Types or marketing - resource, industrial, intermediate, mass, consumer, and niche Flashcards
What is a market
A market is defined as a group of individuals, organisations or both that:
✔ need or want a product (goods or service)
✔ have the money (purchasing power) to purchase the product
✔ are willing to spend their money to obtain the product
✔ are socially and legally authorised to purchase the product
What is a resource market
consists of those individuals or groups that are engaged in all forms of primary production, including mining, agriculture, forestry and fishing. Farmers, for example, purchase machinery, seed and fertiliser. In Australia, there is approx. 116 000 enterprises
What is an industrial market
Industries and businesses that purchase products to use in the production of other products or in their daily operations. Tip Top Bakery, for example, buys flour to make bread, and Sony buys plastics and metals to produce televisions. In Australia, there are more than 932 000 businesses in the industrial market.
What is an intermediate market
consists of wholesalers and retailers who purchase finished products and sell them again to make a profit. The vast majority of goods sold to consumer markets are first sold to an intermediate market. Subway, for example, is a retailer that buys goods to make into sandwiches and salads for sale to consumers. In Australia, the total intermediate market is made up of approximately 168 000 retailers and 40 000 wholesaling intermediaries.
What is a consumer market
consist of individuals — that is, members of a household who plan to use or consume the products they buy. Consumers do not intend to use the products to make other goods and services, but rather purchase to consume. Marketing managers influence consumer buying behaviour by developing a mix of marketing strategies. The consumer market can be divided into the mass market and niche market.
What is a mass market
include standard and undifferentiated products for which there is a large demand, such as fruit and vegetables, meat and petrol. There are many consumers and often many suppliers. They are designed for mass consumption, mass production- consumers don’t have a lot of say, e.g., original Ford Assembly line.
What is a niche market
a niche market differs from a market segment in that its customer base is narrower. Owing to the small client base, sales are not as frequent, although the goods sold in this type of market are usually higher-priced than those in broader markets.
