A market is typically defined as a place where buyers and sellers of a good or service interact, based on the principles of supply and demand, to facilitate an exchange. This term has also been used interchangeably with marketplace. Market has also been used to define a place where buyers and sellers exchange transactions, such as the commodity market or the stock market. The word market comes from the Latin mercari, meaning “buy.”

Marketing literature defines the market as the individuals who are targeted for purchasing or using a product or service and have the means to acquire or take advantage of that product or service. Markets differ for each organization and can include a different composition of individuals, such as customers, potential customers, or groups ...

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