A product market is a venue where buyers and sellers can exchange goods or services. Product markets can be large and competitive, such as an online marketplace or a stock exchange, or they can be small and relatively non-competitive, such as a farmer’s market or a roadside fruit stand. Product markets can serve different types of buyers and sellers, including consumers, businesses, and governments. The purpose of a product market is to facilitate the exchange of goods and services, and to help buyers and sellers find each other and agree on a price. Product markets are an essential part of the economy, as they allow businesses to generate revenue and provide consumers with the goods and services they need. The following are some common examples.
|Airport Concessions||Art Galleries|
|Auction Sites & Apps||Auctions|
|Brand Apps||Brand Showrooms|
|Buy / Sell Classifieds||Catalog Merchant|
|Custom Product Services||Department Stores|
|Direct Marketing||Dollar Stores|
|Drug Stores||Ecommerce Sites|
|Events, Festivals & Concerts||Factory Outlet|
|Fair Concessions||Farmers Markets|
|Fashion Retailers||Fast Food Restaurants|
|Fish Markets||Flagship Locations of Brands|
|Flea Markets||Flower Shops|
|Fruit Stands||Garage Sales|
|Gift Shops||Grey Market|
|Hobby Shops||Home Improvement Retailers|
|Hotel Shops||In-flight Shopping|
|Mail Order Sales||Malls|
|Mobile App Stores||Personal Selling|
|Product Demonstrations||Product Subscriptions|
|Real Estate Agents||Real Estate Developer Showrooms|
|Refurbished Goods Sellers||Resellers|
|Seasonal Markets||Shopping Channels|
|Souvenir Shops||Specialty Shops|
|Sports Stores||Street Food|
|Subscription Boxes||Super Stores|
|Thrift Stores||Toy Stores|
|Traveling Salesperson||Vending Machines|
Fast food can be considered a product because most of its value is tangible. This can be contrasted with a fine restaurant that offers mostly intangible value. The latter is considered a service.
A flagship location is a large retail location that is often in a posh location. These are designed to show off the best of a brand and often serve as a brand symbol and media center.
A grey market sells a product without official permission from the producer. For example, an American retailer that imports French chocolates that aren’t officially available in the United States.
Liquidators sell undesirable or excess inventory at a steep discount. For example, an unpopular color of product that a manufacturer sells cheaply to clear inventory.
Generally speaking, homes are a product but land is a special type of asset that doesn’t typically depreciate in value.
It is common for businesses to purchase products through personal selling and wholesale markets. For example, a bank that negotiates prices for stationery with a large office supply firm that then regularly reorders these supplies with a telephone or digital service.