In today’s competitive business world there exist many different kinds of markets and there are different criteria for defining market, and through these criteria we can identify and categorize different markets such as; if the market is open or closed, if it has monopolistic or oligopolistic nature, where is it located etc.
Open and Closed Markets
The fact regarding the market being open or close is very strongly related to the economies i.e. whether they are open or close. In the open markets all kinds of public can perform their transactions whereas, in the closed markets the transaction is restricted to a few.
Monopolistic and Oligopolistic Markets
A monopolistic market is the one in which there exists just one key player or producer and that entity alone is controlling that particular market. In these kinds of markets the barriers to entry are very high. Similarly, an oligopolistic market structure is the one in which there are a few players that produce some particular product and the products made by these entities are more or like the same therefore, there exists a high competition among them.
The barriers to entry in the oligopoly market structure are very high as well, as there are few entities controlling the market, however, they are not as high as in market structures based on monopoly.
Organized and Non-organized Markets
The geographical location of various markets is very important as well, as the organized or unorganized market structure can depend on the geographic characteristics of the markets. The degree of institutionalization in an organized market in which there are already approved set of rules and regulations exist and all the parties involved in business have to abide by those rules is pretty high whereas, in the non-organized markets, where there aren’t any defined rules present and the degree of institutionalization is not that high.
4 W’s of Marketing
When marketing and various types of markets are discussed it is essential to keep the 4 W’s in mind in order to carry out a successful business. These 4W’s are what, why, who and how; for example, if a product has been bought the sellers should know what is bought, why the buyer bought the product, and who is the intended consumer of the product and how the product is going to be used.
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