In marketing, a market refers to the group of consumers or organizations that are interested in the product, have the resources to purchase it, and are permitted by law and other regulations to acquire the product. A market can be defined as a place where two or more parties engage in the exchange of goods, services, and information. Here are some key points about markets in marketing:
- A market is a place where buyers and sellers meet to exchange goods, services, and other relevant information.
- The market may be physical or virtual, and both parties can meet in a city, state, province, country, or region.
- The value and prices of products and services are based on the law of demand and supply in the market.
- The market definition begins with the total population and progressively narrows down to the target market.
- There are different terms used to describe the market based on the level of narrowing, such as potential market, available market, qualified available market, target market, and penetrated market.
- Markets can be physical, like a retail outlet, or virtual, like an online market.
- Markets establish the prices of goods and services, determined by supply and demand.
In summary, a market in marketing refers to the group of consumers or organizations that are interested in the product, have the resources to purchase it, and are permitted by law and other regulations to acquire the product. It is a place where buyers and sellers meet to exchange goods, services, and other relevant information, and the value and prices of products and services are based on the law of demand and supply in the market.
