Marketing Process: Page 3 of 8

Types of consumer markets

There are many ways that marketers define and segment a market and its sectors. In this context a market refers to a type of industry, although elsewhere you may see it referred to as a country or a region.

So, perhaps the simplest method is to view them here as Macro Markets and Micro Sectors:

  • The Macro Market: A market is a group of products and services that share a similar business type and operate in the same economy.For example, the market for baked goods, domestic gardening products and children’s toys.
  • The Micro Sector: This is a smaller segment that contributes to the make up the Macro market. For example: Organic bread, gardening tools and board games.

      

This is the Financial Times breakdown of UK markets that identifies 9 key market types.

The market for consumer goods can be further broken down in to two main categories:

1. Consumer Durables

These are products with a significant life span and do not have to be purchased frequently:

  • Electronic goods: Fridges, ovens, kettles and so on
  • Furniture and furnishings: Beds, sofas, tables, carpets and so on
  • Cars and other transport vehicles: People carriers, motorbikes, push bikes and so on   

2.Consumer Non-durables

These are products purchased for immediate use or consumption              

  • Food and beverages: Perishable and non-perishable food and drink and so on
  • Household products:Detergents, cosmetics, toiletries and so on
  • Fuel and energy products: Petrol, gas, oil and so on
  • Clothing and footwear: Apparel, shoes, trainers and so on                      

 

The chart on the below shows the changes in UK household spending on durable and non-durable goods during 2014. It shows that we are spending less of non-durable food and drink, and more on leisure and recreation.