We usually know what marketing is. But we also need to know what is the market? The market is an important part of marketing. Marketing is not possible without a market.
A market is a place where sellers and buyers gather to exchange their goods. Such as village market (or Bazar)
There are four types of market-
- Consumer Market: Consumer Market Refers to the transaction of goods and services between organizations and potential customers (B2C).
Normally In consumer markets, products are sold to consumers either for their own use or use by their family members.
Example: White Goods: Refrigerators, Microwaves, air conditioners and so on (Majorly all household appliances)
Brown Goods Television, CD Players, Radio, Game Consoles (Majorly used for entertainment and fun)
- Business Market/ Industrial market: Business Marketing refers to the sale of either products or services or both by one organization to other organizations that further resell the same or utilize to support their own system (B2B).
Example: Cabinets, desks, workstations, drawers) – End-user will not purchase workstations for his own use at home.
- Global Market:
Global marketing involves planning, producing, placing, and promoting a business’s products or services in the worldwide market.
There is significantly more to global marketing than simply selling goods and services internationally. It is the process of conceptualizing and subsequently conveying a final product or service globally. The company aims to reach the international marketing community.
Example: Selling made in Bangladesh products in Germany.
- Government market/ non profit market: Government purchasing processes are different from the private sector. The unique feature of the government buying system is the competitive bidding system. Government agencies advertise for the bids using a standard format called a proposal or quotation that states specification for the intended purchase. Then it must accept the lowest bid which fulfills the specification by the government.