Some concepts and terns related with market
Market is a place where buyers and sellers meet each other and conduct buying and selling activities. The focus of market is not on a place rather it is on meeting of buyers and sellers. Traditionally the buyers and sellers were meeting at a physical location only today business is conducted on telephone, through mail, through internet. So now there is no place boundation. Now a seller can reach any customer anywhere any time and so can be a buyer.
Customer refers to the people or organizations that seek satisfaction of their needs and wants. They buy goods or services to get their needs and wants satisfied. They are also called seeker of satisfaction. Without customer there can not be any marketing. The customer must have need want and demand. It refers to basic needs. Customer wants to have something more than the need and then want is created. Need is to drink water but we want to have cold drink, juice.
People with same need amy want different product for example, to satisfy the need of food south Indian may want dosa, Punjabi may want chholley pathure, youngsters amy want pizza or burger. When want is bagged by purchasing power then it gets converted into demand. A customer may want to have a coke but he will demand it only when he has money to buy it so want with the purchasing power is called demand and it is demand which is more important for marketer or sellers.