Professional Documents
Culture Documents
Chapter 6
Understand
Consumer and
Business Markets
Source: Adapted from Maslow, Abraham H.; Frager, Robert D.; Fadiman, James, Motivation and
Personality, 3rd Ed., ©1987. Reprinted and Electronically reproduced by permission of Pearson
Education, Inc., Upper Saddle River, New Jersey.
• Products frequently purchased directly from producer • Products usually purchased from someone other than
producer of the product
• Purchases frequently involve high risk and high cost • Most purchases are relatively low risk and low cost
• Buyers often geographically concentrated in certain • Buyers generally dispersed throughout total
areas population
• Products often complex; classified based on how • Products: consumer goods and services for individual
organizational customers use them use
• Demand derived from demand for other goods and • Demand based on consumer needs and preferences,
services, generally inelastic in the short run, subject to is generally price elastic, steady over time and
fluctuations, and may be joined to their demand for independent of demand for other products
other goods and services
• Promotion emphasizes personal selling • Promotion emphasizes advertising