Question

Which of the following buyers are included in the market for industrial products?

Options

• Only schools, colleges, and universities

• Only individual households and family consumers

• Manufacturers, transport agencies, banks, insurance companies, mining companies, and public utilities

• Only retail shops and street vendors

Answer 1

The market for industrial products consists of organizational buyers such as manufacturers, transport agencies, banks, insurance companies, mining companies, and public utilities. These entities purchase industrial products for their business operations rather than for personal consumption.