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.

Business Markets – Definition, Characteristics, Types & Examples

Business markets have been expanding and people are investing more money and resource in the business market than the consumer markets. For example, Tesla is planning to invest US$ 5 billion in its new electric car and battery, “Gigafactory” in Europe. After that various suppliers will engage to provide parts and accessories, and then Tesla will be able to offer the finished product to consumers.
Now, the question is what the business market is.