The Nature of Various Forms of Market

Definition of Market: -

Market is one among several other types of systems, social relations or institutions whereby, people engage themselves in various forms of exchange activities.

Usually the majority of the marketers tend to rely on sellers, who offer goods or services in exchange of money from the customers, while some of them might also prefer exchanging goods or services with the aid of barter system. In short, market is a place or the process whereby goods prices and services are settled.

In the case of competitive markets, it is mandatory to have multiple buyers. Even though trade relationships might exist between two persons, it is mandatory to have minimum three persons, so as to have a competition, in both sides. For creating higher competitive markets as according to the formal economic theory, there must be several numbers of buyers and sellers as well. If there is a single seller, with multiple buyers, it is called monopoly. Under such circumstances, it is practically not possible to have a healthy competition.

Textbooks on Market: -

There are numerous text books available on market, if you are eager to increase your knowledge:

Strategic Market Management, Aakar, David A, 1995.
Market Leader, Cotton David, Falvey David., and Kent Simon, 2000.

Examples of Market: -

Markets may vary in size, scale, location, form as well as the nature of participants or the goods to be exchanged.

Example 1: Wholesale Markets:

Traditionally, production and consumption of goods are separated spatially. The goods reach the end users, following a series of process after production; assembling, packing, distribution and a lot more. Wholesale markets are the places, where the linkage between the producers and retailers tend to occur, by the aid of several methods of transaction.

Example 2: Retail Markets:

The retail markets refer to local markets, street markets, shopping centers and all forms of public market places.

Example 3: Non-Physical Markets, Electronic Commerce:

Electronic Commerce or e-commerce refers to the virtual market place, whereby exchange of goods take place online, by the aid of internet and online transactions. These days, e-commerce have gained widespread popularity all across the globe.

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