Market:The Platform of Conducting Marketing and Business Activities

Definition of Market

The market is defined as the place wherein the different buyers along with sellers have the complete kind of information regarding the particular product or service and it is easy in nature for comparing the different prices of the different products as they are the same as one another. Technically speaking, the market is the place wherein two or more parties engage with one another to engage in the economic transaction even with the ones which does not require the legal tender. The market transaction includes the goods, services along with information which passes from one party to the other.

The size of the markets is determined with the help of the number of the sellers along with buyers along with the amount of the money which changes hands each year. In addition, the markets are being represented by the different physical conditions or locations wherein the different transactions are being made and it includes the different retail stores or other similar kind of businesses which sell individual items to the different wholesale markets selling the goods to the other distributors.

What are the types of market

There are different types of market as markets vary for the different reasons such as inclusion of the different kinds of products and services which are being sold by them along with size and constituency of the base of the customers along with different other factors. The markets are segregated in the following manner:

Black Market- It refers to the illegal market wherein the different transactions occur without any kind of knowledge of the government or the different other regulatory agencies. The different black markets exist as to circumvent the different tax laws which are existing in nature. It involves the different kinds of cash related transactions or the different other forms of the currency which is harder for anyone to track. The black markets exist in the different developed economies and it is prevalent wherein the prices control sale of the different products or services. Ticket scalping is one such examples of the respective kind of black market and sell the same in the inflated prices in the market.

Auction Market- It helps in bringing the people together for the overall sale along with purchase of the specific lots of the different goods and services. The different buyers try to top each other for the purchase of the item. The different kinds of auction markets include the homes or livestock or the different other websites like eBay wherein the bidders may bid anonymously to win such actions in a proper and efficient manner.

Financial Market- The blanket term financial market helps in analysing the different places wherein the different securities or the currencies or bonds are being traded within the two parties. These are the different markets which are being developed on the basis of the capitalist societies and it helps in providing the information regarding capital along with analysing the liquidity of the business.

Essential Feature & Characteristics of Market

The different kinds of features of the market includes the following:

It is considered to be the place wherein the different commodities are being bought as well as sold at the retail or wholesale price, but in economics the market does not refer to the particular place as it helps in referring to the market for the commodity or the commodities.

Perfect Competition is the other feature wherein in the market, there should be proper existence of the perfect competition between the different sellers along with buyers. However, in different situations, there can be existence of the imperfect competition that can affect the overall growth of the companies.

Sound kind of monetary system is the other feature which should be prevalent in the entire market and it means system of money exchange and if possible, it should be prevalent to the market system in a proper manner. Furthermore, there can be different kinds of experience of presence of the various speculators which is essential for supply of business related information and prices which should be prevalent for the market in an efficient manner.

What is main concept of marketing

Marketing is defined as the aspect which is considered to be the philosophy that the firms should be able to analyse the different needs as well as wants of the different customers and making decisions which will be satisfying their needs in a proper manner. In order to better understand the concept related to marketing, it is defined as the perspective by reviewing the different philosophies which were predominant. While the other concepts which prevailed during different historical time frames, these are not being restricted to such periods and are still being practiced by some of the firms in the present scenario in an efficient manner.

Different Forms of Marketing & their mechanism

Internet Marketing- It is considered to be the strategy of marketing which takes place on the online portals and it helps in encompassing the variety of the marketing forms which includes video advertisements.

Offline Marketing- It is the other form wherein it includes which are not being done on internet and the different examples include local advertisement in newspaper.

Outbound Marketing- It is the form wherein it is considered to be the traditional marketing and majority of organizations utilise the same for reaching to the different potential customers.

Inbound Marketing- It mainly focuses on having the company found by the different customers and when the different customers prefer to search for a particular product or service, it can be seen that SEO will be the part of the same.

Niche Marketing- It is the other aspect wherein the products and services are being sold to the different customers to address the needs of the specific group of customers and it will be essential for the marketers to improve the overall marketing related technique that will be beneficial for the overall growth of the company in a positive manner.

B2B and B2C Marketing- It is the other aspect wherein the businesses try to communicate with other businesses and on the other hand with the customers and achieve the different goals in a successful manner.