Market Concepts and Precepts

1. Market: A market is identified by the nature of transaction units being traded in that market. In a commodity market, consumer goods like bread (single-use) or car (durable-use) may be bought and sold. Or we may think of the market for raw materials or finished goods including consumption goods and capital goods, single-use or durable-use. Or we may think of a foreign exchange market where hard or soft currencies are bought and sold. There is market for soft currencies are bought and sold. There are markets for Eurodollar and petro-dollar, for gold (bullion) and silver. By contrast, in a factor market, service s is traded. For example, we may think of labor market including the market for unskilled labor and market for professional consultancy services (superior labor). Or, we can think of money –and-capital market wherein banking and non-banking financial services are provided. Or, we can think of a stock market where scripts are traded or a bond-market of a stock market where the government/non government securities are traded. In the same way, in a real estate market, the property deals are finalized. In the same way, in a real estate market, the property deals are finalising. In a spot market, deals are immediate, where as in a forward market, the reference is to future transactions. There is no end to the varity and complexity of market in a real would business situation. One may even think of the matrimationial market or the market for MPs/MILAs/MLCs toward forming a coalition government or the market for human limbs, the market for cattle! All market works on same concepts and precets.

2. Market Behavior: This has reference to the aptitude, attitude and approach of the market players. In c convertional acomonics term ‘behavior’ has reference to objectives and constraints of the market players. The objective of a buyer is to get the best (quality and quantity wise) product, given the size of budget .The objective of a purchase manager is to get the adequate materials of appropriate quality and apt delivery time at best terms and conditions, given the size of this cost budget. In the same way, an investor may like to maximize retun on investment given the risk of investment or minimize risk for given return.  A retaier may like to maximize profits subject to a critical minimum profit. A stockiest may like to economics on his inventory cost in deciding on ‘economic order quantity’ for his warehouse. Like individuals, the business firms may behavior of one firm may condition the market behavior of anther firm. One acts, the other reacts. Thus, there is a good deal of market depended; and the players design their respective strategy and tactics to survive in a market or to grow its own market share.

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