The term 'market' refers to the aggregate of all demand for a particular product or service, arising from the aggregate of all consumers, both existing and potential for the product. It means that the whole group of consumers of a particular product constitutes the 'market' for that product. Philip Kotler states, "A market consists of all the potential customers sharing [...]
Marketing research is defined as the objective and formal process of systematically obtaining, analyzing and interpreting data for actionable decision making in marketing. This definition lays stress on two aspects, namely, objectivity and systematic process in the collection and analysis of data. In fact, marketing research should not be allowed to be influenced by personal views and considerations. Before undertaking [...]
The following article will guide you to learn about how does a market system work. Let us take a few examples to show how such a system might work. We can start with an increase in demand. Assume that there is an increase in the birth rate in India. Other things being equal, this will mean that producers of products [...]