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Tuesday, 15 March 2011

What is market? discuss the classification of market

Market:-
The term market refers to place where buyers and sellers meet for the object of transferring the ownership of goods from one hand to another hand. A market may be defined by WILLIAM STATION "As an aggregate demand by potential buyers of a product of service."
The concept of market also implies a demand for a product or service. In fact, the terms "market and demand " are often used jointly as "Market Demand." On economic sense, a market exist 'where buyers and sellers of a commodity come into free contact with each other for the purpose of exchange. In other words market can be taken to exist wherever these exist a group or several groups of people, some of whom desire to obtain certain things and some of are in a position to satisfy that desire.

CLASSIFICATION OF MARKET

Marketing may be classified into the following headings:

1. Retail Market:-
It is that market where goods are bought and sold in small quantity and are supplied directly to consumers near to home at retail price.

2. Whole Sale Market:-
In this market goods are bought and sold in large scale at wholesale price. Generally wholesalers purchase goods directly from the producer of the goods and are supplied to retailers. He thus play the role of middleman between retailers and producers.

3. Stock Exchange Market:-
It is an organized market. Where shares bonds and debentures of the bonafide trading unit are regularly transacted. Its dealing are carried on within a particular place in which a person can easily convert his securities into cash. There are large numbers of buyers and sellers who conduct their activities under strict rules.

4. Foreign Exchange Market:-
It denotes that market where foreign currencies are brought and sold.

5. Capital Market:-
In this market loans are given to businessman, industrialists and traders for the object of removing financial difficulties and expansion of business.

6. Money Market:-
This market is the portion of capital market. It provides the financial facilities to various businessman for short period only.

7. Commodity Market:-
It refers to an organized market where raw materials are transacted with manufactures who offer the goods to consumers in useful form.

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