What is Markets
The value, cost and price of items traded are as per forces of supply and demand in a market. The market may be a physical entity, or may be virtual. It may be local or global, perfect and imperfect.
Description: What are the different types of markets?
A market can be called the 'available market' - that of all the people in the area. Within the available market, there is the 'market minimum'- or the market size, which will buy goods without any marketing effort. This is the lowest sale that a company could get without any action on its part. In today's world, this level is sinking ever lower.
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There is also the 'market potential', which is the maximum market size that will buy goods when subjected to the greatest marketing action that a company can do. Beyond this market potential, the costs outweigh the gains. The market potential is therefore the upper limit for a marketplace and sales.