A market is a place where buyers and sellers interact to trade goods, services, or financial instruments. Key aspects of a market include determining prices, communicating prices, facilitating transactions, and distribution. The market for a particular item consists of potential customers who need it and are able and willing to pay.

1. MARKET
An actual or nominal place where forces of demand and
supply operate, and where buyers and sellers interact
(directly or through intermediaries) to trade goods,
services, or contracts or instruments, for money or barter.
Markets include mechanisms or means for (1)
determining price of the traded item, (2) communicating
the price information, (3) facilitating deals and
transactions, and (4) effecting distribution. The market for
a particular item is made up of existing and potential
customers who need it and have the ability and
willingness to pay for it.

2. TARGET MARKET?
MASS MARKET?
NICHE MARKET?
LUXURY MARKET?
EXPORT MARKET?
HOME MARKET?
TEST MARKET?
OPEN MARKET?
FINANCIAL MARKET?

3. TARGET MARKET
• A particular market segment at which a
marketing campaign is focused. A specific
group of consumers at which a company aims
its products and services. Your target
customers are those who are most likely to
buy from you.

4. MASS MARKET
• Un-segmented market in which products with
mass appeal products (aspirin, orange juice,
soft drinks, paperback romances, etc.) are
offered to every customer through
mass retailers or independent stores, and
promoted through mass media.

5. NICHE MARKET
• Concentrating all marketing efforts on a small but
specific and well defined segment of the
population. Niches do not 'exist' but are 'created'
by identifying needs, wants, and requirements
that are being addressed poorly or not at all by
other firms, and developing and delivering goods
or services to satisfy them. As a strategy, niche
marketing is aimed at being a big fish in a small
pond instead of being a small fish in a big pond.
Also called micromarketing.

6. LUXURY MARKET
• Market of Products which are not necessary
but which tend to make life more pleasant for
the consumer. In contrast with necessity
goods, luxury goods are typically more costly
and are often bought by individuals that have
a higher disposable income or greater
accumulated wealth than the average.

7. EXPORT MARKET
• A foreign country to which goods and services
from a particular country are sold

8. HOME MARKET
• Country, state, or city where a firm has its
headquarters.
• The country you live in or where a company is
based, seen as a place where goods or
services can be sold.
(Domestic market)

9. TEST MARKET
• Geographic areas selected for a limited-scale
introduction of a new product and/or a marketing plan.
A test market serves as a field-laboratory which
simulates some or all factors associated with a full
scale or national launch of the product. It generally
includes at least on city that is a hub of commercial and
media activity in that area and is surrounded by, and
well connected to, several suburbs. Multiple test
market locations allow evaluation of different pricing
schemes, advertising media, promotional techniques,
and other components of a marketing strategy. See
also test marketing.

10. OPEN MARKET
• Where price of goods and services is governed
by the forces of demand and supply, and not
by manipulation by cartels or government
policies.
• Where buyers and sellers can make the deals
they wish to make without any interference,
except by the forces of demand and supply. A
stockmarket comes closest to this ideal.

11. FINANCIAL MARKET
• Markets for sale and purchase of stocks
(shares), bonds, bills of exchange,
commodities, futures and options, foreign
currency, etc., which work as exchanges for
capital and credit.
See also capital market and money market.