Market is group of people with demand – with both the ability and willingness to buy a product or service for end-use purpose. So the main characteristics of a market are there should be ability and willingness to buy the product among the group of people for the use or consumption at their end.
There is no market unless there is a product available for customers to buy. Of course people have needs and wants regardless of whether products exist to satisfy them. But the presence of people with needs and wants is not a sufficient condition to form a market. For a market to exist there must be needs or wants, buying power and ways of satisfying the needs or wants. Clearly the make-up and size of a market depends on the product and its marketing offer. To emphasize this relationship between products is a combination of a product or products and the group of people who have demand for that product or products.
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