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.
Kavungya answered the question on April 28, 2021 at 09:43
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Identify five environmental factors that affect business and explain the way in which each factor influences the marketing mix of an organization.
(Solved)
Identify five environmental factors that affect business and explain the way in which each factor influences the marketing mix of an organization.
Date posted:
April 28, 2021
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Answers (1)
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What factors may limit the effectiveness of a performance appraisal system
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What factors may limit the effectiveness of a performance appraisal system
Date posted:
April 28, 2021
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Explain the external and internal forces that may trigger change in an organization.
(Solved)
Explain the external and internal forces that may trigger change in an organization.
Date posted:
April 28, 2021
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Answers (1)
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What factors are considered when selecting a method of forecasting?
(Solved)
What factors are considered when selecting a method of forecasting?
Date posted:
April 28, 2021
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To what extent are Henri Fayol’s principles of management relevant to the management of organizations today?
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To what extent are Henri Fayol’s principles of management relevant to the management of organizations today?
Date posted:
April 28, 2021
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Answers (1)
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The principal of Management by Objectives was first coined by Peter F. Druker in the 1950’s. Describe the principle and its merits and demerits in...
(Solved)
The principal of Management by Objectives was first coined by Peter F. Druker in the 1950’s. Describe the principle and its merits and demerits in the organizations.
Date posted:
April 26, 2021
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Answers (1)
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For successful management, managers must come up with objectives before commencing operations. Explain what is meant by the term ‘objectives’ and describe the characteristics that...
(Solved)
For successful management, managers must come up with objectives before commencing operations. Explain what is meant by the term ‘objectives’ and describe the characteristics that good objectives should have.
Date posted:
April 26, 2021
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Answers (1)
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“Some management experts feel that control (that is, setting standards, measuring performance against them and taking corrective action when needed) hinders creativity. Others take the...
(Solved)
“Some management experts feel that control (that is, setting standards, measuring performance against them and taking corrective action when needed) hinders creativity. Others take the opposite view”.
With the help of examples give arguments in support of each view.
Date posted:
April 24, 2021
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Answers (1)