UNDERSTAND THE MARKET

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WHAT IS A MARKET

Market is any avenue or any platform people meet to exchange goods and services for financial resources.

Since the inception of technology, market has no particular spot or specific geographical location where buyers and sellers need to meet.

Many people fail in their business just because they dont make research about how the market they want to go into operates.

There are basically 4 types of market system, which are:

1. PERFECT MARKET: This is the kind of market that is characterized by free entry and exit method. The operation of the market is not determine by one person.
   It is impossible for a particular player to alter the prevailing price or rate at which goods will be sold or bought at the market.
   In this market both buyer and sellers have a lot of options.
   If one is to go into this kind of market he has to focus on his product ability to overcome other product and at an affordable cost.

2. MONOPOLY: This market is the opposite of the perfect market. Here there is one major supplier in the market with no reasonable competitor or substitute.
   The forces of demand and supply is all dependent on just one company or person.
   But still the willingness of the customer to pay the price is key.
   Going into the kind of market needs someone to be unique as regards its product and also get a location where that kind of product cannot be found.

3. OLIGOPOLY: Here the market is characterized by few seller. The few seller come together to determine the operations of the market as well as they are the determination of the forces of supply.
   In this kind of market, making up relationship is the key to survive.

4. MONOPSOLY: This is a market where we have just one buyer but different sellers of the same product.
   The buyers controlls the market and detrmines the operation.

There are other types of market depending on the type of econonomy structure of a state.

Thanks for reading