Marketing - What is a Market?
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All right so what is a market?
Well as you see from the definition here
a market is just a group
of consumers who seek to satisfy
similar needs through some form of
So what does that all boil down to? Well
the key thing
one key thing is that they must have
something to exchange
because exchange is two-sided right so
both parties have to have
something of value so the consumer
in order to be part of a viable market
has to have something
to exchange normally we think of that
money or some other kind of resource. The
or another key aspect of what makes a
market is that the consumers must need
something. If all their needs are
they're not going to be interested in
any exchange and so they're not really
part of a viable market.
The last characteristic of a market or
of consumers that
make them a market is that they can
either be concentrated in one area
and that might be what defines the
market is that
geographic proximity or they can be
spread out all over the place as long as
they have something else that makes them
similar and still be part of a market.
So they don't have to be all in the same
place but they do have to have something
and they need to be looking to satisfy
their needs through exchange
that's what makes a market.