MGT Notes

Reference: Marketing Management by Kotler Keller 14e (Pg 30)

The economists’ definition of markets is as a collection of buyers and sellers who transact over a product or product class. Markets can be grouped into five types:

• Resource markets (provide raw materials, labor and money)
• Manufacturer markets (they take from resource markets, convert to finished goods and sell to intermediaries)
• Intermediary Markets (sell to consumers)
• Consumer markets (sell labor and receive money with which they buy goods and services)
• Government markets (collect tax revenue from above markets to provide public services)
  Thus, an economy can be viewed as an interacting set of markets with established exchange processes.