The shape of our “market” has evolved quite rapidly over the past few decades
in connection with the rise of the internet. The internet allows large numbers of
buyers and sellers to engage with each other in commerce. For a market to occur,
there are three components necessary .First, there needs to be a place or
mechanism for the market to occur. This can be a formal market such as a stock
exchange or a grocery store, or an informal market such as a flea market or a
neighbourhood garage sale. Today, many markets are online, and Amazon and
eBay are two of the largest examples of these modern-day marketplaces. A
marketplace also needs both buyers and sellers. These buyers and sellers interact
with each other to determine prices for the goods or services available. These
interactions also help determine both supply and demand. For example, if prices
rise on a particular good or service, buyers may be less likely to purchase and
thus demand will fall. Conversely, if prices fall then buyers may be more likely
to purchase and therefore increase demand. One market I professionally participate
in is the stock market. My company is publicly traded, which means that it offers
to sell stock to investors. The price of our stock on the marketplace is largely
driven by the quantity of investors (buyers) as well as the volume being traded
(demand). This stock market differs from other markets primarily due to the type
of product being purchased. In a grocery store, you can purchase a tangible
product for your money. When you purchase a stock, it represents a portion of
the company’s overall economic worth, a value which fluctuates due to a number
of non-price determinants such as investor sentiment or overall market conditions
(recessions, world events), sometimes dramatically. The main components necessary
for a market to occur are supply, demand, and pricing. These are all very
important because without each other, there would not be a market. You need
sellers and you need buyers but you also need competitive pricing to stay
competitive otherwise you will lose your buyers. The market that I am currently
involved is in the call center industry. We hire call center agents in many states
and we continue to evaluate the market and provide feedback to our clients to
keep a competitive pay rate in the market. Each state is different and may require
we increase pay rates by law depending on the type of job or if exempt or non
exempt position. It is very interesting how we impact the employment market in
this industry. There are so many factors that affect us to stay competitive in this
market. We are currently struggling in Brick and Motar sites because people do
not want to work onsite for the same pay rate as someone who is working from
home. That is our biggest obstacle in this market. We have all been to many
different types of markets in our lives. In order for something to be considered a
market, it has to fit under the market umbrella. In order to be considered a
market you must have buyers and sellers together to interact together in the
buying process. Whether you have a product, a service, or goods, there are many
ways we define markets. I recently have been using Amazon and the online
marketplace for a lot of my shopping. I have always been an in person type of
shopper. I prefer to feel the item I will get and have it right away. Sometimes I
hate to order things online because then I have to wait for them to come to me.
But I think everyone can get that feeling from time to time. Another reason why
I feel like online is harder is because it’s overwhelming. While you may actually
be able to find yourself a better price you may be getting it from somewhere
else that screws you on another part of the order. I prefer to stick to what I
know because I can avoid disappointment but the beauty of a marketplace is that
there is freedom to offer many different things and cater to different needs. The
main components necessary for a market to occur is supply and demand. Whether
the product is something physical or material like a product or produce. Or
whether the product is a service like technical support or financial planning. There
has to be a demand for whatever it is that you are offering. Then from there
when you are looking at the cost of the product you are offering the scarcity of
the supply is what drives the cost. When we most recently had the housing spike
happen, it was because there was less houses out there it drove the cost way up
on the houses that are on the market. We recently relocated and we needed to
sell our home to move somewhere else. Because of the current state of the
housing market, we were able to sell our home in a relative short amount of
time. When we bought the home that we are currently in. We got lucky and
caught it before it actually went on the market. Prior to that we kept losing out
on homes that were being out bid on. The main components of necessary for any
market to occur would be four key terms which are price, product, promotion,
and place. This will be depending on the quality of service and goods the seller
is presenting to the buyer who would be the audience. The market works best
when you know the audience in which intend to sell to. A market that I am
currently involved in professionally is a bathroom modeling/remodeling company.
We target a lot of areas that are developing and up and coming whether it be
new neighborhoods, apartment complexes, corporate buildings, etc. The market for
us has tremendously grown considering all of the smaller businesses or even
simply family's who are flipping and remodeling homes. If you have the
capabilities of being able to target residential and commercial in this market it can
make a business flourish. These are several ways in which they differ from other
markets. Obviously, I take part in this market because I am a production manager
there. We do research on different trends as well to ensure we are able to be
competitive within our own market. At its most basic level, you need sellers, and
you need buyers. When they interact, they “create a market where goods and
services are exchanged” .A market I’ve recently participated in is the automobile
market. I’m still participating in it, trying to find a car that suits my needs at
the price I’m willing to pay. Because supply has decreased, the prices on cars
have increased. As a result, it’s become harder to find a car that I’m willing and
able to purchase. It’s important for me to take part in this market because my
current car is running on fumes. Without a car: I can’t get to work; and if I
can’t get to work, I can’t pay my bills; and if I can’t pay my bills, I will no
longer have a place to live; etc. It’s incredibly important that I find a new car
as soon as possible.
What differentiates this market from other markets is the amount of haggling you
can engage in. Most other markets (maybe excluding farmer’s markets, I’m not
certain) do not encourage haggling of any sort: you find a good, pay a price, and
the good is yours. The four components of marketing are price, promotion,
product, and place. Without using these components when marketing can cause
some failure in the business market today. I would say participating in an online
boutique. When the business started the first thought was what product would be
best to sell that the consumer will want or need. Determining our location or
target market was easy, open an online store. The market today is searching and
shopping online before walking in a store front. Once we were able to determine
the products then pricing that will not only generate revenue but be pleasing to
our customers. Promotion is always a great move when doing a grand opening or
monthly sales at your store. Having promotions has not only generated more
income but we gained more customers. I learned when you are marketing an
online business you have to think about your competitors and make sure you are
offering products that are in high demand. Also being able to post our products
on other sites like (Amazon) to sell has also been a great way of marketing our
products. A market that I have recently participated in personally is purchasing
home made items off Etsy.com for my home. My husband and I recently built
and moved into our new house and we really wanted to make it into a home.
We searched through Target, Kirkland’s, Homegoods, and Amazon.com for items
that we would want to place into our home and realized everything was mass
produced and it most things were not quality products (wood framed signs were
crooked and everything seemed to have chips)! We bought some home made (and
pricey) signs from a seller on Etsy.com and we were thrilled with the quality or
the item. Just by holding the item in your hand, you can feel the quality of the
item—the sign was heavy because the seller used real wood. Upon inspection of
the item, it was obvious that the seller/crafter made this by hand. Although the
signs were not free from defects (stain drips, some of the wood was over-
chiseled), we loved the defects that came along with the items because it proved
that the items were one of a kind. After this experience, my husband and I
agreed that we wanted to continue to support homemade sellers and small
businesses in their pursuit of creating wealth with their art for our home decor
instead of chain stores that sell you garbage. A marketplace is somewhere to go
to, to get goods that you may need or want. It has evolved from actually having
a market in your city that sells home goods or farmed products, to mass
productions sold at stores, to purchasing online items to get shipped to your house
for convince.
But the main components that all of these have in common are Price, Promotion,
Place, and Product.One of my favourite things to do it to go to farmers markets.
Especially here in Hawaii we have plenty of local people who make and sell
their items that perpetuate our Hawaiian culture. By supporting our local businesses
helps those in our community grow and helps their family put food on their
table. Take for example our local Hanalei poi. They started out as a small crop
and now distributes Hanalei poi at farmers markets and in stores such a Costco.
But when there was a massive flood from last year everything got ripped away.
There were no poi on the shelves and when people would want them it was
placed at a higher price because of the scarcity. A market can be any place
where a buyer and seller would come together in order to form a trade that is
mutually beneficial to both sides. They interact over goods and services while
setting prices that can, and do, fluctuate over the course of time. These can be
in-person places such as a grocery store or a farmer's market, but can also be
virtual like when someone makes a purchase from an online retailer. Everything is
determined by the buyer's ability or willingness to purchase, and the seller's ability
or willingness to part with the needed good or service. I have two examples of
markets that I have participated in more recently in my life. At one time, I
worked for a large retailer and saw how prices rose and fell depending on the
time of year, which determined what items would be likely to sell in a given
period, which would affect prices due to the market demand. We also could not
raise prices over a certain limit as this would be considered price gouging and
lead to penalties brought against the company. Another example I have is when I
go to a local farmer's market in my area. We go to barter with the local vendors
who are able to set the price to what they feel is best but are always willing to
work with the buyers there to ensure everyone gets the best out of what they
want.
