Market (Marketing) - Explained
What is a Market?
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What is a Market?
A market is just a group of consumers who seek to satisfy similar needs through some form of exchange. First, the participants in the market must have something to exchange. That is, both parties have to have something of value so the consumer in order to be part of a viable market.
Further, there must be demand on each side for the value that market participants are supplying.
Lastly, there must be some common identifying element among the individuals who participate in the exchange. This could be any number of characteristics, such as demographics, social status, wealth, geographic location, etc.
How do we Describe Markets?
Describing a market or market segment can be difficult. We generally describe a market with the type of good that they market participants will consumer - hence the term, "product market".
Commonly, the geographic region in which the market is located can also be used a descriptive characteristic for the market.
Another method of describing a market is by the need that we meet or intend to meet. This method may be beneficial when you sell the same product to diverse groups of people, each with a different need or use for the product.
Yet another method of describing a market is by the characteristics or traits of the customers, such a demographics, social status, etc.