Types of market

• What is a market?

  A place where businesses sell products or services
• How does the choice of market type affect a business?

  It impacts sales and marketing strategies
• What are the two main types of markets?

  Business to Business (B2B) and Business to Consumer (B2C)
• What is a B2B market?

  Businesses sell to other businesses
• What is a B2C market?

  Businesses sell directly to consumers
• What is a key difference between B2B and B2C markets?

  B2B involves more steps and is process-driven
• What is a niche market?

  A market focusing on specific unique needs
• What is a mass market?

  A large undifferentiated group of consumers
• What are the advantages of mass markets?

  Higher profits due to larger customer base
• What is an advantage of niche markets?

  Less competition and brand establishment opportunities
• What is a target market?

  A specific group of customers for products
• What factors define a target market?

  Interest, purchasing power, and willingness to buy
• Why is identifying a target market crucial for a business?

  It helps develop effective marketing strategies
• What does market segmentation help with?

  Identifying the target market effectively
• What are the key characteristics of B2B and B2C markets?

  • B2B:
  • Businesses sell to other businesses
  • More process-driven sales
  • Higher repeat business potential
  • B2C:
  • Businesses sell directly to consumers
  • Simpler sales processes
  • Focus on consumer needs
• What are the differences between niche and mass markets?

  • Niche Market:
  • Focuses on specific unique needs
  • Less competition
  • Opportunity for brand establishment
  • Mass Market:
  • Targets large undifferentiated groups
  • Higher profits due to larger customer base
  • Highly competitive
• What are the benefits of identifying a target market?

  • Targets the right customers
  • Develops effective marketing strategies
  • Increases profits
  • Reduces wasted resources
  • Stays ahead of competition
• What is the conclusion about markets discussed in the lesson?

  • A market is where businesses sell products/services
  • B2B markets sell to businesses
  • B2C markets sell directly to consumers
  • Niche markets focus on specific needs
  • Mass markets target large groups
  • Target markets are specific customer groups