Market And Business

Business buying involves a more professional purchasing effort. The purchasing process of the business market is very detail-oriented. Businesses prefer to buy products from those businesses who deliver them the required product. It usually involves many technical professionals who check the sustainability of the product, once they approve, then the company purchases the product. 
Also Read: What is a Product

Kind of Decisions & the Decision Process

Business buyers usually face more complex buying decisions. Business buying decisions aren’t really simple, because they’re usually long terms based. The company makes sure that the person they’re going to be in business with, they should be the right people. Businesses check the backgrounds and histories of each other business before signing the deal.
The business buying process is more formalized. Businesses usually follow the complete chain of command and the protocol of their organization before making the final decision. Having said before that it’s a long term relationship, that’s why both businesses make sure that all sides are covered.
Buyers and sellers work more closely to build a close long-run run relationship. When both companies know that they can be a good buyer-seller after verifying each other’s backgrounds, then they prefer to collaborate to make the final decision. It’s because they both know that it’s in their interest to work together.
Also Read: What is Data Analysis? Importance, Types, Process & Methods

Types of Business Markets with Examples

Whether it’s a product business or service, business always sells something to keep things flowing. Here are some of the types of business markets in terms of selling, which are as follows;

Business-to-Consumer Market

Business-to-Consumer is the type of market where businesses and marketers advertise their products or services by using different media channels to reach a large audience. B2C is one of the biggest types of market because it targets the mass audience across at every level.
Examples. Clothing, fashion, grocery stores, and food items are some of the common examples of B2C market where businesses target the large audience, who ultimately consume the product or service.

Business-to-Business market

Business-to-business is the type of market where businesses sell their products or services to other businesses.
Examples. Sale of raw material to the construction company where one business sells products to the other business; office furniture, and an accounting firm is providing services to different businesses.