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8.1. Markets
Unit 8 - Markets
8.1. MarketsThe concept of exchange leads to the concept of a market.
A market consists of all the potential customers sharing a particular need or want who might be willing and able to engage in exchange to satisfy that need or want.
A market is a context or situation, or a place where exchange of goods and services takes place between buyers and sellers. Thus, a market need not be a place.
Thus the size of the market depends upon the number of persons who exhibit the need, have resources that interest others, and are willing to offer these resources in exchange for what they want.
Business people use the term markets colloquially to cover various groupings of customers. They talk about need markets (such as diet-seeking market); product markets (such as shoe market); demographic markets (such as youth market); and geographic markets (such as French market). Or they extend the concept to cover non customer groupings as well such as voter markets, labor markets and donor markets.
Approaches to marketing: How to analyze marketing problems:
- Functional approach
- Commodity approach
- Institutional approach
Last modified: Tuesday, 12 June 2012, 11:35 AM