Types of Market.pptx

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/industrial 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