Institutional and non-institutional customers are different from each other in different ways. Characteristics of non-institutional customers are different from the characteristics of institutional customers.
The main characteristics of non-institutional customers are as follows:
1. Buying Objectives
The individual or non-institutional customers buy goods or services for ultimate use or satisfy their needs. The buying objective of such customers is not to earn profit by reselling the goods or services.
2. Variety Of Goods
Variety of goods is another characteristics of non-institutional customers. Different goods are needed to use to satisfy personal or family needs. On the other, different consumers demand for different goods or services to satisfy their needs. Institutional or intermediary customers play great role in identifying needs and wants of consumers and supplying the needs to them.
The main characteristics of non-institutional customers are as follows:
1. Buying Objectives
The individual or non-institutional customers buy goods or services for ultimate use or satisfy their needs. The buying objective of such customers is not to earn profit by reselling the goods or services.
2. Variety Of Goods
Variety of goods is another characteristics of non-institutional customers. Different goods are needed to use to satisfy personal or family needs. On the other, different consumers demand for different goods or services to satisfy their needs. Institutional or intermediary customers play great role in identifying needs and wants of consumers and supplying the needs to them.
3. Number Of Customers
The number of individual customers remain large. Almost all the world's people are non-institutional customers. They are living scattered in different parts of the world. Producers or intermediary businessmen should pay attention to supply their needs.
4. Quantity Of Purchase
Although non-institutional customers buy various kinds of goods, the quantity of goods remains small. Non-institutional customers buy only the necessary quantity of goods, which they need for regular use.
Although non-institutional customers buy various kinds of goods, the quantity of goods remains small. Non-institutional customers buy only the necessary quantity of goods, which they need for regular use.
5. Purchase Decision
Non-institutional customers take buying decisions by themselves. Sometimes they can consult with their family members or friends. They need not fulfill any formality like institutional customers. Buying decision of non-institutional customers is affected by their age, occupation, income level, education, gender etc.
6. Inadequate Market Knowledge
Lack of market knowledge is another characteristic of non-institutional customers. Most of the customers may not have adequate knowledge and information about market situation, available goods or services etc. The educated customers may be aware and have knowledge about market and goods.
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7. Promotion Influence
Individual or non-institutional customers may be influenced by publicity and advertisement of goods or services. Advertisements give information and messages about the features, quality, price, performance benefits etc. of the product to the customers. As a result, the customers desire to buy the advertised products.
8. Environmental Factors
Buying decision of non-institutional customers is largely influenced by structure of the society, social class, language, religion, education, life style, income, gender, age etc. Personal, psychological social and cultural factors also affect buying decision of individual customers.
Individual or non-institutional customers may be influenced by publicity and advertisement of goods or services. Advertisements give information and messages about the features, quality, price, performance benefits etc. of the product to the customers. As a result, the customers desire to buy the advertised products.
8. Environmental Factors
Buying decision of non-institutional customers is largely influenced by structure of the society, social class, language, religion, education, life style, income, gender, age etc. Personal, psychological social and cultural factors also affect buying decision of individual customers.