Market: The set of all actual and potential buyers of a
product or service.
The size of market depends on the
number of people who exhibit the need, have resources to engage in exchange and
are willing to offer these resources in exchange for what they want.
A simple marketing system consists
of sellers and buyers. Sellers and the buyers are connected by four flows (see
the figure below).
Figure: A simple marketing system
- The seller sends products,
services and communications to the market (buyer),
- The market (buyer) sends money
and information to the seller.
Marketers are keenly interested in markets. Their goal is to
understand the need and wants of specific markets and to select the markets
that they can serve vest. In turn, they can develop products and services that
will create value and satisfaction for customers in the respective markets,
resulting in sales and profits for the company.
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