Markets:

Consumer Markets – goods + services bought by the general public

Industrial Markets – machinery + equipment used in business, + business-related services (ie: delivery, security)

Types of Markets:

1) Non-Durable – product is not long lasting + is used up after a short amount of time (food, drinks, tobacco, newspapers . . .)

2) Consumer Durable – deals with goods that last long until eventually it deteriorates with use or age and reaching a stage where it can no longer be kept fo it’s manufactured used. (Electrical goods, cars, clothes, washing machines, wristwatches . . .)

3) Industrial or Organisational – assists other manufacturers and organisations who then go on to sell their finished products to consumers or other manufacturers. Many of these products are long lasting and electrical goods as well. (Lighting equipment, programmable logic controllers, building management systems . . .)

4) Services – tertiary sector. It is the biggest market. (Education, healthcare, hairdressing, accountancy, transportation, banking . . .)

There are several types of products:

· Specialty goods: extensive comparisons with other goods and a lengthy information search. Specialty goods are generally items that would fall into another category, but the seller of these goods has chosen a specific niche market and is extremely narrowly focused. An example would be a cigarette and tobacco shop, or a shop that only sold items with owl pictures on, or a shop that only sells books and magazines.

· Unsought goods: e.g., cemetery plots, insurance. These are products that we need but which we do not actively seek out to buy. They usually require a hard sell approach by the seller. Example "what will happen to your family if you die and do not have life insurance?". The fear of leaving the family destitute makes us buy almost against our will, even though we know that it is the intelligent thing to do. Certain legal services such as drawing up a will, will also fall into this category.

· Perishable goods: goods that will deteriorate quickly even without use

· Durable goods: goods that survive multiple use occasions

· Non-durable/consumption/consumable goods: goods that are used up in one occasion

· Capital goods: installations, equipment, and buildings

· Parts and materials: goods that go into a finished product

· Supplies and services: goods that facilitate production

· Commodities: undifferentiated goods (e.g., wheat, gold, sugar)

· By-products: a product that results from the manufacture of another product