Final answer:
Advertising does not play a larger role in the business market than in the consumer market; this is an incorrect statement. Instead, personal selling is more significant in business markets due to the complex nature of the transactions.
Step-by-step explanation:
When comparing the business market to the consumer market, it's important to understand the purchasing process and the role of marketing practices within each. The correct statements regarding the differences include:
- Business purchasing processes tend to be more complex due to factors such as volume, technical specifications, and the degree of after-sale service required.
- Buying processes in the business market are longer and include more decision makers, often requiring a formal procurement process with multiple stages of approval.
- Personal selling plays a bigger role in business markets than in consumer markets because of the need for direct communication between buyers and sellers, to deal with complex products and negotiations.
However, the incorrect statement in the options provided is that:
- Advertising plays a larger role in the business market.
In reality, while advertising is important in both markets, it generally plays a larger role in the consumer market where the aim is to reach a broad audience and influence their purchasing decisions.
Advancements in technology and globalization have intensified competition in both markets, but particularly so in business markets where "business-to-business" websites can allow buyers and sellers to connect globally.