A lot of you who work in sales know that places
where goods are sold are called markets.
There are several types of market that are mentioned
in the business media.
where goods are sold are called markets.
There are several types of market that are mentioned
in the business media.
Mass market: A mass market is basically
the whole world. Mass market products are aimed at
everybody. Mass market products are soft drinks,
hamburgers and MP3 players. Usually companies that
sell mass market items want to dominate the market
or compete with other companies.
Niche market: Niche markets are unusual markets
and profits can be made by targetting products at
people in specific circumstances or situations.
Mobile text-to-speech keyboards for people with speech
impairments are an example of a product in a niche
market.
Luxury market: Luxury markets are exclusive due
to their price. A lot of companies that sell products
in the luxury market do not sell high volumes but make
a lot of money due to their high prices. Louis Vuitton,
Prada and Gucci are examples of luxury brands.
Emerging market: An emerging market is one
that is just opening. An example is the market for
tablet PCs. Emerging markets usually occur due to
new technology or inventions or due to a demand from
an area that never previously expressed such demand.
Developed/mature market: This is a market that is
beyond the emerging stage. In a developed market there
is usually established demand for a product.
Saturated market: In a saturated market there is
weak demand for a certain product due to consumers
having already bought the product. The mobile phone
market was previously thought to be a saturated market
before the current trend for 'smartphones'.