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SubjectFree lesson

Types of Market

ClassNotes Team 2 MIN READUPDATED 5 JUL 2026

Marketing S.S.S 1 Second Term

WEEK 2

Types of Market

Performance Objectives

Students should be able to:

1. Explain the Meaning of market

2. List and explain Types of market

i. Organizational market

ii. Consumer market

Content

1. Meaning of market

2. Types of market

3. Organizational market

4. Consumer market

Meaning of Market

The word market connotes all the potential or prospective customers sharing a particular need or want who might be willing and able to engage in exchange to satisfy the need and wants. In other words, marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create an exchange that satisfies individual and organisational goals.

Marketing activities include buying, pricing, selling, packaging, promotion, storing, financing, obtaining market information. The essence of marketing is the exchange process in which two or more parties give something of value to each other to satisfy felt needs.

Marketing is also used in Asia term that involves analysing customer needs, securing information needed to design and produce goods or services that match buyer expectations and creating/maintaining relationships with customers and suppliers.

Types of Markets

Markets can be classified into these:

1. Organisational market

2. Consumer market

1. Organisational Market: Organisational market/products can be described as a market/product created for further production and manufacturing of goods and services. This type of market is also known as business to business markets and they refer to products procured by organisations to be used in producing other products or in operating other business. Categories of the organisational market include installations, accessories, raw materials, component parts, supplies etc.

2. Consumer Market: Consumer market can be described as people or institutions with sufficient purchasing power who procured a product for immediate consumption. Consumer market can also be described as consumer products and their categories are convenient products, shopping products, speciality products and unsought products. Consumer market can be segmented into geographic segmentation, demographic segmentation, psychographic segmentation and product-related segmentation.