Market
Market is a space where buyers and sellers meet to facilitate willful exchanges or transactions of some marketables. The market allows for interactions between the parties; agreed exchanges and transactions may occur on the same market or outside of it.
- For a buyer, market is also an aggregate of all marketables that this buyer can possibly buy;
- For a seller, market is also an aggregate of all buyers who are willing to buy a particular marketable that this seller sells.
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 marketable.
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.
