Markets and Marketing: An Orientation

Markets and Marketing: An Orientation

Markets and Marketing: An Orientation

Markets and Marketing: An Orientation

Excerpt

A market is an exchange relationship among buyers and sellers. Whether we think of the traditional marketplace for local fresh produce and handicrafts, or the market for consumer goods in a metropolitan area, or the national and international market for steel, chemicals, or industrial equipment, the essential nature of a market remains the same.

Within a market, two activities take place: communication and exchange. Buyers and sellers communicate to acquaint each other with the products and services available and desired, and with their willingness and ability to trade, which includes prices and quantities. Then, when both buyer and seller are able and willing, they effect a transaction or exchange. Money or a promise to pay is presented, a service is performed, merchandise changes hands, or a promise of delivery or performance is made.

These activities of communication and exchange are undertaken by the individual buyers and sellers in order to accomplish . . .

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