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Consumer Markets
The consumer market pertains to buyers who purchase goods and services for consumption rather than resale. However, not all consumers are alike in their tastes, preferences and buying habits due to different characteristics that can distinguish certain consumers from others.
A consumer market is the very system that allows us to purchase products, goods, and services. These items can be used for personal use or shared with others. In a consumer market, you make your own decisions about how you will spend money and use the products you purchase. The more people who go out and actively purchase products, the more active is the consumer market.
The Largest Market
The consumer market in the United States is made up of approximately 300 million consumers. The United States has the largest consumer market in the world. Consumers spend more money in the U.S. than in any other country.
Because this market is so large, it is helpful to break it down into more manageable segments. Within the consumer market, there are subsets that can be identified based on demographics and other groupings. Some of these subsets include age, gender, interests, income level, and geographic location. The consumer market is the umbrella that covers all of the segments that can be created within that huge market.
Marketing in consumer markets depends a lot on type of consumers. The type of consumer is segmented by their characteristics. The characteristics may be demographic, psychographic, behavioristic or geographic in nature. Demographic characteristics consider differences and similarities in age, gender, occupation, income and education. Companies identify these characteristics through markets surveys. Psychographic characteristics considers values, opinions, interests and attitudes. Companies understand these characteristics of consumers by conducting focus group discussions and use this information for the betterment of their marketing campaigns. Behavioristic characteristics of consumers include brand loyalty, consumer status and this information can be collected through market research. Geographic characteristics include region, market size and market density. For example; a company selling raincoats will be more active in tropical areas and less active in dry regions.
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