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js56154 js56154
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Compare and contrast consumer market with organizational market.
Textbook 

Business in Action


Edition: 9th
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dmahrdmahr
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More questions for this book are available here
Consumer market is made up of individuals and families who buy for personal or household use, and the organizational market is composed of companies and a variety of noncommercial institutions, from local school districts to the federal government. Classical economic theory suggests that consumers follow a largely rational process of recognizing a need, searching for information, evaluating alternatives, making a purchase, and evaluating the product after use or consumption. However, recent research into behavioral economics and consumer psychology suggests that many consumer purchases are far less rational. Much of this decision-making happens subconsciously and is driven, to a large degree, by emotion, culture, and situational factors. The purchasing behavior of organizations is easier to understand than the purchasing behavior of consumers because it's more clearly driven by economics and influenced less by subconscious and emotional factors. The most significant ways in which organizational purchasing differs from consumer purchasing are an emphasis on economic payback, a formal buying process, greater complexity in product usage, the participation and influence of multiple people, and close relationships between buyers and sellers.

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