MARKET THE SET OF ACTUAL AND POTENTIAL BUYERS 2462 WORDS

A market is the set of actual and potential buyers of a product. Originally, the term market stood for the place where buyers and sellers gathered to exchange their goods, such as a village square. Economist use the term to refer to a collection of buyer and sellers who transact in a particular product class, as in the housing market or the grain market. Marketers, however, see the sellers as constituting as industry and the buyers as constituting market. (Kotler, 2005). Thus the sports market consists of sellers such as Adidas, Nike, Puma, Reebok, etc. and all the consumers who buy their sports products. To develop your own knowledge of marketing theories, models and external marketing analysis, take a look at these free marketing guides.

Market segmentation

Since Smith’s (1956) introduction of market segmentation, marketing practitioners and academics have