Please describe the similar and differences between consumer and business products/services: for each term please define the term, give a specific example for each type of product, of how and briefly describe an example of your understanding of how each product or service can and should be marketed to it specific audience segment.
Consumer and business products/services
Consumer products and services are those which are meant to be sold to final consumers for consumption. On the other hand, business products/services are those used by businesses for their activities such as production of other goods or services. Consumer products are used by customers on a daily basis and they are commonly bought by households’ individuals for private consumption. Further, consumer products are categorized into convenience products, shopping products, specialty products, emergency products, and unsought products. Examples of consumer products include bread, watch, cloths, and insurance life policy among many others. Ordinarily, consumer products are cheaper than business products. Due to the different nature of the prospective buyers and their nature, business products are marketed differently than consumer products. As opposed to consumer products which are sold to final consumers, business products are sold to other business and their transactions are less frequent than consumer products. Examples of business products include wood, oil, photocopiers, paper, and machinery (Armstrong and Kotler, 2011).
The similarity between consumer and business products include the fact that they both involve buyers and sellers, they are both marketed to increase sales………………………………………………………………………………………………
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