A market is defined as the sum total of all the buyers and sellers in the area or region under consideration.The value, cost and price of items traded are as per forces of supply and demand in a market. The market may be a physical entity, or may be virtual.
Please consider following points for better understanding about Market:
1.The set of offers and searches for a product or service in a particular sector. It’s the place where offer and demand get together.
2.A regular gathering of people for the purchase and sale of provisions, as well as other commodities.
3.The people who might want to buy something, or a part of the world where something is sold. An event or occasion usually held at regular intervals, at which people meet for the purpose of buying and selling merchandise.
4.Place in which economic agents exchange goods for a monetary unit or for others.
5.From the business perspective market means a group of individuals or organizations that make up the pool of actual and potential customers for their goods and services, distributed for different categories: geographic, demographic or socioeconomic, psychographic, behavioural or sectoral.
6.The set of offers and searches for a product or service in a particular sector. It’s the place where offer and demand get together.
7.A location where the buyers and sellers meet to exchange the goods and services at prices determined by the forces of demand and supply.
8.The environment where purchase and sale decisions allow buyers and sellers to meet is called a market.
9.Potential customers for a product.
What is a Market System?
A market system is the network of buyers, sellers and other actors that come together to trade in a given product or service.
The participants in a market system include:
- Direct market players such as producers, buyers, and consumers who drive economic activity in the market
- Suppliers of supporting goods and services such as finance, equipment and business consulting
- Entities that influence the business environment such as regulatory agencies, infrastructure providers and business associations
A market system can be specific to a product (coffee, mangoes, dairy) or a cross-cutting sector (finance, labor, business development services). A market system’s strength depends on how well the participants obtain financing, launch businesses and adopt new technologies and best practices.