29.

Markets Around Us

Market is a place where the buyers and sellers meet and conduct buying and selling activities.

Different kinds of market:

Weekly market: - particular day of the week,

Firstly

 Cheap, nothing is spent on rent, salary,

 shopkeepers and the members of their families do work
 number of stalls sell same goods – competition- customers get at much cheaper rates.

Secondly

 different things that we need are available at one and the same place,
 need not run to different places to buy them

Thirdly

 prefer going to a weekly market- choice and a variety of goods.

Shops in the Neighbourhood:

 Needs are complex, buy certain articles from different shops in neighbourhood.
 Fresh milk, butter, sweets, -groceries from departmental stores, eatables, medicine.
 Not available in weekly market
 Near our home, owners knows to us, get things on credit and pay the amount later on

Malls and shopping complexes:

 In big cities, in multi storey buildings – electrical lifts and air conditioners
 Branded and non branded goods
 Branded goods are costlier to non branded
 Rich people visit the mall
 Use telephone or internet to order things
Chain of markets:

 Different chains mainly the retail market and the wholesale market.
 The place where goods are traded in bulk is called wholesale market
 One where goods are bought and sold in small quantities is called retail market.

Retail markets

 All thing needed for a day – retail market

 Available in every locality
 Many shops in market which cater our diverse needs
 Sell variety of things
 Opens six days a week from 9.30 a.m to 7.30 p.m
 Chemist shops open earler and close later

Factors which affect people’s access to markets

1. Availability of things
 If different things of daily use –not available in a particular market- no one will bot ere.
 There should be a chemist shop, grocery, stationary, doctor’s clinic, sweet sellers shop, cloths
merchant, tailor shop
 Post office, police station, hospital – added attraction
2. Convenience :
 Quite near by- far off – people avoid to go there
 People won’t like to live in such a colony where no market exists or if it is far off
3. Credit:
 Some people can buy by paying cash
 Majority , especially the service class people , like to buy things on credit and pay the amount next
month.
 Credit facility adds the popularity of the market
4. Quality:
 Prefer to buy things of good quality
 Any market –flourish – maintain its standard – provide good quality
 People would not compromise with any shopkeeper- supply goods of inferior quality- havoc in health
 5. Price:
 Price should be genuine
 No customer would buy things of high price
 Retail shopkeeper to survive – supply genuine goods – charge reasonable price
6. Income Cycle:
 Best retail shopkeeper – economic standards-maintains his stocks of different articles
 Price – low, medium and high price
 Shopkeeper judge which type of customers- cater and maintain his stocks
 Cater customers of all types- keep things both cheap and costly

The Wholesale Market

 Retail market buy different articles from wholesale market and sell them to customers.
 Wholesalers keep the stocks in bulk because different shopkeepers buy things not in small number
but in bulk

Role of intermediaries:

 Farmer brings his produce in the market- gets more price for his produce
 Arrange transport of his articles
 Take help of the selling agent who auctions his produce
 Sell his produce in a single day and return to his village at the earliest
 If producer lives in one state and wants to sell his produce in another – intermediaries come in the way.

Chain of activities in an observable whole sale market such as Grain, Fruit or Vegetable Market:

 The producer who produces different goods

 The agent who acts as a link between the producer and the wholesaler
 The wholesaler who keeps a large stock of different articles
 The retailer who buys things in small quantities from the wholesaler
 The customer is the last in the chain who pays the final price for the product bought by him.