Market:
Market is the place where the buyer and seller interact in order to transact the goods in terms of money. Here the consumer must have both the ability and willingness to pay.
Market segment:
A special technique of marketing which deals with the group of customers with the specific characteristics is called market segment.
Differences:
| Basis |
Market |
Market segment |
| Definition |
A regular gathering of people for the purchase and sale of provisions, livestock, and other commodities
(www.oxforddictionaries.com) |
A part of market identifiable as having particular customers with specific characteristics.
(www.thefreedictionary.com) |
| Objectives/Purpose |
Its objectives are:
- To increase the product awareness.
- To provide information about the product features
- To increase the consumer interest to buy a product
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Its objectives are:
- Helps to identify strategic marketing goals
- Division of the customers who have the common needs.
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| Synonyms |
Retail, advertise, display, wholesale and exchange |
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| Antonyms |
Buy, hide, debase, distribute and convey |
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| Part of Speech |
Verb |
Noun |
| Pronunciation |
- Eng (UK): /ˈmɑːkɪt /
- Eng (US): /märkət /
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- Eng (UK): /ˈmɑːkɪt ˈsɛɡm(ə)nt/
- Eng (US): /märkət ˈseɡmənt/
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| Main function |
The functions of market are:
- It provides opportunities.
- It allocates the resources properly.
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| Advantages/Benefits |
Its advantages are:
- It helps the producers to give some idea about what kind of goods should be produced.
- The price system leads to conserve the resources.
- As the competition is there, there would be high production which decreases the price.
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Its advantages are:
- It helps to analyze the marketing opportunities.
- It helps to utilize the resources more effectively which leads to the competition.
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| Disadvantages |
Its disadvantages are:
- A private market economy may be unstable.
- Markets do not work in some areas.
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Its disadvantages are:
- It leads to the increase of cost.
- The expenditure of the organization increases.
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| Example in Sentence |
- He is making the market survey report.
- The price in the market has risen.
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- Market segmentation has made easier to distribute the goods to the public.
- Our company understand our new largest market segment in the future.
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