Week 4 EOC: Business VS Consumer Buying Behavior

“Consumer buying behavior is the buying behavior of individuals and families who buy goods and services for personal use. Business buying behavior refers to the buying behavior of companies that buy goods and services for resale to other businesses or consumers, or to manufacture other goods. The participants, characteristics, influences and the buying process are different for consumers and businesses.” http://www.ehow.com/info_8507507_consumer-vs-business-buying-behavior.html. Possibly the most challenging concept in marketing deals with understanding why buyers do what they do or don’t do. This knowledge is critical for marketers since having a strong understanding of buyer behavior will help shed light on what is important to the customer and also suggest the important influences on customer decision-making. Since every person in the world is different, it is impossible to have simple rules that explain how buying decisions are made. So therefore the businesses have to target people with common interests and needs to get many customers buying their products. ”In some ways understanding the business market is not as complicated as understanding the consumer market.  In certain business markets purchase decisions hinge on the outcome of a bidding process between competitors offering similar products and services. In these cases the decision to buy often comes down to one concern who has the lowest price.” http://www.knowthis.com/principles-of-marketing-tutorials/business-buying-behavior/. When it comes down to it the business buying behavior and the consumer buying behavior are completely different.