Market And Business

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Service Market

The service market is the type of market where a business offers intangible (not physical) products, that we call service. It could be business to business or business to consumer.
Examples. Cable operator, telephone lines, internet, plumber, and electrician. These are some of the most common examples of the profession that we see in our daily lives, and they provide services to other businesses and consumers as well.

Industrial Market

The industrial market is the market where businesses sell their products or services to the industries. This type of market doesn’t involve consumers or the mass audience because the product or service is none of their use.
Examples. Steel, wood, glass and other raw materials which businesses sell it to the industries; where they furnish it and manufacture something new for the target audience.

Professional Service Market

It is the type of market where businesses have expertise in a certain field and they offer services to other businesses or consumers.
Examples. Doctors, legal and accounting firms are some of the familiar examples of businesses, where one services industry professionals sell their services to the other business.

Conclusion

Now, we have thoroughly discussed the business market and how it differs from the service market. Before jumping into any business, it’s better to know the functionality of the business where it’s the business market or the consumer. It is because both of these businesses have different structures.