MGTA01H3 Study Guide - Final Guide: Target Market, Market System, Tim Hortons

• School: UTSC
• Department: Management
• Course: MGTA01H3
• Professor: Chris Bovaird

Document Summary

Market: a bunch of activities, not a place. To management theorists, the word market refers not to the physical place or part of town. Refers to the activities that occur in those places. Buyers are hoping to encounter sellers, to see the wares on offer, to ask questions, haggle over prices and make a purchase - or not. Sellers are hoping to attract a crowd, promote the qualities of their wares, and to interest and excite potential customers. Market: the interaction of buyers and sellers, exchanging information about goods and services for sale. This notion of a market not being a place, but a number of activities can be well illustrated if we were to think of "the housing market" -> buying and selling of homes. The notion of a market as an abstract idea (thousands of people exchanging information) rather than a physical place, is easier to convey today than before.