Basically, when we want to engage in an exchange of goods, services, and information, the first thing we think about going to is the market. the place where the seller sells goods and services to the buyer in exchange for money.
The most important way to determine the type of business strategy is knowing the types of market. of course, Strategies for consumer markets are completely different from that of industrial markets. here we would discuss the different type of market.
The Types of Market
1- Consumer Markets
Consumer markets are the markets for products and services bought by individuals for their own or family use. it involves marketing of consumer goods such as Television, Refrigerator, Air conditioners etc. As awareness and knowledge of consumers rises, marketing of consumer goods gets tougher. Today a lot of focus has shifted to consumer goods marketing because a consumer has a lot of choices.
Goods bought in consumer markets can be categorized in several ways:
• Fast-moving consumer goods (“FMCG’s”)
• Consumer durables
• Soft goods
Whereas consumer marketing tends to be aimed at the mass market, industrial marketing tends to be focused. they involve the sale of goods between businesses. These are goods that are not aimed directly at consumers. Industrial markets often require a slightly different marketing strategy and mix. In particular, a business may have to focus on a relatively small number of potential buyers. Industrial markets include:
• Selling finished goods
• Selling raw materials or components
• Selling services to businesses
3- Global Markets
As a result of globalization, global expansion is an excellent option for any company. the strategies of global market companies may differ from each other but the core concept is the same. Most global marketing companies work on one fundamental. “Think local, act global”. these steps usually involve more efforts, it is difficult to establish yourself in another country.
4- Non-profit Market
Also, it is called the government market. mainly involves Government offices, ordnance factories, army, navy, and other government departments. Both of these entities have a limited purchasing budget and hence the price of products is important. According to the purchase process is organized.
Most government and non-profit organizations involve the issuance of tenders and bids. The one to bid the lowest is known as L1 and the one to bid the highest is known as H1. Naturally, L1 wins the bid. There are several companies which have modified their products specifically for the government markets to come L1 in these tenders and bids. The products may be a bit inferior, nonetheless, they do meet the government’s requirement and that is what matters in the end.