(1) Group of buyers and sellers: Market is a group of buyers and sellers interested in negotiating the terms of sale and purchase of goods/services in order to facilitate exchange of goods and services with the medium of money.



(2) Needs and wants of people are basic requirements: The needs of the people, their capacity to spend money, their willingness to part with more and the availability of goods and services are the essential requirements of market.


(3) Geographical coverage: In a narrow sense, market refers to a particular place whereas in a wider sense, any convenient place, region and even world can be considered as a market.


(4) Demand and supply: Demand from buyers for good / services and supply of goods/services from sellers are two broad aspects of a market. There is free entry to buyers and sellers in a free and competitive market.


(5) Trading procedure: Transactions can be completed at the market either personally or through agents or even by using modem communication facilities such as telephone, fax or e-mail, internet or computer which are quick and economical.


(6) Satisfaction and profit are motivating factors: Satisfaction of human wants and financial gain (profit) are two motivating factors behind market deals. Buyers/ consumers are interested in satisfaction and sellers are interested in profit.

The following two tabs change content below.
We, at BMS.co.in, believe in sharing knowledge and giving quality information to our BMS students. We are here to provide and update you with every details required by you BMSites! If you want to join us, please mail to [email protected]

Leave a reply

BMS.co.in is aimed at revolutionising Bachelors in Management Studies education, also known as BMS for students appearing for BMS exams across all states of India. We provide free study material, 100s of tutorials with worked examples, past papers, tips, tricks for BMS exams, we are creating a digital learning library.

Disclaimer: We are not affiliated with any university or government body in anyway.

©2020 BMS - Bachelor of Management Studies Community 

A Management Paradise Venture

Ask Us On WhatsApp

Log in with your credentials


Forgot your details?


Create Account