MANAGEMENT

Detailed explanation-1: -The type of demand that derives from consumer need. Why are salespeople more important in business markets than in consumer markets? a. Because business firms can afford to pay them better.

Detailed explanation-2: -Business markets segment their businesses based on the industry, ownership, level of technology and end market reached. On the other hand, consumer markets segment their businesses based on demographic, behavioristic, psychographic and geographic characteristics.

Detailed explanation-3: -In business markets, a selling strategy focuses on personal contact rather than on advertising. in consumer markets, purchase volume is much larger, customers are fewer in number and more geographically concentrated, and distribution channels are more direct.

Detailed explanation-4: -Economic market structures can be grouped into four categories: perfect competition, monopolistic competition, oligopoly, and monopoly. The categories differ because of the following characteristics: The number of producers is many in perfect and monopolistic competition, few in oligopoly, and one in monopoly.