Market
Business: Edexcel IGCSE, topic 4.2.3
Market
The term 'market' can be used in 3 different ways.
Place to trade products
- A place where buyers and sellers meet to trade products. This can be a website like eBay or a stock market.
Industry
- An industry for a specific good or service. Businesses often analyse the market for bottled water or the market for games consoles.
Specific group of customers
- We often talk about the market for 16 year olds or the market for retired people (retirees).
- This is often used when talking about a company’s “target market”, which is the group of people that a company aims their product or service at.
Test yourself on Market
Which of the following can not be described as a market?
What do we call the group of people a company aims their product or service at?