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3 Major Market Research Paper

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The three major markets are Industrial Market, Consumer Market, and Government Market. Industrial Market- This market is responsible for the production of goods and services. According to monash.edu, " The industrial market (also called the producer market or business market) is the set of all individuals and organizations that acquire goods and services that enter into the production of other products or services that are sold, rented, or supplied to others"(Industrial Market, 2017) .A example of Industrial Market would be a company that provides cleaning, laundering, and other facility service needs to various businesses ( Johns, n.d. ). A more detailed example of this market given by All Business. com , states "For example, the clothing manufacturing industry purchases fabric that is used in the production of dresses and other apparel. Fabric manufacturers are also members of the industrial market because they purchase other raw materials for use in the …show more content…

It is defined by Monash as "buyers and potential buyers of goods and services for personal and household use"(Industrial Market, 2017). Business Dictionary. com also states, "Markets dominated by products and services designed for the general consumer. Consumer markets are typically split into four primary categories: consumer products, food and beverage products, retail products, and transportation products. Industries in the consumer markets often have to deal with shifting brand loyalties and uncertainty about the future popularity of products and services"(Business Dictionary, n.d.). For a example, Walmart and other retail stores sale food , beverages , and personal items that consumers purchase for their own use. Online retailers are also a channel for the consumer market as many buyers shop online buying goods and services for personal

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Organizational decisions differ from individual consumer decisions in the following ways: the manner in which products are purchased, what products are purchased, and the involvement of people in the purchasing decisions. Organizational buyers are defined as “people who purchase goods and services on behalf of companies for the companies’ use in manufacturing, distribution, or resale” (Solomon, 2017). The buyers have a complex job in ensuring that the items that are purchased on behalf of the company is in correlation of past demands and future projections of necessity. For example, an organizational buyer for Hobby Lobby would have to ensure that fall, and Halloween products are purchased at the correct volume ( basing off of the previous

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So, a customer is willing to pay more for a name brand that they are familiar with. Big brands have the budget to get their brand above its competitors. This same concept can be applied to major stores. People are more willing to shop at well-known and well-marketed

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P1: Describe customers in four different contexts: A Market: A market is a place where demand and supply operate. Buyers and sellers interact to trade their good and services. (What is a market? , n.d.)

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Understanding Business Markets 1.1 – Explain the characteristics of different business markets. They’re many different types of customer you can sell your products too but the main business markets can be broken down into these 5 categories: business to business market - Industrial market - professional services and Financial services - Government - High Street The business to business market is when one business simply sells it’s products to another meanwhile the industrial market consists of companies transacting business in hard goods such as machinery, materials, vehicles and supplies. Professional services include the delivery of business needs such as marketing, information technology, management consulting and payroll whereas financial

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Three-percent is dedicated to industrial products (eg. electronics and clothing) and the rest is used by the agricultural industry (Fulton et al.

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Consumers are people who purchase goods and services for personal use. In

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Consumer market data will show the trends in the market the customer is spending. Economic conditions and influences especially when the economy

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The Food Industry The food industry is the worldwide diversified industry which has to do with anything relevant with food from food education to marketing but principally the industry produces and or provides food to essentially all people on the planet. The only people who are excluded from the food industry are self-sustaining farmers and hunter-gatherers. It is one of the largest industries in the world and continues to grow because people need food and the population is increasing every day. In America, the food industry possesses such an important role, yet there are so many problems within the industry which is ruining the society as we know it.

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When determining the type of market in which certain goods are sold, there are couple main points to think about: are there many competitors, are the goods homogeneous or heterogeneous and is there free entry and exit in the long run? In our case, there are a lot of sellers in the market, more than 200. Goods, even though can seem to be similar, are heterogeneous. Hotels can differ by location, room quality, size, skill of employees, entertainment, outdoor activities and so on. Also, there is free entry and exit to and out of the market.

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As for example, the buyers buy the product from the manufacturers, then they display in the shopping mall and then we buy the products to use. Many industries, such as the auto mobile industry, are important consumers of textiles in various forms. Some other consumers are homemakers, dressmakers,

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