Differences between market types

Ans 1. Difference between market types- (consumer marketing vs industrial marketing)

Consumer marketing always deals with finished items, but industrial marketing deals in unfinished goods.

Massy products are produced by consumer market whereas the industrial market provides specialized products.

Consumer marketing conduct marketing through advertising but industrial marketing needs partnerships and acquisitions.

Ans 2. Market practices:- the best practices involved in marketing are-

• Identification of the needs and requirements of the customers and fulfilling them.
• Putting the right price for the products.
• The accessibility of the product is granted to the customer.
• The active promotion of the product is also conducted.

Ans 3. The difference in product and service marketing

Product marketing deals with the marketing of specific products, whereas service marketing involves the economic activity marketing to the customer by a business I exchange of adequate consideration.

The sale of the product for value is taken care of by-product marketing, whereas the relationship with the customer is done by service marketing.

Product marketing also provides the reselling service, but the service marketing deals do not offer the option of transferring.

Ans 4. Marketing functions:- there are a total of seven kinds of marketing functions-

• Identification of the distribution channel.
• The financing of activities by investment, loans etc.
• To identify the target customer, the seep research for marketing is conducted.
• The right price for the product is fixed.
• The products and services are managed.
• The channels are emphasized for advertising and marketing of the products.
• The selling of the products.

Ans 5. Marketing mix:- it is considered as the foundation of an organisation. It includes 4Ps, which is used as a tool for marketing and to reach the target customer.

The 4Ps are:-

• Product: It satisfies the customer‘s needs and requirements. It can be tangible or intangible.
• Price: It is considered to be the product value. It is an amount which is paid to the company by the customer in exchange for the product.
• Promotion: it is a way of communicating to the market where the company notifies the customer about the product details and the prices.
• Place: place refers to the access which is provided to the customer and the business so that they can meet each other’s requirements.