Question

When it comes to home renovations in south jersey what are the following:

macro market?

target market?

market structure?

Answer 1

Macro markets are the large markets or institutional markets which is the ecosystem around the business. Macro markets are the total market of the industry and also includes markets from where capital is raised. Macro Markets include the markets of competitors or firms selling other products within the same industry. For eg.The home renovations macro markets include the homes of all demographies as well as private institutions etc.

Target Markets are the markets that a particular firm intends to cater to with their offerings. For eg. A firm might target low-income families homes to renovate while others may prefer high-income family homes that prefer customized offerings. Target market is the market which a firm tend to specialize their offering according to that market needs.

Market structure is the attributes of the market which shows how the market is made, whether it is competitive or not,the entry barriers present, number of firms etc The market structure can be monopolistic or oligopolistic based on the dominance of the firms present in industry.