Factors Affecting a Market
There are numerous reasons why a market grows or reduces its profitability. There are different factors affect the growth of a market in many ways.
Let us understand the importance and effect of each factor given below on a market with the help of relevant examples.
Number of Buyers and Sellers
Flipkart offers a special sale offer, where the candidate needs to register for an item in order to purchase it. In this way, the site gets an idea about the product's demand and thus it tries to maintain the quantity of the item as per the demand. If the number of buyers is more, the product needs to be bought again. However, if the buyers are fewer, then the product needs to be hiked to increase the sale.
Types of Goods
If a person wants to buy a car, following things need to be considered: what type of a car does he /she need, which brand, what are the brands available, what is the budget, etc. Most importantly, with this factor, one gets a variety of choices in a limited budget.Source: https://www.tutorialspoint.com/marketing_management/marketing_management_overview.htm