C1 - Markets

• Traditional market


  A physical place, typically in a fixed location, where buyers and sellers come together
• Traditional markets


  • UK towns referred to as 'market towns' that host a town-centre market on regular dates
• Market (in business)


  Situations whereby buyers and sellers come together, without the need to be in the same place
• Types of market in business

  • Local markets
  • National markets
  • Global markets
  • Consumer markets
  • Trade markets
  • Seasonal markets
• Local markets


  • Buyers (customers) may be a short distance from the sellers (business)
  • Common for the sale of fresh and locally sourced products and local services such as hairdressers
  • The local high street or retail park is a good example
• National markets


  • Customers are spread throughout the country or over a large area
  • The same product is provided to customers who are spread throughout the country
  • Examples include national chain businesses such as supermarkets or fast food restaurants that will have stores in 100s of locations across the UK
• Global markets


  • Goods and services of one country are traded (purchased or sold) to people of other countries
  • Examples include car manufacturers such as Ford (originating in the USA) or Toyota (originating in Japan), both of whom manufacture and sell cars in many countries across the world
• Consumer markets


  • A market for products and services bought by individuals for personal or family use
  • Goods can be categorised as fast-moving consumer goods, consumer durable goods and services
• Trade markets


  • A market that involves the sale of goods and services between businesses
  • Often referred to as 'Business to Business' marketing (B2B)
  • Examples include a business that sells raw materials or components such as coal or steel to other businesses, or a business that offers financial and accounting services to other businesses
• Seasonal markets


  • Businesses will experience seasonal variations in output and/or sales
  • Examples include businesses who manufacture and sell fireworks with the majority of sales revenue coming in the months of October, November and December, or businesses that sell ice cream, particularly through retail outlets/ice cream kiosks