Market

Normally people understand the term market as a place where goods are bought and sold. But, in the context of Marketing, it refers to a group of buyers for a particular product or service. For example, the market for Accountancy textbooks consists of students in Commerce and specialised Accountancy Programmes. Similarly, the market for ladies ready-made garments consists of girls and women, and so on.

Types of Market According to Area

  • Local Market
  • Regional Market
  • Rural Market
  • National Market
  • International Market

Types of Market According to Goods and Commodities

  • Fruit Market
  • Furniture Market
  • Stock Market

Types of Market According to Volume of transaction

  • Wholesale Market
  • Retail Market

Marketeer

It refers to the person who organises the various marketing activities such as market research, product planning, pricing, distribution, etc.

Seller

It refers to a person or organisation who is directly involved in the process of exchange of goods and services for money. This includes the wholesaler, retailer, etc.

Buyer

A buyer is one who is directly involved in the process of purchase of goods and services. He or she is one who selects the goods, makes payment and takes the delivery.

Consumer

One who actually uses the product or service. For example, you bought a shirt and gifted it to your friend who uses it. Here your friend is the consumer and you are a buyer. However, a consumer can also be the buyer.

Customer

A customer usually refers to the person who takes the buying decision. For example, in a family, father decides on the brand of the toothpaste to be used by his children. Here, the children are the consumers and the father is the customer. A customer can also be the consumer. Similarly, the buyer may be different from the customer or one can be the customer as well as the buyer.

Virtual Market

With advancement of technology, the buyer and sellers can, now-a-days, interact with each other by using Internet. This is called virtual market.