The paper 'Defining the Term Market" is an outstanding example of marketing coursework. The success of business firms seems dependent on the number of customers purchasing their products. However, selling is not a simple task as it involves knowledge and awareness of the target market, the market structure and nature of competition, and strategies appropriate for a particular market structure. The following sections discuss the traditional definition of the term “ market” and changes stimulated by business activities focusing on delivering specific customer needs, managing customer relationships, and competitive advantage.
Section B discusses the various market structures such as perfect competition, monopoly, monopolistic competition, and oligopoly. The various aspects of perfect competition market structure are described in Section C including advantages of this particular structure over other structures mentioned in Section B and criticisms from various economic experts. In contrast, Section D covers various aspect of the opposite structure or imperfect competition including discussion on behaviours of economies under this market condition. Finally, the conclusion section presents a summary of this report Market definition A concept in social science and economics, the term “ market” is commonly defined as a gathering of people for purchase and sale of provisions or livestock but according, the term should not be viewed simply as a kind of social arrangement as it involves ideas and vision.
It is a complex institution where parties voluntarily do exchanges or the action of transacting, buying, selling, and bargaining. A market, therefore, is the physical place specifically organised for exchange activities, a place to buy and sell, and driven by social and economic needs. However, these definitions according to shifted from mere purchase of goods at a fixed time and place to the aggregation of potential customers as companies today considered every customer as their own market segment with specific needs that must be fulfilled.
For instance, the marketing strategy of most business organisations nowadays is not limited to creating, communicating, and delivering value to customers but include managing customer relationships in a manner beneficial to the organisation and its stakeholders. According to, the significant change in strategy makes the market the focus of organisational activities aiming to meet the specific need of a particular customer.
In fact, the traditional definition of the market is now considered broad as it lacks practical applicability in terms of product and geographical characteristics. In summary, the most relevant definition of the market is one that incorporates not only social arrangement, exchanges, places, specific customers, product, and geographical characteristics, the visible and invisible interactions of supply and demand. However, although the market is often associated with place or location where people meet to buy and sell goods, it can exist with or without spatial connotations. As discussed below, a market is not simply a place of interaction between buyers and sellers but structured in a manner consistent with the behaviour of market players, product differences, the number of market participants, and the possibility of new firms entering a particular market.
The traditional definition of the term market seems broad and mainly focusing on the most visible aspect of the market and ignoring the role of competition in changing the perception of people about the market.
Aldridge, A. (2005). The Market, Wiley
Black, R. E. & Petrini, C. (2012). Porta Palazzo: The Anthropology of an Italian Market, University of Pennsylvania Press, Incorporated
Burnett, J. (2007). Nonprofit Marketing Best Practices, Wiley
Buyya, R., Vecchiola, C. & Selvi, S. T. (2013). Mastering Cloud Computing: Foundations and Applications Programming, Elsevier Science
Chakravarty, P. S. R. (2009). Microeconomics, Allied Publishers Pvt Limited
Cooper, R. (1999). Coordination Games, Cambridge University Press
Dow, S. C. & Hillard, J. (2002). Keynes, Uncertainty and the Global Economy: Beyond Keynes, Volume Two, Edward Elgar
Ezeala-Harrison, F. (1999). Theory and Policy of International Competitiveness, Praeger
Ferri, P. (2011). Macroeconomics of Growth Cycles and Financial Instability, Edward Elgar Publishing Limited
Gal, M. S. (2009). Competition Policy for Small Market Economies, Harvard University Press
Gilmore, J. H. & Pine, B. J. (2000). Markets of One: Creating Customer-unique Value Through Mass Customization, Harvard Business School Press
Goel, R. K. (1999). Economic Models of Technological Change: Theory and Application, Quorum Books
Mastrianna, F. V. (2009). Basic Economics, South-Western/Cengage Learning
McKenzie, R. B. & Lee, D. R. (2008). In Defense of Monopoly: How Market Power Fosters Creative Production, University of Michigan Press
Moran, T. H. (2010). China's Strategy to Secure Natural Resources: Risks, Dangers, and Opportunities, Peterson Institute for International Economics
Moschandreas, M. (2000). Business Economics, Business Press
Musgrave, F., Kacapyr, E. & Barron's Educational Series, i. (2001). Barron's how to Prepare for the AP Microeconomics/macroeconomics Advanced Placement Examinations, Barron's Educational Series
Myles, G. D. (1995). Public Economics, Cambridge University Press
O'Connor, D. E. (2004). The Basics of Economics, Greenwood Press
Pertsova, C. C. (2007). Ecological Economics Research Trends, Nova Science Publishers
Pressman, S. (2006). Fifty Major Economists, Taylor & Francis
Reid, R. D. & Bojanic, D. C. (2009). Hospitality Marketing Management, John Wiley & Sons
Rothbard, M. N. (2009). Man, Economy, and State with Power and Market, Scholar's Edition, Ludwig von Mises Institute
Samuelson, P. A. (2010). Economics, Tata McGraw Hill
Sexton, R. L. (2007). Exploring Economics, Thomson/South-Western
Steiner, M. (2007). Economics in Antitrust Policy: Freedom to Compete Vs. Freedom to Contract, Universal Publishers
Sutton, D. (2010). Why Some Things Should Not Be for Sale : The Moral Limits of Markets: The Moral Limits of Markets, Oxford University Press, USA
Tragakes, E. (2011). Economics for the IB Diploma with CD-ROM, Cambridge University Press
Tremblay, V. J. & Tremblay, C. H. (2012). New Perspectives on Industrial Organization: With Contributions from Behavioral Economics and Game Theory, Springer
Tucker, I. B. (2010). Survey of Economics, Cengage Learning
Wilkinson, N. (2005). Managerial Economics: A Problem-solving Approach, Cambridge University Press
Yu, F. R. (2011). Cognitive Radio Mobile Ad Hoc Networks, Springer