To run successful business, it Is essential That you know how your customers are, what they Need

and how to reach them. Market research can help you get accurate and specific information about
your customers and competitors which is a critical part of starting your business.

Market development is a growth strategy that involves selling your existing products or services to a
new group of customers.

Definitions of markets

market is a place where buyers and sellers can meet to facilitate the exchange or transaction of
goods and services.

Market is defined also as the sun total of all the buyers and sellers in the area a region under
consideration.

Market is a product or group of products and a geography area in which it is produced.

The elements of market

-product (or services)

-Price

-promotion

-People

-packaging

-process

Types of market

Monopoly is a market formation with the qualities of a pure market.

Oligopoly is a market with a few firms.

Perfect competition is an absolute sort of market from all consumers and producers have complete
data and no exchange costs.

Monopolistic competition it is portrays an industry where many firms offers their services and
products that are comparative.

Monopsony is a market situation there is just a Single purchaser→ the monopsonist

Oligopsony is business opportunity for services and products that is influenced by a couple of huge
purchasers.

Natural monopoly is a kind of a monopoly that can exist normally because of the great start-up costs
or Incredibles economic.

Advantages of market

Increased efficiency

Production

Innovation
Disadvantage of market

Monopolies

No-governments intervention

Poor working conditions

The unemployment

Importance of market

Market is an important function of business that helps in selling of goods and services.

Markets are important, they are the mechanism through which shares in companies are bought and
sold, and they give businesses access to cash.

Markets are critical in price formation, liquidity transformation and allowing fins to service the
needs of then clients.

The importance can be summarized as follows:

-creation of demand

-providing information

-balancing demand

-improvement in life style

-achieving higher sales

In conclusion, market structure is important because it leads to strategies decision making having a
working.

A market overview is a brief synopsis of commercial or individual market, it’s aim is to provide a
current snapshot of a market in order to better understand it’s key features.