Types of Markets in Marketing

Types of Markets: Government and Institutional Markets
Institutional markets can be identified by serving societal necessities with inelastic demand, as citizens will require some level of service throughout the natural course of their life. Common examples of these markets in many countries may include education, healthcare, public safety, and public transit. Institutional markets can be funded privately and publicly, depending on how the economy is structured.
Government markets occur when firms sell goods and services to a government. Many firms sell a portion of their production, in some cases all of their production, to the government. Government markets tend to be inelastic and react slowly to market changes, allowing businesses to hold contracts longer than in open competition.
Government markets, however, are risky as political agendas can disrupt them. These markets suffer two-faced scrutiny. One side critiques the effectiveness of the public service and its equity. In contrast, the other side critiques its costs and ability to generate revenue.
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Types of Markets: Global Markets
Throughout time, transportation and information costs have been trending downward. What started as marathon runners in Greece couriering messages is now email, telecommuting to meetings, and cheap air travel. The availability of global possibilities is constantly increasing. Products that have stagnated in domestic markets can find new life in different cultures and lands, often requiring modifications but less costly than new ventures.

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Christmas Colonel Sanders in Japan, Wikimedia Commons
Deciding whether to go global is a massive undertaking as it requires a careful balance of standardisation and local adaption. The effect of a product should be universal. However, differences in urban structures can make certain goods impractical in their domestic form. For example, many consumers may like giant SUVs, but they are impractical in places such as Tokyo, as they are too big for a densely packed urban environment.