Define market . discuss the marketing structure (Business Economic BCA 3-sem)

Definition of  Market:-

Market refers to a particular area where buyer and seller exchange. The ownership with the help of money. It define many service for any customer which consume product & service market structure refers to nature and degree of competition for goods & service.

Determinant of Marketing structure:-

• No of buyer.
• Product price.
• Nature of product.
• Sales volume(Large).
• Entry and Exit condition.

Types of Market Structure:-

1).Perfect Market:-

A perfect market is an area in which number of buyer & seller is a very large with homogenous product without any perfect knowledge of market at a time.

Feature of market:-

• Minimum transportation cost.
• Perfect demand.
• Complete market knowledge.
• Homogenous product.
• Absence of selling cost.

Definition of Imperfect Market:-

Imperfect market is an area where perfect competition are not satisfy with any product. It depend on alternative product which satisfy customer needs & wants. It is consist of four category.

1. Monopoly Market
2. Oligopoly Market
3. Monopolistic Market
4. Monopsony  Market

1). Monopoly Market:- It is a part of market organization in which there are there is  a  single organization selling  a commodity for which there are no substitute. 

   

Features of Monopoly:-

1). Single Seller.

2). Full control over price.

3). Use government  lenience.

4). High starting cost.

 2). Oligopoly Market:- An oligopoly is a market of only a few seller offer homogenous and heterogeneous product.

Features of Oligopoly:-

 1). Independent.

 2). Few seller.

 3). Small number of large firm.

 4). Group behavior.

3). Monopolistic Market:- It is refers to a market situation where there are many organization selling a different product.

Feature of Monopolistic:- 

1). Selling cost.

2). Different program.

3). Independent buyer.

4). Control over price.

4). Monopsony Market:- Theory of Monopsony a single entity is assumed to have market power over seller are the only purchaser of goods and service offered.

 

Feature of Monopsony

1). Competition in the product.

2).Employment of a certain type of labor.

3). workers who are unorganized or non- unionized.