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Foundations of Business - Standalo...

4th Edition
William M. Pride + 2 others
ISBN: 9781285193946

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BuyFindarrow_forward

Foundations of Business - Standalo...

4th Edition
William M. Pride + 2 others
ISBN: 9781285193946
Textbook Problem

Identify and describe the major types of markets.

Summary Introduction

To determine: The major types of markets.

Introduction: A market is a gathering of people or businesses, or both, that require products in a given classification and that have the capacity, eagerness, and specialist to buy such items.

Explanation

The major types of markets are as follows:

  • Institutional markets: These markets comprise of incorporate places of worship, not-for-profit driven schools and clinics, urban clubs, brotherhoods and sororities, charitable organizations, and establishments. Their objectives are not the same as such commonplace business objectives as revenues, market share, or quantifiable profit.
  • Reseller markets: These markets comprise of middle people, for example, wholesalers and retailers, who purchase manufactured products and sell a product for returns.
  • Business-to-business markets: This market is also termed as industrial markets, are assembled comprehensively into manufacturer, reseller, administrative, and institutional classifications...

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