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Types of Market (Resource Market (Consists of those individuals or groups…
Types of Market
Resource Market
Consists of those individuals or groups that are engaged in all forms of primary production, including mining, agriculture, forestry and fishing.
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Industrial Market
Includes industries and businesses that purchase products to use in the production of other products or in their daily operations.
In Australia, > 932 000 businesses in this market and are either tertiary or secondary.
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Intermediate Market
Consists of wholesalers and retailers who purchase finished products and resell them to make a profit.
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Consumer Markets
Consists of individuals - that is, members of a household who plan to use or consume the products they buy.
Housing, clothing, food, entertainment, appliances, music recordings, cars and personal services
Marketing managers examine closely the behaviour of consumers so they can better understand what motivates an individual to purchase a particular product.
Mass Market
In mass markets, the seller mass-produces, mass-distributes and mass-promotes one product to all buyers.
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Ford Model T, first mass produced and sold to the mass market
Niche Market
Niche Market aka as a concentrated or micro market, is a narrowly selected target market segment.
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