Question

Market is the sum total of all the potential and actual buyers of a product.Explain

Answer 1

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• 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.

Answer 2

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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.