Meaning and Definition of Market

ELEMENTS  OF MARKETING

CONCEPT OF MARKET AND MARKETER

Meaning of Market

The word market is derived from the Latin word ‘Marcatus’ which means trade, commerce, merchandise, a place where business is transacted. The common usage of market means a place where goods are bought or sold. It is a medium or place to interact and exchange goods and services. In simple words, the meeting place of buyers and sellers in an area is called Market.

The term market defined by different authors in different ways among them the most important are given below.

Definition of Market

i) According to Pyle “Market includes both place and region in which buyers and sellers are in free competition with one another.”

ii) In the words of Clark and Clark “A market is a centre or an area in which the forces leading to exchange title to a particular product operate and towards which the actual goods tend to travel.”

F rom the above definition it is observed that

i. Market may mean a Place; where buying and selling take place.

ii. Buyers and sellers come together for transactions.

iii. An organisation through which exchange of goods takes place.

iv. The act of buying and selling of goods (to satisfy human wants).

v. An area of operation of commercial demand for commodities.