Types of Markets

Markets

Market is a place where the consumer and buyer meet together  to buy and sell goods. Economist describe the market as collection of buyers and sellers who transact over a particular product, there are five basics markets, manufacturer buy resources and turn them into goods and services, consumer sell their labor and receive money which they pay for goods and services, government collect taxes from manufacturer, industrialist, intermediaries, use these market and services from the betterment of the public services,each nations economy and complex economy link through exchange process.

Marketer often cover the various group of customers ,there is relationship between industry and the market. There are various customers market, consumer market, business market, global market and non profit market.

Consumer market

In such type of market mega buying and selling of goods takes place, companies selling mass consumer goods and services such cosmetics, soft drinks, travel and athletic shoes and equipment, most of the brand depends upon the superior products and packaging, delivering in a time to available the product when required, to bring changes in the product the continuously communicating with the consumer and provide reliable services.

Business market

Business market is the place where professional, well informed and well trained business activities are taken place under competitive environment, in such market the business people purchase goods or resell the good at other at high price, business market demonstrate how the product will help the buyers achieve higher revenue or lower costs.advertising play an important role but the sales force,prices and reputation of the company plays a stronger one.

Global market

Global market bring additional challenges for the product or company, there they face more competition with respect to the national market, in global market the manufacturer face the global competition, how to price the product, how to adopt the services and features of the product, they make these decisions in the face of different requirement for buying,negotiating, owing, and disposing of the market.

Nonprofit and Governmental markets

Companies sell their product to nonprofitable organization such as charitable organizations, governmental agencies, hospitals etc.the buyers have limiting purchasing power.lower pricing can build affect the feature and quality the seller can have in the offering, 

What Does Marketer Promote?

Marketers usually market ten type of entities, which are as under goods, services, events, experiences, persons, places, properties, organizations, information and ideas, now we briefly discus the following categories,

Goods.

Bulk of physical goods produced by countries, which include cars, trucks, televisions, machine tools, cosmetics and various others goods which are physically touchable,

Services.

As growing economies largely focus on the production of services, services are the activities which are paid by the work of airlines, hostels, care rental firms, barbers and beauticians, maintenance and repairing people, and accountants, bankers, lawyers, engineers, doctors, software programmers and management consultants. Many market offerings consists of a variable mix of goods and services,

Events.

Marketer largely focus on the time base events  e.g trade shows, artistic performances and company anniversaries. Sporting events such  as Olympic, crickets matches, world cup events are promoted by the marketers.

Experiences.

Marketer share their experiences. A firm can create, stage, and market experiences

Persons.

Usually the firms market their businesses through celebrity marketing because the celebrities have large number of fans. Artists, musicians, CEO, physicians, high profile lawyers and financier and other profession all get help from celebrity marketing.

Properties,

Properties have intangible rights of ownership it might be real property or financial properties. Properties are bought and sale to earn revenues fro this purpose there is need of marketing . real estate owner are the agent which done the business of buying and selling of property, they buy and sell residential and commercial areas.

Organizations.

Organizations largely focus to build a clear, favorable, unique image in the minds sets of target customers, in develop countries the companies provide clear information about the product and every thing they does. Corporate identity campaign are the results  market  research programs.

Information.

Information is essential which is provided by the marketer through books, schools, and universities. The production packaging and distribution of information are some of our society major industries, even companies sell their product with information.

Ideas.

Every company market their product with an idea, product and service are platform for delivering some idea on benefits. Social marketers are busy to promoting such ideas by creating awareness about AIDS,  encouraging family planning, and discouraging smoking. Which fall in the realm of social marketing.