Market is a place where buyers and sellers meet to buy and sell goods. It allows buyers and sellers to exchange things. A collection of buyers and sellers who transact over a product or Class of products is called as Market ( Economists View) . The market can of different types. But in terms of Marketing there are five basic ways of markets where the goods /services flows in return of Money and benefits.
The markets can be Resource Market, Manufacturer market, Intermediary market, Consumer Market, Government market. Manufacturer takes the raw material , Labor market, money market from resource market, Then he produces finished goods and services to transfer to Intermediaries, Then from Intermediaries to Consumer . Consumer works hard , that is sell their labor and gets money to buy the products/Services. The Government collects money from each one in terms of Taxes. So, the whole market works like a cycle. The economic development happens when this cycle improves.
The markets depends upon the different factors, such as Need, Demographic,Geographic,product and so on. All these factors are markets to themselves. The buyers and sellers are connected to each other . So if we discuss then the key markets can be
1. Consumer Market: This is the place where companies look at mass selling of consumer goods and services. All the companies try to build a good brand image here. So in this market to build brand company needs to offer good products with high quality, Packaging, and Continuous availability. For ex: The products can be Soft Drinks, Cosmetics and so on.
2. Business Market: This market is the place where one business firm is seller and other is buyer. So both the way the perfection and profession will be there. So one firm need to think of producing good product as the other firm need to resell it. The market depends upon the sales Techniques and trust of the company's product/Services.
3. Global Markets: After the Globalization the world became flat , that is it became one market place for the buyers and sellers. But there are some challenges where they have to take care to overcome. So this market is the entire globe. There are different cultures , requirements at these places. So the seller and buyer have alternatives .
4. Government market: This is the market where mostly low price products pick up. The government purchase products/Services based on the bid, and always looks for the lower price. In this market there is a limit for the Purchase.
So ,we have seen different markets for the buyers and sellers to exchange things. Apart from this the other type of marketing place can be On-line , where the exchange takes place on Internet. So, there are different markets but all works on the same concept and cycle.
About Author / Additional Info:
An MBA from GITAM University,India. with Marketing Experience.
Reference: Philip Kotler