Business A to Z: Market
Much More Than Your Local Farmer’s Market
You’re in a conversation, and your friend mentions that they want to check out Martin’s Market downtown. You happily agree and decide to go with them.
While there, you notice many types of vendors offering similar products. Jenny’s Jam Junction specializes in some of the best homemade jellies and jams you may consume, while Nelson’s New Nuts may sell his world-famous honey-cinnamon street nuts.
These are similar products as they both are locally grown and made consumable products. Yet, the market mentioned in this story is a micro version of the actual markets in business.
Every market operates precisely this way where a group of vendors or companies with similar offerings are grouped. Each vendor is unique in presenting their products and services to you; this is marketing.
When you decide it’s time to upgrade your box television to a flat-screen, you begin to look in the TV market. This immediately narrows down which retailers and brands you should pay attention to — American Eagle won’t have your new entertainment station.
These markets and divisions of specialties allow both companies and consumers to work together and find the (hopefully) perfect match for what you are searching for. In the case of looking for a new TV, Walmart, Target, or Best Buy are your best matches for this purchase as they specialize in large ticket items such as this.
As new technologies and products are created, new markets are born. Consider the social media market and that less than just 17 years ago, Facebook first launched which forever changed the social media market. Before that, consumers focused on MySpace and AOL Messenger (where you could IM Santa Claus.)
Today the social media market has been infiltrated with young apps such as Tik Tok and Houseparty, the next generation of social media apps. With every new generation of products and services, improvements are made based on how consumers reacted to past ones.
In this way, every market follows a “Darwinism” mentality where the products that perform the best are likely to succeed in the long run and then are overcome by another innovative product with better features. While this tends to improve the general market overall, it causes issues such as when Apple releases the next-gen of their beloved iPhone.
The latest generation of every iPhone offers improved camera features, touch sensors, and other exciting tricks that consumers adore. In reality, the product often rarely changes, yet thanks to Apple’s impeccable marketing team, consumers are often sold virtually the same product twice.
This and other questionable tricks such as planned end of life allow companies to continue selling and profiting from products that may be outdated while the market is attempting to modernize.
Markets are always growing and changing to keep up with demand. This allows new organizations and products to be placed into the hands of curious consumers who inevitability provide feedback to improve the experience for them and future purchasers.
Find your market, find your niche.