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Definition: Market

Please note that market is not merely a place where goods are sold. Market is the term given to the sphere which involves producers and consumers where-in the producers have products or services which have been devised to target the needs of the consumers and which are purchased by the consumers, hence resulting in transactions.

A market has a definite set of consumers who are offered a product/service by one or many producers, where the utility and the purpose of the product/service have a definite connotation.

Browse the definition and meaning of more terms similar to Market. The Management Dictionary covers over 7000 business concepts from 6 categories. This definition and concept has been researched & authored by our Business Concepts Team members.

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