Different markets have various things that are common despite their existing differences. The foreign markets that are contemporarily present are majorly three, with inclusion of the governmental or public markets, consumer, and industrial markets. Organization should be in opposition to decide the type of market they are willing to target before joining the foreign exchange. This text contains information about the three major international markets.
The consumer market represents prominent foreign markets, and it involves selling of goods to final users. Retail firms are included in this since customers can easily access them. For example, an outlet where shoes are sold to the last customers describes the consumer markets. (Peterson, 2015) Different consumers prefer different types of things due to their difference in tastes and preferences.
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Industrial market, on the other hand, is where one business sells products to another company which is the consumer of those goods. An example is a firm that produces bottles that are used by another firm to package wine (Peterson, 2015). Notably, firms involved in the industrial market may be having specific demands for their products. For instance, the firms selling bottles cannot sell them to firms that do not use containers to package their products. Implying that, specific demands cannot be met by related organizations.
The type of foreign market where the consumers are the local government or other states is what is known as the government market. There are various products that are produced with an aim of selling them to the government such as military weapons. (Peterson, 2015) There are multiple countries that guns are prohibited especially to those who are unauthorized. With this, the government is the only consumer.
In conclusion, foreign markets are divided to make various firms know the category that they belong. It is essential as these firms get to know the customers that they should target according to the products they are having — various firms that may also fit in different categories — firms that may be selling multiple products to other firms and some of their products to the final consumer.
Reference
Peterson, D. K., & Su, Y. (2015). Relationship Between Corporate Foundation Giving and the Economic Cycle for Consumer- and Industrial-Oriented Firms. Business & Society, 56(8), 1169–1194. doi:10.1177/0007650315608148
