Types of Markets in Marketing

Types of Markets in Marketing
A helpful utility in any marketer's tool kit is knowing the various market types - knowing the specifics and strengths will enable effective market strategies. There are four main categories of markets which differ based on the types of customers they serve and the types of goods or services they offer.
Business markets involve business-to-business sales; this can take the form of consulting agencies, intermediary goods, transportation companies, and many more. The main differentiator is that the business market is not selling to the individual consumer but rather another business.
Consumer markets are the final point of sale - businesses sell a product to the final consumer. Consumer markets include fast-moving consumer goods, clothes, automobiles, and mini-golf, to name a few.
G lobal markets occur when sales are made across country borders, cultures, languages, and lifestyles. This includes goods and services that utilise globally sourced production elements; many products have some aspect that was affected in some way by the global market.
Government markets are characterised by the vast public utility they provide, often without any direct cost of use. These products can be experienced nearly anywhere you go, whether it's the construction and maintenance of the road you travel on or the protection you experience provided by public safety enforcement.
Institutional markets involve buying goods and services to use within their own production of goods and services. These markets tend to experience inelastic demand for providing services such as healthcare, education, and prisons.
Each of these markets has areas of overlap; however, they also have vastly different requirements and conditions to account for.
Types of market refer to how the structure of seller and buyer is formatted in a particular situation - market types include business, consumer, global and institutional.
Continue reading to learn more about the specifics of each market type.