Types of Markets

There are ONLY 3 types of markets. (In my opinion)

Mass Market

Existing market, a mass-market is the term used for the largest group of consumers for specified products. Mass markets are broad in nature and generally not categorized by demographics.

As far as marketing is concerned, the trend is quite clear: if you want to reach the masses, you'll have to appeal to a lot of subcultures.

It's no secret consumers all over the world are changing faster and more frequently that it's becoming harder to identify them in a mass-market.

Growth/Emerging Market

these are markets coming into existence, being developed. Sometimes disrupt industries like Uber & AirBnB

New market - cheaper/good enough can create a new class of product/customer Innovative/never existed before.

While these can extremely profitable markets they generally tend to be more risky until proven.

FYI –Emerging markets are often identified with a nation or country's economy, such as China and India. This definition does not apply to what were looking for in finding profitable markets.

Niche Market

A niche market is a narrowly defined, focused, relatively small targetable subset and/or specialist of a market, yet profitable market.

Type of market changes everything!

Let's begin 3 of the largest

Mass Markets:

• Money
• Health
• Relationships

Within these 3 types of markets the following exist the

Submarkets:

• Weight loss is a submarket/niche of the Health category
• Dating is a submarket/niche of the Relationship category
• Second income is a submarket/niche of the Money category

Welcome to the era of the

"Sub-Sub-Sub Market":

• Extra income ideas for retired people over 65
• Quick Weight loss for your high school reunion

REMEMBER: They'll never catch up is not a good business strategy. Established companies almost always win.