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
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.