What is a market?

Businesses sell to customers in markets. A market is any place where buyers and sellers meet to trade products - it could be a high street shop or a website. Any business in a marketplace is likely to be in competition with other firms offering similar products. Successful products are the ones which meet customer needs better than rival offerings.

Markets are dynamic. This means that they are always changing. A business must be aware of market trends and evolving customer requirements caused by new fashions or changing economic conditions.