Explanation

a.

• Specialists are bought for the purpose of further production
• The demand for the product does not respond to temporary changes in price
• Personal selling is usually adopted
• The relationship between buyers and sellers is mutual
• Organizations purchase goods in large quantities
• products are usually bought for resale
• The buyers are made up of traders, entrepreneur and heads of civil servants
• Buyers are geographically concentrated
• The purchase decision process takes longer time
• Transactions are usually done through competitive bidding

b). 

• Industrial markets: These are Companies that buy goods for further production
• Government/Institutional Markets: These are government agencies, corporate bodies and other institutions that buy products to facilitate their productions
• Reseller markets: These consist of wholesalers and retailers that buy products for the purpose of selling to other firms, individuals and households.

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