Explain four kinds of markets ?
Answers
The types of market you are in determines the type of business strategy you need to have. Strategies for consumer markets are completely different from that of industrial markets. Industrial markets deal in bulk product selling whereas consumer products generally involve breaking the bulk. Costing and marketing is a critical function for both types of markets.
Furthermore, with the rise of globalization, companies have themselves gone global and thus their marketing strategies have adapted accordingly. There are several factors which are added to normal business strategies when you are considering going global. And last but not the least, the Government and Institutional business which are the real revenue generators because of their huge orders. Lets discuss each of these type of markets one by one.
1) Consumer Markets
2) Business Markets
3) Global Markets
4) Government or Non profit Market