Contact Us

If you still have questions or prefer to get help directly from an agent, please submit a request.
We’ll get back to you as soon as possible.

Please fill out the contact form below and we will reply as soon as possible.

  • Courses
  • Home
  • Marketing, Advertising, Sales & PR
  • Principles of Marketing

Market (Marketing) - Explained

What is a Market?

Written by Jason Gordon

Updated at September 28th, 2021

Contact Us

If you still have questions or prefer to get help directly from an agent, please submit a request.
We’ll get back to you as soon as possible.

Please fill out the contact form below and we will reply as soon as possible.

  • Marketing, Advertising, Sales & PR
    Principles of Marketing Sales Advertising Public Relations SEO, Social Media, Direct Marketing
  • Accounting, Taxation, and Reporting
    Managerial & Financial Accounting & Reporting Business Taxation
  • Professionalism & Career Development
  • Law, Transactions, & Risk Management
    Government, Legal System, Administrative Law, & Constitutional Law Legal Disputes - Civil & Criminal Law Agency Law HR, Employment, Labor, & Discrimination Business Entities, Corporate Governance & Ownership Business Transactions, Antitrust, & Securities Law Real Estate, Personal, & Intellectual Property Commercial Law: Contract, Payments, Security Interests, & Bankruptcy Consumer Protection Insurance & Risk Management Immigration Law Environmental Protection Law Inheritance, Estates, and Trusts
  • Business Management & Operations
    Operations, Project, & Supply Chain Management Strategy, Entrepreneurship, & Innovation Business Ethics & Social Responsibility Global Business, International Law & Relations Business Communications & Negotiation Management, Leadership, & Organizational Behavior
  • Economics, Finance, & Analytics
    Economic Analysis & Monetary Policy Research, Quantitative Analysis, & Decision Science Investments, Trading, and Financial Markets Banking, Lending, and Credit Industry Business Finance, Personal Finance, and Valuation Principles
  • Courses
+ More

Table of Contents

What is a Market? How do we Describe Markets?

What is a Market? 

A market is just a group of consumers who seek to satisfy similar needs through some form of exchange. First, the participants in the market must have something to exchange. That is, both parties have to have something of value so the consumer in order to be part of a viable market.

Further, there must be demand on each side for the value that market participants are supplying. 

Lastly, there must be some common identifying element among the individuals who participate in the exchange. This could be any number of characteristics, such as demographics, social status, wealth, geographic location, etc. 


How do we Describe Markets?

Describing a market or market segment can be difficult. We generally describe a market with the type of good that they market participants will consumer - hence the term, "product market". 

Commonly, the geographic region in which the market is located can also be used a descriptive characteristic for the market.

Another method of describing a market is by the need that we meet or intend to meet. This method may be beneficial when you sell the same product to diverse groups of people, each with a different need or use for the product. 

Yet another method of describing a market is by the characteristics or traits of the customers, such a demographics, social status, etc. 

Related Topics

  • What is a Market?
  • What is Target Marketing?
  • What is Market Segmentation?
  • How Many Segments to Target?
  • How Do We Segment Consumer Markets?
  • Benefit Segmentation
  • How Do We Segment Business Markets?
  • Using Data for Market Segmentation
  • Buying Power Index
  • What is Customer Relationship Management?
  • What is Behavioral Targeting?
  • What is Positioning?
  • What is a Positioning Statement?
  • What is a Perceptual Map?
  • Cultural Factors Affecting Marketing
  • International Marketing is Challenging
market

Was this article helpful?

Yes
No

Related Articles

  • Vertical Market - Explained
  • Purpose of Marketing - Explained
  • Retargeting (Advertising) - Explained
  • Pricing a Product - Explained



©2011-2021. The Business Professor, LLC.
  • Privacy

  • Questions

Definition by Author

0
0
Expand