01.3 Market
The
concept of markets us full circle to the concept of marketing, simply marketing
means working with markets to actualize potential exchanges for the purpose of
satisfying consumer needs &wants.
Definition of
market :- A
market consists of all the potential customers baring a particular need or want
who might be able to engage in exchange to satisfy that need or want.
Therefore
, in marketing, we define the market as a group of people with needs and wants, with money to spend and
willing to spend on goods & services. Marketers, however, see the sellers
as constituting the industry and the
buyers as constituting the market.
01.4 Different
between market place & market space
Market place stood for the geographical
location where buyers and sellers gathered to exchange their goods. Market space is not a physically exist location;
it provides the facility for the buyer and seller to meet through electronic
means e.g.-internet
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