Name and Describe the Four Main Types of Markets, and Discuss

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The Answer is (1)Consumer MarketsConsist of people who buy products and services for personal or household use. Just about any product an individual purchases including clothing, food, books, health and beauty aids, and so forth can be advertised to consumers through mass media such as radio, television, newspapers, general consumer magazines, and direct-response media, such as direct mail. Businesses spend most of their advertising dollars on this market.
(2)Business-to-Business (B2B)MarketsConsist of companies that buy products or services to use in their own businesses or in making other products. This market is typically reached through trade and professional advertising in specialized media, such as trade journals, professional magazines, and direct mail.
(3)Institutional MarketsInclude a wide variety of profit and nonprofit organizations, such as hospitals, government agencies, and schools, which provide goods and services for the benefit of society. This market is typically reached through the same means as industrial markets.
(4)Channel MarketsMade up of members of the distribution chain, also known as resellers or intermediaries. This market is also typically reached through the same means as industrial and institutional markets.

Name and Describe the Four Main Types of Markets, and Discuss

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