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Markets are of various types and understanding them enable proper determination of appropriate strategies to be adopted in each market type. The term market is difficult to define. From the primitive or the layman's perspective, it is said to mean the physical place where exchange of value takes place between the seller and the buyer. In this sense, electronics market would mean a physical location for buying and selling electronic items. For the economist, however, the term market may mean all established facilities that enables easy contact between the buyer and the seller which makes it possible for value exchange to occur between buyers and sellers (e.g. the NASDAQ which is the electronic stock exchange in the United States of America). In other words, the economist is interested in both the demand and supply sides of the transactions when defining the term 'market'. It may also mean the body of rules and regulations which regulates transactions in a particular product ( e.g. the stock market, the money market etc). For a marketer, however, the market for a product would be the aggregate of the potential buyers of that particular product. In thi s context, the buyers constitute the market while the sellers constitutethe industry for that product. Therefore, the use of the industry's product to satisfy the needs ofthe potential buyers is called Marketing From the foregoing, the concept of market is an all-encompassing one as it is the foundation of the entire marketing function. It emphasizes an interface between the seller of a product and its buyer, the product itself, its qualities, price, promotion ,distribution etc. Hence issues concerning marketing and markets are interwoven and interrelated and one cannot be effectively divorced from the other. However it is worth noting that in the market the forces of demand and supply often interplay with each other.

Item Type: Book
Subjects: H Social Sciences > H Social Sciences (General)
Divisions: Faculty of Law, Arts and Social Sciences > School of Social Sciences
Depositing User: Mrs Hannah Akinwumi
Date Deposited: 06 Feb 2018 11:55
Last Modified: 06 Feb 2018 11:55

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