6.2 - Types of Markets

There are different types of markets including:

• National Markets
• Local Markets
• Electronic and Physical Markets

National markets are all over the country and international in scope. Most high street retailers cater for the national market. Non high street businesses also have a national presence and cater for the national market, these businesses offer both tangible and intangible products and services. Specific financial service products offered have specific markets which they cater for. 

Local markets are made of small businesses and individuals that are within a geographic location of small businesses that can meet the needs of these customers. Businesses like electrical, building and roofing tend to meet the customers needs for people and small businesses based in the same area. The development of the internet has made it possible for any business to have an online presence which they can use to attract customers not necessarily based in the same geographic location. 

Electronic markets provide intangible services across geographical boundaries which make it a more competitive market. Business can provide a wide variety of services across the internet, pay online and not have to physically go into a shop on the high street. Many businesses are tapping into the electronic market and can generate an immense volume of customers whom they can satisfy their needs.