What is market and its types

 

Market means a place where all types of buyers and sellers are available for selling, purchasing, and exchanging goods and services with each other. Where they conduct transactions for their goods or service.

What are the types of markets?

There are two types of markets physical market and virtual or e-commerce market.

What is the physical market?

A physical market is a place where all buyers and sellers meet physically for selling and purchasing goods and services. This is a traditional way of our business. Physical is running from starting the world and running till now. This is the best way where everyone looks and checks physically of product before purchase. If he is satisfied he proceeds further to purchase the product.

What is a virtual or E-commerce market?

The virtual market is the digital market. Where all types of sellers sell and resell products and services online. This is a huge market where no boundary or limit define. Everyone can sell or purchase anything from any corner of the world. This is a trend of business for selling and purchasing goods and services today. Because new verity and latest design available whichever place such as city or town at fingertips.

What is the local market?

A local market means a market in your area or nearby market where anyone sells and purchases goods or services physically. Examples of local markets are fruits or vegetable markets where fresh products are available. The local market for fresh products plays a vital part in selling and purchasing. Because fresh or perishable products are difficult to handle for a long time. If you need a fresh or perishable product you only find it in the local market. Another example is a market or bazaar where all types of household products such as grocery, home appliance products, cloth, etc available for sale and purchases physically. The local market plays a vital part in economic development. It is easily accessible. Everyone can watch, and check physically. When he was satisfied then he purchased it.

What is the International market?   

International market means a business run geographically from the home country. Business conduct outside territory boundaries from home country. Such as selling and purchasing products and services from one country to another country. It is also called a global market. Export of products is one example of the international market. This is much important to cover the gap of products such as some products are not available in some countries because of technology or nature. Then this country Exports products from other countries. Such as medicine, medical equipment, the automobile industry, and food, etc. 

Importance IM 

This is also important when some cultural or fashion trend followed one nation to another nation and achieved this cultural difference from the global or international market. The international market has much more benefits as well as barriers. One of the best benefits is brand reputation. International market boost brand reputation. A brand that is sold internationally gets much more value than a brand sold locally. Because of availability, latest design, and quality. Some of the most facing barriers are political instability, terrorism, exchange rate, norms challenges, the huge amount required for investment, risk of losses in carriage or others, weather, and natural climate, etc.   

What is Export in simple words?

Export means selling some homemade products or services in foreign countries. Such as Potato or rice cultivated in Asia countries. If European countries need, Asian countries export to European countries.             

What is import in simple words? 

Import means bringing products and services from other countries to the home country for further sale. Such as we shipped a container from outside the country of some commodity or products for selling in the local market. One type is shopping online for retail-type products for home or personal use.  

What is the difference between departmental or superstore and E-store?

A departmental store means large store categories into departments where all home or personal use retail items are available. Such as furniture, grocery items, food items, electronics appliance, and all types of accessories.

E-store means a hub or online store where the retail product sells electronically. The E-store is based on a website or internet where electronic orders are placed and send products to the mailing address.

What is the difference between a physical Shop and E-shop?

A physical shop is a small shop where a person visits physically and selects some product after looking and touching it.

E-Shop also means small products base online shop where limited products are available online or internet after an order placing electronically.  

What is the difference between brand and local products?

Brand means a product makes identity and promotion itself due to quality. The brand is an intangible asset or name. This is not a specific good such as Apple Brand Company made many products of mobile or electronics appliance. A brand is created with a lot of effort made by a business owner or company. The brand was created by providing the best quality, fulfilling promises, and doing more promising for the satisfaction of customers. A brand must know its target audience.

Local product means a product of low quality, cheap, and made by anyone in the market. The local product is not registered. If someone copy of this product. The owner cannot claim against him in court. Sometimes food items are included in the local products because it made or cultivated locally.