There are four common types of Market in marketing: Consumer market, Business market, Global market and Non-profit/government market. Find out in detail from this presentation what a market is and a description of the various types of market.

1. Types of Market

2. There are four common types of market in marketing;
Consumer Market, Business Market, Global Market, and Non-
Profit/Government Market.

3. This presentation will emphasize greatly on the types of market
but firstly a review of what a market is will be done in other to
make the presentation more complete.

4. What is a
Market

5. Market has several definitions depending on the discipline as well as
situation. The economists view market as a collection of buyer(s)
and seller(s) for transacting a particular product.

6. Put differently, a market is the coming together of buyer and sellers in a
particular place or through mediums such as telephones and the internet to
exchange goods and services, In essence, a market can only exist if there
are both buyers and sellers on one hand, and commodity to exchange.

7. When any of these attributes ( i.e. buyer, seller or commodity) is
missing then there is no market.

8. However, Marketers view ‘market’ simply as buyer. Moreover, unlike the
economists that regard market as a collection of buyers and sellers,
marketers define the two concepts ( i.e. buyers and sellers) differently.

9. They regard ‘market’ as a collection of buyers and ‘industry’ as a
collection of sellers or producers.

10. Types of Market

11. Consumer
Market

12. This refers to a market where consumer goods such as toiletries, utensils,
food and beverages, cosmetics and clothing are sold, and consumer
services such as barbing, hotel and tourism, transportation,
communication, teaching, laundry, and health services are provided.

13. Companies producing consumer goods usually target the final
consumers with appropriate product, price, distribution and
promotion.

14. When a business organization manufactures and sells goods and
services to the customers, it is called business-to-Customer (B2B)
market.

15. Business/indus
trial Market

16. This refers to a market where business goods such as raw materials,
factory or production technologies, office stationery, furniture and
fittings and automobiles are traded. Business market also constitutes
business buyers and sellers.

17. Business buyers are business organizations that hire skilled and
professional personnel that specialize in “purchasing and supply” to
purchase goods on behalf of the company for the purpose of making a
product and reselling to the consumers at a profit.

18. Business sellers, however, manufacture or stock business goods and sell
to business organization, hence the term Business-to-Business (B2B)
marketing.

19. An example is when a private university is engaged in training and
developing banks’ staff for a fee.

20. Global Markets

21. A global market is a market without boarders but with key players –
buyer and sellers – and other characteristics of a market (product and
money).

22. Companies participating in global markets are usually called global
firms. A global firm operates in many countries, source for resources
(human, material and financial resources) from many countries, and
uses a mixture of marketing-mix standardization and adaptation to suit
each target market.

23. Examples of global firms that operate in global market are Coca-Cola,
DHL, Shell, Nokia, Nescafe, Dell, etc.

24. Non-profit and
Government
Markets

25. Like persons, non-profit and government organizations also produce
consumer goods and services. In essence, they sell what they produce and
buy what they consume.

26. Non-profit organizations rely on donors to fund their activities and thus,
lack financial strength to buy highly priced goods and services. Therefore,
companies selling to non-profit organizations must price carefully.

27. On the contrary, government organizations have the financial
wherewithal to make purchase of all kinds usually through contract
bids. Hence, companies selling to government organizations must
price effectively to win competition.

28. Thanks for Reading