Consumer market model varies from Global market. With the development of technologies and rapid growth of globalization more companies are shifting towards International market.
Customer market can be divided into 4 categories. We will cover each of these market below.
- Consumer Market: Consumer market involves products which are consumable by the customer. For example: Laptop, Smartphone, Air-Conditioner. In recent time, people are aware of products and they have a wide range of brands to select from. This makes the competition harder for companies thriving to win the market. In addition to branding companies are facing challenges in keeping the price low and delivering a up-to-date features in their product. As a result companies are now conducting research on what the current consumer market wants.
- Business Market: Business market is quite similar to the consumer market. Organizational buyers such as Samsung, IPhone, Dell buys large amount of hardware from companies like Sandisk, Toshiba, Maxtor. The organizational buyers have a large list of options to choose from. Marketing Mix has 4P’s and promotion is neglected often in Business Marketing.
- Global Market: Global companies such as Pepsi, Coca-Cola, Mc-Donald’s face more challenges than local companies. With the rapid growth of globalization companies with financial sustainability are shifting towards global presence. In order to establish presence in a new country the company company faces issues like political, social, and economical. For example: Pepsi entered India’s market after 20 debates in Parliament and a half decade. Learn more about How PepsiCo entered Indian market?
- Government Market: Government market is mainly constituted of Army, Public Department, Civil Department, Navy, Air Force, and others. Governments have to buy guns, bombs, vehicles, civil machineries from local or international suppliers. Government is the buyer in this case and they keep a close look on the supplier if they are up to the bargain. Watch the video to learn more about How Government Market works?