6 Classification of a Rural Market

Understanding the economic geography of rural markets involves recognizing the spatial, resource, and cultural factors that shape their unique characteristics. This analysis aids in effective market segmentation and targeted economic development strategies.

Classifications:

1. Resource-based Markets:

Timber Markets: Centered around the extraction and trade of timber and related forest products.

Mineral Markets: Markets in areas with mining activities, dealing with minerals and ores.

2. Cottage Industry Markets:

Handicraft Markets: Featuring locally crafted products, these markets contribute to the rural economy by promoting traditional skills.

3. Agricultural Markets:

Crop Markets: Focus on the exchange of crops, influenced by seasonal patterns and climate.

Livestock Markets: Specialized markets for buying and selling livestock, reflecting the importance of animal husbandry.

4. Consumer Goods Markets:

Basic Necessities Markets: Cater to daily needs like food, clothing, and household items.

Technology Adoption Markets: Emerging markets for technological products as rural areas embrace modern innovations.

5. Tourism-driven Markets:

Handicraft and Souvenir Markets: Found in areas with tourist attractions, these markets cater to visitors seeking local crafts and souvenirs.

6. Emerging Markets:

Technology Access Markets: Markets for goods and services related to improving technological access, such as mobile phones and internet services.