Recognizing Markets

There are two major markets in marketing: the consumer market and the industrial market. The consumer market consists of all the individuals or households who want goods and services for personal consumption or use.

The industrial market consists of all the individuals and organizations that want goods and services to produce other goods and services or to sell, rent, or supply the goods to others. Oil drilling bits, cash registers, display cases, office desks, public accounting audits, and corporate legal advice are examples of industrial goods and services (products).

The important thing to remember is that buyer’s reason for buying and the end use of the product are what determine whether a product is considered a consumer product or an individual product.

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