Explain the following term/concept. Place Concept of Market - Organisation of Commerce and Management

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Definition

Explain the following term/concept.

Place Concept of Market

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Solution

The term market is commonly understood as the place where the transaction of buying and selling of goods and services takes place in exchange for money or money's worth. It is the place where buyers, sellers, and other intermediaries come together and exchange goods or services.
In the olden days, place played an important role in defining the market. But in the age of information technology, the term 'market' has a wider meaning than just a place.

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Chapter 8: Marketing - Exercise [Page 167]
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