Definition of Market
The concept of exchange leads to the concept of a market. What is a market? A market consists of all the potential customers sharing a particular need or want who might be willing and able to engage in exchange to satisfy that need or want.
Thus size of the market deepens on the number of persons who exhibit the need, have resources that interest others, and willing to offer these resources in exchanges for what they want.
Traditionally, a market was the place where buyers and sellers gathered to exchange their goods, such as a village square. Economists use the term to refer to a collection of buyers and sellers who transact over a particular product or product class; hence the housing market, the grain market and so on. Marketers, however, see the sellers as constituent the industry and the buyers as constituting the market.
The sellers send goods and services and communications to the market; in return they receive money and information.
Businesspeople use the term market colloquially to cover various groupings of customers. They talked about need markets (such as the diet seeking markets); product markets (such as the shoe market); demographic markets (such as the youth markets) and geographic markets (such as Australian market). Or they extend the concepts to cover noncustomer groupings as well as, such as voter markets, labor markets and donor market.
Definition of Market
