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MARKET: The organized exchange of commodities (goods, services, or resources) between buyers and sellers within a specific geographic area and during a given period of time. Markets are the exchange between buyers who want a good--the demand-side of the market--and the sellers who have it--the supply--side of the market. In essence, a buyer gives up money and gets a good, while a seller gives up a good and gets money. From a marketing context, in order to be a market the following conditions must exist. The target consumers must have the ability to purchase the goods or services. They must have a need or desire to purchase. The target group must be willing to exchange something of value for the product. Finally, they must have the authority to make the purchase. If all these variables are present, a market exits.
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INDUSTRY A group of firms producing goods or services that are close substitutes-in-consumption. The similarity of the products makes it possible to analyze the production in a market framework. An industry can be broadly defined, such as the manufacturing industry, or narrowly specified, such as the root beer industry. For most economic analysis the term industry is used interchangeably with the term market.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet seeking to buy either an electric coffee pot with automatic shutoff or a brown leather attache case. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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This isn't me! What am I?
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Two and a half gallons of oil are needed to produce one automobile tire.
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"When you play, play hard; when you work, don't play at all. " -- Theodore Roosevelt, 26th US president
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ROA
Return on Assets
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