Def. of Market
American Marketing Association defines a market "as the aggregate demand of the potential buyers for a product or service."
Could anyone explain this definition?
Re: Def. of Market
A market is not just the place where you sell and buy things. It is also a concept. It is the demand for a particular things. For example , you will say that a particular brand of product has a growing market in the West. This means that the product is in greta demand.
Originally Posted by user_gary
aggregate demand of the potential buyers - all those people's demands together who may buy the product or use the service
So, the definition means that 'a market is the total demand for a product or service by those people who may buy that product or use that service.'
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