in common parlance, “Market” means a particular place or locality , where goods are brought or sold.
in economics, Market refers to complex set of activities by which actual and potential buyers as well as sellers are brought into close contact with each other and the price as well as the output are determined.
Essentials of Market
- Commodity which is dealt with
- Existence of buyer and seller
- A place , be it a certain region,a country or entire world
- Contract between buyers and sellers that only one price should prevail for the same commodity at the same time.
Differenciation in Market Structure
- No. of firms producing a product
- Nature of product produced by the firm- homogeneous product or differenciated
- Ease / difficulty by which new firm can enter the industry.
“The process of dividing a market into distinct subsets of consumers with common needs or characteristics and selecting one or more segments to target with a distinct marketing mix.”
- Geographic Factors
- Demographic Factors
- Psychographic Characteristics
- Psychological Factors
- Socio-cultural Variables
- Use Related
- Use Situation
- Population density
- City Size