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Thread: Def. of Market

  1. #1
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    Default 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?

  2. #2
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    Default Re: Def. of Market

    Quote Originally Posted by user_gary View Post
    American Marketing Association defines a market "as the aggregate demand of the potential buyers for a product or service."


    Could anyone explain this definition?
    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.

    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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