Markets Around Us


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Markets Around Us

  1. 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. 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 everyday requirements.
  3. 3.  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.  Cheaper rates 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. 4. No permanent shops.  Defective products  Cases of cheating the consumers  Bargaining 
  5. 5. Beside weekly markets, there are many shops that sell goods and services in our neighbourhood: Permanent  Milk from dairy  Groceries from departmental store  Stationary  Eatables or medicines from other shops Temporary or Roadside Stalls  Vegetable hawker  Fruit vendor  The mechanic
  6. 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 purchases later.
  7. 7. A shopping mall, shopping centre, shopping arcade, shopping precinct or simply mall is one or more buildings forming a complex of shops representing merchandisers, with interconnecting walkways e nabling visitors to easily walk from unit to unit, along with a parking area — a modern, indoor version of the traditional marketplace.
  8. 8. How the products reach from the producer to the consumer?  Every city has areas for wholesaler markets. This is where goods reach first and are then supplied to other traders.  First the big traders buy things from the factory or wholesale trader.  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.
  9. 9. Wholesaler Big Traders Small Traders Retailers (shopkeeper, hawker etc.) Customer (or Consumer)
  10. 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 home.  Buying and selling also takes place through agents also. 