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Over view of Concept Of Market
A market is a forum and one of the many variants systems, institutes, methodologies, social interactions and infrastructure wherein the concerned groups are involved in exchanging of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange. Whereas the groups can exchange goods and services through barter system, many of the markets are dependent on sellers who offer goods or services (including labor portion) in return for cash from the buyers. Market is termed as the procedure by which the cost of goods and services is determined. Markets enable trading along with allocating and distributing resources in a social setup. Markets permit any sell-able good to be analyzed and priced. A market rises in a spontaneous fashion or may be built artificially through personal interaction to enable interchange of rights of ownership of goods and services.
Markets vary by items (goods, services) or criteria (labor and capital) sold, item distinguished, location at which interchange is conducted, customers earmarked, time required to sell, selling procedure, government rules, taxation, subsidy, lower wages, cost ceiling, legal aspects of interchange, liquid cash, extent of speculating, sizes, concentrations, interchange differences, comparative pricing, volatile nature and demographic aspects. The demographic outlines of a market are extremely dynamic e.g. food market in a dedicated mall, real estate market in a localized area. Markets are also global e.g. worldwide gold trading. Economies can be described as developed or developed or developing markets.
Markets have varied forms. Some of the typical types of markets are classified as below:-
Physical consumer markets:-These are
Food retail markets, agricultural' markets, fish products markets and groceries storing marketsretail markets, public markets, market squares, main road, bazaars, gold souqs, shopping centers, malls and night marketssupermarket, hypermarket and discount storetemporary auction market, procedure of buying and selling goods or services through bidding process, collecting bids and selling products to the highest bidderPhysical business markets such aswholesale markets, selling of goods or products to retailers; to industrial, commercial, institutions, or other professional business Customers to other wholesalers and related subordinate servicesmarkets for intermediate goods utilized for producing other goods and serviceslabor markets: wherein persons sell their labor to businessmen in return for wagestemporary auction market, procedure of buying and selling goods or services through bidding process, collecting bids and selling products to the highest biddertemporary markets such as trade fair exhibitions· Non-physical markets such as media markets (broadcast market) is an area wherein the audience can get similar TV and radio station offer and also includes other categories of media viz. newspapers and internetInternet market (E-commerce), trading in products or services utilizing computer networkingartificial market made by rules for exchanging rights for the by-products conceptualized to upgrade the external factors e.g. pollution control statutory norms
Financial markets allow interchange of liquidity. Many investor have preference to invest in the following types of markets:Share market, for interchange of stocks in NSE and BSE, the prevailing stock markets in IndiaThe bond marketThere are certain typical problems and difficulties related to the concept of market. Some of these are described as under:-
Concentrate on innovative ideas and the competitive marketsAs a businessman, it is simple to concentrate on creating innovative ideas which are not linked to the market issues. It does not mean that if one can innovate one should necessarily do. It is also simple to heed too much attention to the competitors' activities and spend money to leave them behind because in most of the cases the Client does not bother about the extra freebies offered.
Concentrating on ClientsClients understand the issues but they are not in a position to assist you to make your product sell-able. They are aware of your offers and stay within that mental framework. Clients provide inputs hence they strike a dialogue with prospective market user who have not bought your product. They tend to visualize beyond your present product.
Concentrating on revenueBy concentrating only on future prospects and delivering what the prospective Client desires, you will earn revenue but cannot tap the market opportunities. It is essential to strike balance between prospects and Clients in order to protect your upcoming revenues.
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Superior quality technical expertise and familiarization to concepts related to economics that effectively guide our Customerson theory of Concept of Market.We have also described in detail regarding several classifications of markets and their different facets.We have highlighted the problemsand difficulties encountered in each type of Concept of Market along with their impact and have provided effective solutions.To summarize, effective comprehension of concept of market requires knowledge of concepts related to economics along with experience in this area. We impart online assistance related to different aspects of concept of market which guides in assignment writing and homework completion related to this topic. Some of the features which we provide are mentioned below:-
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