Markets and Marketing
Learning OutcomesAfter reading this chapter, you will be able to:
• Understand the key differences between business-to-business markets
and consumer markets.
• Know how those differences affect the practice of marketing research. • Use the standard industrial classification system to define a market and
specify a research sample.
• Prepare an industry sector profile using secondary data sources. • Know what techniques are likely to provide the highest response rates for
business-to-business market surveys.
This chapter focuses on situations in which market research is conducted on markets comprising organizations (e.g., industrial firms, commercial firms, governmental organizations) rather than consumers. It looks at the particular circumstances and problems associated with doing research into business-tobusiness markets. Consumer marketing, and consumer goods marketing in particular, is the most visible form of marketing in modern economies. That is because there are many millions of consumers, often buying a homogeneous product, and it makes economic sense to communicate with as many of them as possible at the same time—often through the medium of television. Everybody fits into myriad different target markets, and therefore is the recipient of multiple