What do you know about markets?
What do you know about markets? How do you determine the size of a market?
The concept of exchange leads to the concept of a market. A market is the set of real and potential buyers of the product. Marketing is a way to bring in buyers
and sellers of a product together. Market consists of group of organizations and/or individuals who may want the product offered by the seller and those who have it
requisite purchasing power, the willingness to spend resources to buy the product, yo management of such costs.
1 Marketing
4 General Business Education Grade 12
We did not say that a certain market is big or small. The size of a market depends on the number of people who show demand, have resources to exchange,
and are willing to offer these resources in exchange for what they want. Markets are broadly classified as consumer and industrial markets. Customer
markets consist of purchasers and/individual household members who intend to
consume or benefit from the purchased products and who do not buy products to ka faa'iidayso.
Industrial markets or also known as business-to-business markets are broadly grouped into producer, seller, government, and institutional sectors. Those
markets purchase specific kinds of products for use in producing other products, for
resale or for day-to-day operations. Product markets are made up of individuals and business organizations that buy some products
products to use in the manufacture of other products. Vendor markets consist of intermediaries such as wholesalers and retailers who
buy finished products and sell them for a profit. Government markets are made up of federal, state, local, county and district levels
Governments. They buy goods and services to maintain internal operations and to
provide citizens with such products as highways, education, water, energy, police,
national defense and the like. Institutional markets include churches, nonprofit schools and hospitals, teachers unions, labor unions, foundations, human rights groups, fraternities,
charitable organizations. The goals