WHAT IS PRODUCT MARKET.

Hello steemians! It's been a great ride in here and everyday i get to enjoy and have fun doing whatever i do on steemit. From writing my own articles to reading other people's interesting articles, commenting and getting rewarded for all these things. What more would anybody ask for or wish for if not to be part of the great steemit community.
I had a good night sleep and woke up feeling happy,satisfied and at peace.
As promised from my previous business post(find link below), in this post i'll be touching on product market.

https://steemit.com/business/@maxwell95/what-you-need-to-know-about-product-promotion

I will give the defination of product market ,it's various features and characteristics. We will also get to understand the meaning of a market.

Lets get to understand what a market is. When it comes to business, this is one of the most common name or term used.

According to my own defination,a market is an area where sellers and buyers come into contact in order to exchange goods and services.

It can also be defined as the total number of buyers and sellers in a specific region.

A marketplace is a place where people gather to buy or sell goods and services.

A product market is therefore the area where various goods and services are sold.
There are various numbers of product markets.
Each of these product markets also have some specific characteristics.
The following are types of product market.

MONOPOLY

In monopoly, there is a single seller who controls supplying of the products and services.
There is however many buyers involved. Entry into the firm is restricted since it involves one seller.
The firm is also the industry providing goods and services. The firm or company is a price giver.

PERFECT COMPETITION

This is where there are huge number of sellers sellling a particular product or service and each seller accounts for a very small part of the total market.

It has the following characteristics:

★There is freedom of entry and exit.

★The firm is a price-taker.

★Involves a large number of buyers and sellers.

★Perfect mobility of factors of production.

★Involves a homogenous product.

★Perfect knowledge of the market.

OLIGOPOLY

Oligopoly is an industry dominated by a few suppliers who exercise some control over price of goods and services.
In this type of product market there are a few firms involved in the industry.
There is existence of price wars and non-price competitions.
The product can be homogenous or differentiated.
There is also oligipolistic interdependence.

MONOPOLISTIC COMPETITION

In this type of product market, there is a big or rather larger number of sellers offering similar although slightly different product and service.
The product is differentiated and there is freedom of entry or exit into the industry.
There is mobility of factors of production according to the price offered.
The firms are the ones that set their own prices.

When starting or running a business,its important to always look for/have the right market for your goods or services.

That is it for today in matters business guys.
I hope you learnt something out of this.

Thanks for taking your time for reading this.

Image source: https://www.businessnewsdaily.com/4766-small-business-strategy.html

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