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Definition: A market is defined as the sum total of all the buyers and sellers in the area or region under consideration. The area may be the earth, or countries, regions, states, or cities. The value, cost and price of items traded are as per forces of supply and demand in a market. The market may be a physical entity, or may be virtual. It may be local or global, perfect and imperfect. Description: What are the different types of markets? A market can be called the 'available market' - that of all the people in the area. Within the available market, there is the 'market minimum'- or the market size, which will buy goods without any marketing effort. This is the lowest sale that a company could get without any action on its part. In today's world, this level is sinking ever lower. There is also the 'market potential', which is the maximum market size that will buy goods when subjected to the greatest marketing action that a company can do. Beyond this market potential, the costs outweigh the gains. The market potential is therefore the upper limit for a marketplace and sales.
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What are the 4 elements of market transactions?They are product, price, place, and promotion. The four Ps are often referred to as the marketing mix.
Which one of the key concepts of marketing refers to a transaction in which something of value is received and something of value is given?In marketing, the act of obtaining a desired object from someone by offering something of value in return is called the exchange process. The exchange involves: the customer (or buyer): a person or organization with a want or need who is willing to give money or some other personal resource to address this need.
Is a transaction in which two or more organizations or people give and receive something of value?Exchange: A transaction in which two or more organizations give and receive something of value.
What is the meaning of 4 Ps?The marketing mix, also known as the four P's of marketing, refers to the four key elements of a marketing strategy: product, price, place and promotion.
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