market

There are different types of market. Among them major types of market can be classified on the basis of the following features:
1. Geography Basis
a. Local Market
b. Regional Market
c. National Market
d. International Market
2. Volume Basis
a. Wholesale Market
b. Retail Market
3. Delivery Basis
a. Spot Market
b. Future Market
4. Control Basis
a. Regulated Market
b. Unregulated Market
5. Nature Basis
a. Commodity Market
b. Capital Market
c. Service Market
6. Function Basis
a. General Market
b. Specialized Market
7. Time Basis
a. Very short period Market
b. Short period Market
c. Long period Market
d. Very Long period Market
8. Competition Basis
a. Perfect competition Market
b. Imperfect Market
c. Monopoly Market
1. On the basis of Geographical area:
On the basis of geographical area, market can be divided into four types as local market, regional market, national market and international market. In local market, perishable goods like fruits, vegetables, fish, meat and milk are exchanged among the local people.
The market which occupies a large area is known as regional market. This market may cover several villages and towns or even districts. People from different places visit there to exchange the goods.
If the market of goods or services been expanded nation wide, it is known as national market. Products like clothes, tea, coffee, cigarettes, drinks, cement, electrical goods as T.V., computer, refrigerator, vacuum cleaner, heater, etc. are bought and sold nationwide. This market is wider than regional market.
International market is known as world market or import- export market. If goods and services are sold and bought all over the world, it is known as international market. Some international products such as Toyota, Phillips products, Gulf Oil, Sony, Aiwa etc. are exchanged worldwide.
2. On the basis of the volume, market can be divided into two different types as wholesale market and retail market. The market, which deals a large amount of goods is known as wholesale market. This market purchases the goods from producers and sells to the retailers in wholesale amount. Generally, they do not sell the goods to ultimate consumers. The market which deals with the small quantities of product is known as retail market. This market sells the goods to thd ultimate consumers in retail price. This market keeps direct relation to the consumers.
3. On the basis of Delivery:
On this basis market can be classified as spot market and future market. This market deals on the certain period of time and for the for the long period. In this spot market, the delivery of goods and payment take immediately after the agreement between buyers and sellers. In this type of market, selling, buying and paying take place at a time.
In the future market, arrangement or contract for buying and selling is made in present but goods or services are delivered in future. Payment and physical delivery take place in the future according to the agreement between buyers and sellers.
4. On the basis of Control:
The types of market which are diveded on the basis of control are reguulated market, unregulated market. The market which is controlled by rules and regulations of government and trade association is known as regulated market. The government regulated the production, quality, features, prices and distribution. This is one of the reasonable and fair market.
5. On the basis of nature of Product/Subject:
Commodity market, capital (financial) and service market come under the basis of nature of product of market. All kinds of products are bought and sold in the commodity market. Consumers' goods and industrial goods are available in this market.
The market where financial aspects are available such as deposit of cash, provision of loans, buy and sell of shares, debenture and securities etc. is known as capital market. It further divided into money market and capital market. It also provide short as well as long term loan to the people and organizations can be provided by this market.
If the physical goods are not transferred but services are purchased and sold, then it is known as services market. Some organizations like electricity authority board, tele-communication office, water supply office etc are included in this service market.
6. On the basis of Functions:
Market can also be divided into mixed or general market and specialized market market on the basis of its functions. All varieties of products are purchased and sold in general or mixed market. This is very common and popular market.
The market where specific products are purchased and sold are known as specialized market. No variety of products is available in this market. The example of this market are vegetable market, gold ornament market, share market etc.
7. On the basis of time:
On the basis of time, market can be classified into different types or kinds. They are very short period market, short period market, long period market and very long period market. The market where goods of daily requirements are exnchanged, it is known as very short period market. Mainly perishable goods like vegetables, meat, fruits, milk etc are available in the very short period market.
Much more time is given to adjust the demand than very short period market. Demand plays vital role to determine the price of the products. Long period market provides sufficient time to adjust the demand of the customers for the products. The price is mainly determined on the basis of demand and supply.
Very long period market is a permanent types of market because goods are produced and supplied according to the changing environment. Time is sufficient to supply the goods, adopt and implement all kinds of devices for tehe production and adoption of the changing environment sufficient time is given.
8. On the basis of Competition:
On the basis of the competition of production, consumption, distribution, demand and supply of the goods and products market can be divided into three different kinds. Three different kinds of market divided on the basis of competition are perfect market, unperfect market and monopoly market.
Perfect market is on e of the impracticable market because price is not detemined on the basis of interaction of both buyers and seller, etc. In this market, buyers and sellers are fully aware about the prices of the products. All the products are homogenous in nature. Both buyers and sellers have perfect information., freedom to enter and leave the market.
But imperfect market are opposite to the perfect market. Price is not uniform and there is no free competition and buyers. If the single producer or supplier controls the market, it is known as monopoly market. In this type of market, there is no competition for the products and producers or sellers. The price is determined by the interest of suppliers.