Marketing91

  • HOME
  • Marketing Concepts
    • Marketing
      • Retail Tutorials
      • Market Research
      • Customer Management
    • Strategy
    • Management
    • Advertising
    • Branding
    • Business
    • Finance
    • Sales
    • Career Guidance
  • Digital Concepts
    • Blogging
    • Search Engine Optimization
    • Social Media Marketing
    • Facebook Marketing
    • Internet Marketing
    • Ecommerce
  • Brands
    • Marketing Mix of Brands
    • SWOT analysis of Brands
    • Brands Strategy Analysis
    • Business Models
    • Brand Competitors
    • TOP 10
  • Courses
Home » Marketing » What is a Market

What is a Market

January 11, 2018 By Hitesh Bhasin Tagged With: Marketing

The market definition is as follows

“An aggregate of people who, as individuals or organizations, have needs for products in a product class and who have the ability, willingness and authority to purchase such products”

However, the definition of Market can be too much and here is the breakdown of what a market is.

A) A market is comprised of people – Quite simple, but correct. Now, who those people are can differ for each industry. For Canon, the people are people who can buy printers and copiers and who need those printers. Similarly, for Intel, people are those who need computers. So let us delve deeper into what is market.

B) A market is comprised of people with needs wants and demands – I strongly recommend that you read this article on Needs wants and demands. Based on their situation in life, people might have a need (food, vegetables), they might have a want (motorcycle, car) or they might have a demand (Audi, BMW). So, the market for you might vary based on their needs wants and demands.

C) A market is comprised of people with needs wants and demands and the buying ability or buying power to purchase the products – This is the 3rd definition of marketing and it simply says that the needs wants and demands are important, but ultimately the market should have the right people who have the buying power.

BMW & Audi marketing themselves to C grade towns is useless. So is Maruti marketing only to A grade towns. Hence, whenever you are studying a market, studying what kind of people the market is made of is also important.

D) A market constitutes of decision makers – A corporate, which wants to sell to other corporates (B2B Sales) will view the market only on the basis of decision makers it has. The corporates might have a lot of factories in City X. But if the decision makers are sitting in City Y, then for the seller, the market is City Y and not City X.

The market definition basically says that the market keeps changing based on the people you are going to target. The market might comprise of middle class people or rich people, but it will not constitute of all people unless and until you are a mass marketing company.

Now when you go through the definition of market again, you will find it very simple. Important thing is to analyse the market before entering with a new product.

Share this post:

Share on Facebook Share on Twitter Share on LinkedIn Share on Email Share on WhatsApp
Digiaide Marketing and Digital Marketing Courses

Related posts:

  1. Account-based Marketing (ABM)
  2. Marketing Communication: Meaning & Types of Marketing Communication
  3. Traditional Marketing | What is Traditional Marketing?
  4. Consumer Behavior: Definition, Importance and Types
  5. How to choose a Market segment? 5 approaches to Choosing a market segment.
  6. Definition of Market Aggregation – What Is Market Aggregation?
  7. Niche Marketing – Definition, Meaning, Advantages, Ideas
  8. Market Power – Definition, Meaning, Factors And Abuse
  9. What is Rural Marketing? Features, Challenges, Potential and Examples
  10. Marketing Tools

What Do You Want To Learn About? (Start Here)

  1. Marketing Hub
  2. Management Hub
  3. Marketing Strategy
  4. Advertising Hub
  5. Branding Hub
  6. Market Research
  7. Small Business Marketing
  8. Sales and Selling
  9. Marketing Careers
  10. Customer Management
  11. Top 10 Lists
  1. Internet Marketing
  2. Blogging
  3. Search Engine optimization
  4. E-commerce
  5. Facebook Marketing
  6. Social Media Marketing
  7. Business Model of Brands
  8. Marketing Mix of Brands
  9. Brand Competitors
  10. Strategy of Brands
  11. SWOT of Brands
GET DAILY MARKETING UPDATES

About Hitesh Bhasin

I love writing about the latest in marketing & advertising. I am a serial entrepreneur & I created Marketing91 because I wanted my readers to stay ahead in this hectic business world.

Comments

  1. Prashant says

    Can anyone please specify more Types of Markets..?

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Advertisement
Recent Posts
  • Collaboration – Definition, Importance, Types and skills
  • College vs University – Differences, Types, Pros and Cons
  • Common Stock – Definition, Classification and Examples
  • Common Market – Definition, History and Examples
  • Commodity Futures – Definition, Example and Risks
Advertisement

Marketing91

MORE INFO

  • About Marketing91
  • Privacy Policy
  • Cookie Policy
  • Disclaimer
  • Terms of Use
  • Advertise
  • Contact us
  • Sitemap
  • ISO 9001:2015 Certified

LEARNING SERIES

  • What is Communications
  • Types of Communication

WE WRITE ON

  • Marketing
  • Small Business
  • Management
  • Internet Marketing
[email protected]

Copyright © 2022 Marketing91 All Rights Reserved