Difference between revisions of "Market"

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[[File:Intristic-vs-market.png|400px|thumb|right|[[Intrinsic value]] vs [[market price]]]][[Market]] is any space where [[marketer]]s and [[consumer]]s meet to facilitate willful exchanges or transactions of some [[market exchangeable]]s. The ''marketers'' represent potential [[seller]]s; while ''consumers'' do potential [[buyer]]s. "Willfulness" of exchanges assume [[buyer choice]] or the fact that buyers have a choice of the sources that may satisfy their needs.
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[[File:Intristic-vs-market.png|400px|thumb|right|[[Intrinsic value]] vs [[market price]]]][[Market]] is any space where [[marketer]]s and [[consumer]]s meet to facilitate willful exchanges or transactions of some [[market exchangeable]]s. The ''marketers'' represent potential [[seller]]s; while ''consumers'' do potential [[buyer]]s. "Willfulness" of exchanges assume [[buyer choice]], which is a situation where buyers have a choice of the sources that may satisfy their needs.
  
 
The market allows for interactions between the parties; agreed exchanges and transactions may occur on the same market or outside of it.
 
The market allows for interactions between the parties; agreed exchanges and transactions may occur on the same market or outside of it.

Revision as of 12:10, 31 May 2023

Market is any space where marketers and consumers meet to facilitate willful exchanges or transactions of some market exchangeables. The marketers represent potential sellers; while consumers do potential buyers. "Willfulness" of exchanges assume buyer choice, which is a situation where buyers have a choice of the sources that may satisfy their needs.

The market allows for interactions between the parties; agreed exchanges and transactions may occur on the same market or outside of it.

Market can also be defined as some space, virtual or physical, in which sellers (a) search for buyers and buyers search for sellers, (b) negotiate prices, and (c) make deals. Market competitiveness refers to the ratio of buyers and sellers of a particular market exchangeable.


Definitions

According to Principles of Economics by Timothy Taylor (3rd edition),

Market. An institution that brings together buyers and sellers of goods or services.

According to Marketing Management by Keller and Kotler (15th edition),

Market. Various groups of customers.

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