Market Definitions and Types

A market is a platform where buyers and sellers interact to exchange goods, services, and information.
Markets can be physical (e.g., retail stores) or virtual (e.g., online marketplaces).

Consumer Markets
- Target individual consumers.
- Products are typically goods and services for personal use.
Business Markets
- Involve transactions between businesses.
- Products include raw materials, machinery, and components.
Financial Markets
- Facilitate the trading of financial assets like stocks, bonds, and currencies.
- Include stock exchanges and over-the-counter markets.
Labor Markets
- Where employers seek employees and individuals seek jobs.
- Influenced by supply and demand for labor.

Perfect Competition
- Many buyers and sellers.
- Homogeneous products.
- Easy entry and exit.
Monopolistic Competition
- Many sellers with differentiated products.
- Moderate barriers to entry.
Oligopoly
- Few large firms dominate the market.
- Products may be homogeneous or differentiated.
Monopoly
- Single seller controls the market.
- High barriers to entry; no close substitutes.

Supply and Demand
- Supply: The quantity of a good that sellers are willing to sell at various prices.
- Demand: The quantity of a good that consumers are willing to purchase at various prices.
- The interaction determines prices and quantities in the market.
Market Equilibrium
- The point where supply equals demand.
- Prices stabilize at this point.

Process of dividing a market into distinct groups of buyers.
Segments can be based on:
- Demographics (age, gender, income)
- Psychographics (lifestyle, values)
- Geography (region, city)
- Behavior (purchase habits, brand loyalty)

The process of gathering, analyzing, and interpreting information about a market.
Helps businesses understand customer needs, market trends, and competitive landscape.

A market is a platform for the exchange of goods, services, and information between buyers and sellers.
Markets may be physical (like retail stores) or virtual (such as online marketplaces).

Consumer Markets
- Focus on individual consumers looking for goods and services for personal use.
Business Markets
- Involve transactions among businesses, dealing in raw materials, machinery, and components.
Financial Markets
- Facilitate trading of financial assets, including stocks, bonds, and currencies, through stock exchanges and over-the-counter markets.
Labor Markets
- Area where employers seek employees, and individuals search for jobs, influenced by labor supply and demand.

Perfect Competition
- Characterized by many buyers and sellers with homogeneous products and minimal barriers to entry.
Monopolistic Competition
- Numerous sellers offer differentiated products, with moderate barriers to entry.
Oligopoly
- A few large firms dominate the market, which may offer either homogeneous or differentiated products.
Monopoly
- A single seller controls the entire market, presenting high entry barriers and lacking close substitutes.

Supply and Demand
- Supply refers to the quantity of a good sellers are willing to sell at various price points.
- Demand denotes the quantity consumers are eager to buy at different prices, shaping the market equilibrium.
Market Equilibrium
- Occurs when supply equals demand, leading to stabilization of prices and quantities.

Involves dividing a market into distinct buyer groups based on:
- Demographics: Age, gender, income.
- Psychographics: Lifestyle choices and values.
- Geography: Specific regions or cities.
- Behavior: Consumer habits and brand loyalty.

The systematic process of gathering, analyzing, and interpreting market information.
Aids businesses in understanding customer needs, market trends, and the competitive landscape.