Local Market
This article covers meaning & overview of Local Market from marketing perspective.
What is Local Market?
When markets are classified as per regions, three classifications are possible:-
a) Local or regional market
b) National market
c) International market
Local market constitutes of the customers who will buy the products/services in the vicinity of where they are produced. To devise a proper marketing strategy, it is necessary to know how much will a customer buy, where he will buy and how far will he travel to buy a product/service. Local market is the most important market for fresh products as well as perishable products.
A local market can’t be defined by the size of the area surrounding it but by hoe the producer or the organization perceive as their base area. Let’s take example of the Surat Diamond industry. A very small diamond trader will consider only the locality where his shop/production facility is located as his local market. A medium sized retailer who has enough recognition in the city will consider entire Surat city as his/her local market. A large retailer who does business locally may consider the entire state of Gujarat as his local market because of his huge market reaches.
Browse the definition and meaning of more similar terms. The Management Dictionary covers over 1800 business concepts from 5 categories.
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