market

In simple word, market is a place where buyers and sellers gather together to buy or sell goods. They gather together to buy or sell goods that supports to fulfill the needs and demands according to their tastes and preferences.
The word market is derived from the Latin word MARCATUS which means merchandising, trade or a place where business is conducted. It means, market is a place or locality where things are bought and sold and buyers and sellers meet to affect purchase and sell. For eg. Kathmandu, the big city of Nepal, Calcutta, Delhi etc. of India where customers visit and purchase the goods as accordance of their requirements. But this meaning is very simple and narrow. It can be defined in various ways.
According to the American Marketing Association(AMA) "Market is the aggregate demand of potential buyers for a product of service."
According to Kolter and Armstrong "Market is the set of actual and potential buyers of a products."
In conclusion, we can say that market is not only the place where buyers and sellers meet each other to purchase and sell the goods. It is a mechanism by which buyers and sellers meet directly or indirectly for the exchange of goods or services in terms of monetary value. Demand, supply, market information, government policy and middleman affect the exchange process of market.