What is a market and how does it work?

A market is a place where parties can gather to facilitate the exchange of goods and services. The parties involved are usually buyers and sellers. The market may be physical like a retail outlet, where people meet face-to-face, or virtual like an online market, where there is no direct physical contact between buyers and sellers.

What is a consumer market?

A consumer market is one where retailers sell goods and services to customers for personal use or consumption. It differs from the business market because buyers in the consumer market purchase products and services for individual use, not to resell for a profit.

What is a target market?

A target market is a specific group of people with shared characteristics that a business markets its products or services to. Companies use target markets to thoroughly understand their potential customers and craft marketing strategies that help them meet their business and marketing objectives.

What are the features of a market?

Markets establish the prices of goods and services that are determined by supply and demand. Features of a market include the availability of an arena, buyers and sellers, and a commodity. A market is any place where two or more parties can meet to engage in an economic transaction—even those that don't involve legal tender.