Types of Markets in Marketing

Global markets occur when a firm operates in multiple countries, utilising any production andfinancial advantages, and shared research and development (R&D) information.
Global markets bring a bounty of advantages and disadvantages unique to each venture. Global market disruptions such as political instability, trade barriers, market instability, and regulations play a significant role.
V ariations in regulation can lead to positive outcomes such as cheaper production costs. For example, many developing nations keep regulatory mechanisms loose to attract foreign business. Adversely, flexible regulations can result in foreign companies taking advantage of unethical business practices .
Western countries have strict patent and copyright laws encouraging costly research to develop products; however, unregulated markets may skirt it and produce a knock-off.
Types of Markets: Consumer Market and Organisational Market
Consumer and organisational or business-to-business (B2B) markets are two different types of markets. The difference starts with how the buyer utilises the product, leading to various marketing strategy differences.
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Consumer market definition
A consumer market is defined as the final purchase point of a good or service, whose value is consumed and utilised by the buyer. Buyers in a consumer market do not resell or utilise these products to generate another product for profit. This excludes post-use selling on second-hand markets. Consumer markets examples are bowling, screwdrivers, fancy dinners, housing, bus passes, cell phones, etc.
The consumer market includes households and individual customers who purchase goods and services for their own consumption or benefit.
The marketing mix is a widely used marketing concept, which includes product, price, promotion, and place. How the marketing mix takes form can vary depending on the type of market. Consumer markets respond strongly to convenience and small purchases. This characteristic contrasts with B2B environments that have strong preferences for large quantities.
In the example below, consider two marketers attempting to cater their offering conveniently and appealingly to the customer.
One marketer is selling raw materials to manufacturers. They drive a truck fully loaded with over 30,000 kg of materials. They drive factory to factory, attempting to sell their goods. However, the factories don't have immediate storage available. Some may even prefer a larger quantity for a better price.
Compare this to an ice cream truck, which drives its wares around on blisteringly hot days through neighbourhoods as customers frantically gather to purchase a single item each.
The example above shows how identical marketing techniques for different market types can yield different results. The ice cream truck meets its chosen location's demands - parks, basketball courts, and neighbourhoods. They also sell a lower quantity per customer, requiring less product on hand. This is possible because ice cream is consumed immediately and isn't part of another production process.

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Ice cream truck serving customers, Wikimedia Commons