In business, market has several meanings. Here are the most important ones:
1. The market where you shop
In layman’s term, market refers to the place where people go to buys goods and household supplies, such as the grocery store.
2. The market: The people a business’s product or service will cater to
Customers’ needs are the most important factor to be considered when developing and promoting a product line. Before a product line is even made, market research is conducted.
During this phase, the actual market is established based on factors like demographics (age, sex, income level, race, etc.). The group of people that will be catered to, or the prospective market, is then further analyzed to figure out what their current needs and wants are so as to come up with a product line.
Other constraints then come in such as the budget and location of the company, which can of course limit the size of the market to just a certain region.
Once the market is established and the product line is developed and manufactured the word market then transitions to a verb because it is when the selling and promotion starts.
3. Market something: The act of promoting, selling and distributing a particular product line
Companies market new products through a combination of business development, advertising and communications. They build relationships with customers, who in turn recognize and trust their brand. The ultimate outcomes of a good marketing campaign include brand recognition, customer loyalty, and good word-of-mouth marketing.
Ideally, by the time the product is rolled, out people will be aware of the brand and so be more receptive towards buying the product.
4. The financial market
A financial market allows sellers and buyers to trade commodities, securities, and other goods in one place. Thousands of markets exist in the United States alone. They are a primary driver of both the national and global economy.
