Differentiate between consumer markets and industrial markets


Consumer markets refer to all the individuals and household who buy or acquire goods and services for personal consumption. Consumers vary tremendously in age, income, education level, mobility patterns, and tastes. Marketers have found it worthwhile to distinguish different consumer groups and develop products and services tailored to their needs. If a market segment is large enough, some companies may set up special marketing programs to serve this market.

Industrial markets refer to all the individuals and organizations who acquire goods and services that enter into the production of other products or services that are sold, rented, or supplied to others. The industrial market includes buyers from many types of industries-manufacturing, construction, transportation, communication, banking, finance and insurance, transportation, services, agricultural, forestry, and fisheries, mining and public utilities. The industrial market is very huge consisting of many organizations which buy huge volume and value of goods and services. It is the largest and most diverse organizational market.

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