Concept of Market:

A market is defined as the set of buyers and sellers in the area or region under consideration. The area
might be the entire globe, or it could include continents, regions, states, or cities.

The value, cost, and price of things exchanged are determined by market forces of supply and demand.
The market might be a real or virtual entity. It might be local or global, flawless or flawed. Some markets
are highly organized, such as the markets for many agricultural commodities. In these markets buyers
and sellers meet at a specific time and place, where an auctioneer helps set prices and arrange sales.
The 'available market,' or that of all the individuals in the region, is referred to as a market.

The Importance of Market Price:

Price is significant to marketers because it reflects their judgment of the value customers see in a
product or service and their willingness to pay for it. Although the other parts of the marketing mix
(product, venue, and promotion) may appear to be more glamorous than pricing and so receive more
attention, establishing the price of a product or service is actually one of the most difficult tasks. This is
why:

 While goods, location, and promotion have an impact on expenses, pricing is the sole factor that
has an impact on revenues and, as a result, profits. Price may determine whether a company
survives or dies.
 Changing the pricing has a significant influence on the marketing strategy, and depending on the
product's price elasticity, it may also alter demand and sales. Both an excessively high and an
excessively low price might stifle growth. The incorrect pricing might also have a detrimental
impact on sales and cash flow.