Marketscustomer Example

Marketscustomer Example Marketscustomer â€" Essay Example > Bibliography: 13What the does the word market depict? The word market brings the scene of a public place where goods and services are traded, purchased and sold to our minds. The meaning of the word market has many dimensions. Generally speaking, a market is a site or venue where people willing to pay a price for something meet those willing to sell it. With reference to marketing, a market is the total sum of potential buyers of a product. Market in context to economics, is known as a mechanism which allows people to trade, normally governed by the theory of supply and demand, and thus allocates resources through a price mechanism. It incorporates a bid and ask process. Generally, there are two primary kinds of markets: -General markets, those where many commodities are traded -Specialised markets, those where only one commodity is traded Markets operate by gathering intrested sellers in one place, which makes it easier for them to find prospective buyers. There is a direct relat ionship between a market and a customer or consumer. A customer is the entity that constantly stays intact with the market for meeting his needs and requirements and the market provides these requirements. Furthermore, there are some secondary types of markets which are classified on the basis of the products they deal with. For instance: -MarketplaceA marketplace is a location where goods and services are exchanged. The traditional market square is a city square where traders set up stalls and buyers buy the merchandise. This is the oldest and most kind of market. -Wholesale MarketsA wholesale market is such a market whose primary function is selling to traders such as caterers and small shopkeepers, rather than the common public, however, members of the public are not necessarily excluded. -MarketspacesIn the modern era, mainly after the invention of the electronic computer, the location of markets is not only in a physical space. There are virtual markets, which consist of comm unication paths where information exchange is easy and deals may be struck. These are often called marketspaces. A notable example of this is the international currency market. The e-Bay web site can also be considered a marketspace. An economy which relies primarily on interactions between buyers and sellers to allocate resources is known as a market economy in contrast either to a command economy or to a non-market economy that is based, e.g. , on gifts ( Market). A customerThe simple description of a customer would be ‘someone who purchases or rents something from an individual or organization’. The word ‘customer’ has been historically derived from ‘custom’ which means ‘habit’. A customer was considered to be the person who visited a particular shop and made it a habit to purchase goods of the sort the shop sold there rather than elsewhere, and with whom the shopkeeper had to maintain a relationship to keep his or her ‘custom’ which meant expected purchases in the future. The shopkeeper would remember the sizes and preferences of his or her customers. The word did not refer to those who purchased things at a fair or bazaar, or from a street vendor.