WHAT IS A MARKET?

 

A market is defined as “all potential customers who share common needs/wants and who have the ability and willingness to buy the product.”  Marketing Essentials 3rd Ed.

 

To demonstrate this I ask my students how many of them would like to have a Hardee’s biscuit.  Those who raise their hands are asked to go to the front of the class.  Then I ask the standing students how many of them happen to have the money for a biscuit with them at the moment.  Those who have money stay in the front, the others are asked to take their seats.  Then the remaining students are asked who is willing to use the money in their pocket to purchase a Hardee’s biscuit at that time.  Those who are not sit down.  The remaining students are the market for Hardee’s biscuits!!  They share the want, they have the ability (buying power) and they are willing to use that buying power to make the purchase.  (Of course I explain that typical markets are identified on a much larger scale than this).  Ideally, at this time I would pass out the biscuits.  Unfortunately I usually do not have them so I offer the students a piece of candy to thank them for participating.

 

Ashley Phillips
Hickory High School
Chesapeake VA