What is a Market & Its Characteristics?
A market can be defined as the summation of all the buyers and sellers in an area or region under consideration. The area may be a country, a region, a state, a village or a city.
Market is a place where goods, commodities or services provided by the sellers are swapped with the buyers or purchasers for some value combined with need, demand, supply etc.
We can say that it is a place, which satisfies the potential needs of the buyers as well as the sellers. The market may have a physical existence or a virtual one. It may be local or global one.
Characteristics of a Market
A market has its own characteristic features. It involves only exchange and trade of commodities but that activity also has its own features.
Let us take a look at the characteristics of a market.
A place for swapping goods and services for some value. The goods can be swapped for money, land or some other commodity.
This is a place where you can negotiate commodities
Coverage of all customer requirements is possible here
This is a place for innovation and creation
There is potential or capacity for buying and selling.
There is share of consumption as well as total part of demand.
Let us now take a look at the key elements of the market.Source: https://www.tutorialspoint.com/marketing_management/marketing_management_overview.htm