1. A market is one of many varieties of systems, institutions,
procedures, social relations and infrastructures whereby parties
engage in exchange. While parties may exchange goods and services
by barter, most markets rely on sellers offering their goods or
services (including labor) in exchange for money from buyers. It
can be said that a market is the process in which the prices of
goods and services are established.
Markets vary in form, scale (volume and geographic reach),
location, and types of participants, as well as the types of goods
and services traded. There are many kinds of markets that we may
visit for our everyday needs: these can include shops, hawker’s stall
in our neighbourhood, a weekly market, a large shopping complex,
perhaps even a mall.
2. A weekly market is so called
because it is held on a
specific day of the week.
Weekly markets do not have
permanent shops. Traders
set up shops for the day and
then close them up in the
evening. Ten they mat set up
at a different place the next
day. There are thousands of
such markets in India.
People come here for
Availability of many things
Most of the things we need are available at one place.
Whether you want vegetables, groceries or cloth items,
utensils – all of them can be found here. It’s a place
where the people have a choice and a variety of goods.
Many things in weekly markets are available at cheaper
rates. This is because when shops are in permanent
buildings, they incur a lot of expenditure – they have to
pay rent, electricity, fees, tax etc. But in such markets,
there are no such kind of problems.
4. No permanent shops.
Cases of cheating the consumers
5. Beside weekly markets, there are many shops that
sell goods and services in our neighbourhood:
Milk from dairy
Groceries from departmental store
Eatables or medicines from other shops
Temporary or Roadside Stalls
6. Shops in neighbourhood are useful in
many ways. They are near our home
and we can go there on any day of
the week. Usually, the buyer and
seller know each other and these
shops also provide goods on credit.
This means that you can pay for the
7. A shopping mall, shopping
precinct or simply mall is
one or more buildings
interconnecting walkways e
nabling visitors to easily
walk from unit to unit, along
with a parking area — a
modern, indoor version of
8. How the products reach from the producer to the
Every city has areas for wholesaler markets. This is
where goods reach first and are then supplied to
First the big traders buy things from the factory or
Then they sell these things to other small traders.
These small traders then sold these things to the
shopkeeper, roadside hawker (known as retailer) etc.
Finally the products or things reach the customer on
purchasing them form the shop.
(shopkeeper, hawker etc.)
10. Modern Way of Marketing
So far we have seen different marketplaces where people
buy and sell a variety of goods and services. All these
market are in a specific locality and work in a particular
manner and time. However it is not necessary that one
has to go to the market to purchase goods.
Now the order of products can be placed through
phone and internet and the goods are delivered at
Buying and selling also takes place through agents