact with sellers in the market and takes buying decisions based on various factors such as product pricing, quality of goods, living standards, attitude, habits, psychological factors, etc. It becomes important for a business to study and understand the various types of buying behavior exhibited by different types of customers. In general, there are two forms of markets where commercial activities take place namely (1) B2C (Business to Consumers) and (2) B2B (Business to Business). B2C is a type of market form where the marketer/trader sells its products and services to the consumers for final consumption, whereas in the B2B market form one firm or company sells intermediate goods or specific services to another company to facilitate the production of goods and services.
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