Classification Of Market
Classification of market Market
Definition
According to Duddy and Reizan “ Market are people with money to spend and the desire to spend it.”
According to Chapman “ The term market refers not to a place but to commodities , buyers and sellers who are in direct competition with one another.”
Classification of market
• On the basis of area
1. Local Markets: it is confined to locality mostly dealing perishable and semi perishable goods like fish, flowers, vegetables etc.
2. Regional Market: covers a wide area may be a state or interstate or a district dealing in durables, both consumer and non durables industrial products.
3. National market: The area covered within the national boundaries dealing with durable or nondurable consumer, industrial goods, metal , forest etc.
a. Urban market: market with high density of people in a city or town.
b. Rural market: market with low density of people in a village without any infrastructure.
1. International market: The movement of goods is widespread throughout the world, making it as a single market. When the exchange of goods takes place beyond national boundaries then, such market are known as international market.
On the basis of nature of purchase and consumption
1. Consumer market: where people buy goods and services for their personal consumption. Consumer is made of individual and households. Consumers purchase a variety of goods to satisfy their physiological and psychological need. Eg: Bathsoap, detergent, toothpaste(non-durable products) computers, refrigerators, mobile(durable products)
2. Industrial market: Consists of individuals, groups or organisations who buy goods and services to earn profit out of them. It consists of manufacturer, service firms, government departs and reselling business firms.
On the basis of time
1. Short period market: it refers to the market where goods are sold with in few days or weeks. They generally are highly perishable goods of all kinds.
2. Long period market: Markets for
Definition
According to Duddy and Reizan “ Market are people with money to spend and the desire to spend it.”
According to Chapman “ The term market refers not to a place but to commodities , buyers and sellers who are in direct competition with one another.”
Classification of market
• On the basis of area
1. Local Markets: it is confined to locality mostly dealing perishable and semi perishable goods like fish, flowers, vegetables etc.
2. Regional Market: covers a wide area may be a state or interstate or a district dealing in durables, both consumer and non durables industrial products.
3. National market: The area covered within the national boundaries dealing with durable or nondurable consumer, industrial goods, metal , forest etc.
a. Urban market: market with high density of people in a city or town.
b. Rural market: market with low density of people in a village without any infrastructure.
1. International market: The movement of goods is widespread throughout the world, making it as a single market. When the exchange of goods takes place beyond national boundaries then, such market are known as international market.
On the basis of nature of purchase and consumption
1. Consumer market: where people buy goods and services for their personal consumption. Consumer is made of individual and households. Consumers purchase a variety of goods to satisfy their physiological and psychological need. Eg: Bathsoap, detergent, toothpaste(non-durable products) computers, refrigerators, mobile(durable products)
2. Industrial market: Consists of individuals, groups or organisations who buy goods and services to earn profit out of them. It consists of manufacturer, service firms, government departs and reselling business firms.
On the basis of time
1. Short period market: it refers to the market where goods are sold with in few days or weeks. They generally are highly perishable goods of all kinds.
2. Long period market: Markets for