Definition Of

Government market

Definition (1):

Governmental units – federal, state, and local – that purchase or rent goods and services for carrying out the government’s main functions.

The government market offers large opportunities for many companies, both big and small. In most countries, government organizations are major buyers of goods and services. To succeed in this market, sellers must locate key decision-makers, identify the factors that affect buyer behavior, and understand the buying decision process.

Definition (2):

“A government market is a market where the consumers are federal, state, and local governments.” Governments buy goods as well as services from the private sector. They purchase the same kinds of products and services as the consumers of the private sector. In addition to these products and services, they purchase some products which are more exotic like tanks, fighter jets, aircraft carriers, nuclear weapons, and spy satellites. A trend has been growing from the past decades of outsourcing traditional government services like prisons to private firms.

Definition (3):

The consumers including federal, local, and state authorities build up the government market. This market spends the largest amount of funds than any other consuming group. So, this market is an attractive target for many businesses, but it involves some significantpaperwork and other crucial challenges.