1.3 B2B, B2C and Customer Loyalty

Question 1

What is an industrial market?

Answer 1

A market where businesses sell to other businesses (B2B)

Question 2

What is a consumer market?

Answer 2

A market where businesses are selling to the public (B2C)

Question 3

Benefits of B2B

Answer 3

Larger order sizes
Stable, long-term relationships

Question 4

Drawbacks of B2B

Answer 4

Fewer customers
Longer decision-making process
Need to develop strong relationships

Question 5

Benefits of B2C

Answer 5

More customers
Emotional and impulse purchases

Question 6

Drawbacks of B2C

Answer 6

Smaller order values
High competition and marketing costs

Question 7

What is customer behaviour

Answer 7

How they select and use products

Question 8

Factors influencing customer behaviours

Answer 8

psycological i.e motivation, perception, beliefs and attitudes

Personal i.e age, ecomerce, circumstances, personality

Social i.e family friends, roles and status

Cultural i.e culture, sub culture and social class