Classification on the Basis of Time

Marketing Management 3(2+1)

Lesson 04 : Types of Markets

Classification on the Basis of Time

    On the basis of time markets have been classified as
    • Very Short Period Market
      • It is also called market period which sells perishable goods.
      • Markets for fruits and vegetables are generally of very short period nature.
      • No attention is paid to increase or decrease the supplies.
      • Prices are based on the intensity of demand.
    • Short Period Markets
      • Consideration is paid for the supply to meet the demand.
      • Sufficient time is not available and so demand stands still.
    • Long Period Markets
      • Production can be based on demand as sufficient time is available for supply.
      • Supply governs the demand factor.
      • In the long run, price covers the marginal cost of production.
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Last modified: Saturday, 17 December 2011, 6:10 AM