The concepts of exchange and relationships lead to the concept of a market that refers to a physical place where buyers and sellers gathered to buy and sell goods. Economists describe a market is a collection of buyers and sellers who transact over a particular product or product class (such as the housing market or the gain market).
It is the set of actual and potential buyers of a product or service. These buyers share a particular need or want that can be satisfied through exchange relationships.
Marketing means managing markets to bring about profitable customer relationships. However, creating these relationships takes work. Sellers must search for buyers, identify their needs, design good market offerings, set prices for them, promote them, and store and deliver them. Activities such as consumer research, product development, communication, distribution, pricing, and service are core marketing activities.
Webster Dictionary Meaning
- A public place (as an open space in a town) or a large building, where a market is held; a market place or market house; esp., a place where provisions are sold.
- An opportunity for selling anything; demand, as shown by price offered or obtainable; a town, region, or country, where the demand exists; as, to find a market for one's wares; there is no market for woolen cloths in that region; India is a market for English goods.
- Exchange, or purchase and sale; traffic; as, a dull market; a slow market.
- The price for which a thing is sold in a market; market price. Hence: Value; worth.
- The privelege granted to a town of having a public market.
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