What is a common feature of institutional markets?

The correct answer, which identifies the common feature of institutional markets, emphasizes the purchase of products specifically for the purpose of service delivery. In institutional markets, organizations such as hospitals, schools, and government entities acquire goods and services not for personal consumption but to operate and fulfill their mission. This characteristic distinguishes institutional markets from consumer markets, where purchases are typically made for individual use.

In these markets, the products bought are often used in the provision of services rather than for direct sale or consumption. For example, a hospital may buy medical equipment not to sell it, but rather to provide patient care. This focus on service delivery underlines the institutional market's unique approach to buying decisions, which are generally driven by the needs of the organization rather than individual desires.

Other options reflect characteristics more aligned with consumer markets or different aspects of buying practices that do not capture the essence of institutional markets as accurately as the true nature of their transactions based on service provision.