Institutional and Government Markets: Strategies and Initiatives in the Digital Age

Abstract

Institutional and government markets constitute a not-for-profit market with the main objective of general welfare of people. Such markets are characterized by low budgets and captive patrons. Companies serving institutional markets establish and maintain separate departments to meet the specific requirements. Governments are the major and bulk buyers of goods and services in all countries. Government organizations, appointed by governments, have specified procedures which suppliers should follow. Suppliers experience a number of issues while dealing with government organizations. Suppliers require following formal procedures. The procedures may be time-consuming, and suppliers may face bureaucracy. Governments adopt digital measures and adopt online buying to streamline the processes, to shorten the time required, and to overcome a number of hurdles. Companies dealing with institutional and government markets should be aware of all these aspects to succeed in the long run and also contribute to the growth of institutional and government markets.