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The word market is derived from the Latin word 'Marcatus' meaning goods or trade or a place from where business is regulated. Traditionally, the market refers to a physical location where buyers and sellers gather to exchange their goods. In the market, ownership and possession of products are transferred from the seller to the buyer and money acts as a medium of exchange and measure of value. Economists describe a market as a collection of buyers and sellers who transact over a particular product or service. Marketers view sellers as the industry and buyers as the market. Business people use the term market to refer to various groups of customers such as the Product market (Example: Television market), Geographic market (Example: Asian market), or end on-customer group such as the Labour market. However, the term has a broader meaning and is not confined to a particular area or place where buyers and sellers meet to exchange goods. It is now generally used to mean a body of persons in intimate business relations and carrying on extensive transactions in any commodity.
