KEY CUSTOMER MARKETS | MARKETING

Before understanding key customer markets, let's discuss what is a market?

A market is traditionally called as a place where the buyer and the seller meet over to transact with goods and money. From a seller's perspective market is the target group of customers where he targets to sell his product. From the buyer's point of view, market is a place where the sellers can be found to buy their desired product. More clearly from the buyer's perspective the place where they can buy their needs or wants (i.e. products) at their desirable cost (along with bargaining!) is called a market.

So what are the key customer markets that a marketer should know?

There are four types of customer markets. They are

1. Consumer Markets

2. Business Markets

3. Global Markets

4. Non - profit Markets

Consumer Markets:

This market can easily be otherwise named as mass market. All the FMCG products come into this category. This is a B2C type of marketing where the customers in need directly come and select their products. These include consumer goods and services such as packet foods, juices, dresses, etc.,. the daily products that are essential for us in our everyday run come under this category. As they all target into mass markets the companies also strive and put a lot of effort to advertise them in various creative and innovative ways.

Business Markets:

The business market in simple terms is the B2B marketing. Here the reputation of the seller and their value matters a lot. The goods or services are sold from one business to other business as a raw material or as an intermediate part required in manufacturing the complete assembled product. A very limited advertising is used here when compared to the consumer markets and most commonly we can see representatives from the seller organization presenting the product to the buying organization and getting the deal signed!!!

Global Markets:

These are very easy to understand, as the name states the process of buying and selling between several countries is called as global marketing. But it is as complicated as easy its name is to understand. this involves various legal, lingual, cultural and political complications before buying or selling the goods. As a marketer before entering into a countries market we have to understand their ethnography, behavior, cultural aspects and several other special characteristics in order to launch the product in a modified way that suits them and also it has to create the feel of need and want in them. This feel of need and want among the customers is the first step of successfully penetrating into the global markets. So if you achieve this tap your back you are winning it!!!

Non - profit Markets:

These are the markets which are related to social causes and they raise donations and call for volunteers who can serve for the betterment of the society. There are several huge market leaders who support these non profit markets like churches, temples, NGOs, etc.,. These non profit organizations venture out with their rescue teams during natural calamities or pandemics or any social issue and they do not expect any profits for their social works.

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