MARKETS
MARKETS
CONTENTSUNDERSTANDING MARKETSWHOLESALE MARKETS RETAIL MARKETS
ITINERANT RETAILERSFIXED SHOP RETAILERS ACCESSING MARKETS
UNDERSTANDING MARKETSAmarket, ormarketplace, is a location where
people regularly gather for the purchase and sale of provisions,
livestock, and other goods.In different parts of the world it may
be referred to as asouk(from theArabic),a fixedmercado(Spanish), or
itineranttianguis(Mexico), orpalengke(Philippines). Some markets
operate on most days; others may be held once a week, or on less
frequent specified days. Markets have existed since ancient times.
Inancient Greeceit was called theagora, and inancient
Rometheforum.TheGrand BazaarinIstanbulis often cited as the world's
oldest still-operating market; its construction began in 1455. In
the 15th century theMexica(Aztec) market ofTlatelolcowas the
largest in all theAmericas.
TYPE OF MARKETS
WHOLESALE
MARKETSThemarketforthesaleofgoodstoaretailer.Thatis,awholesalerreceiveslargequantitiesofgoodsfromamanufactureranddistributesthemtostores,wheretheyaresoldtoconsumers.Awholesalerisgenerallyabletoextractabetterpricefromthemanufacturerbecauseitbuyssomanygoodrelativetoanindividualretailer.Intheory,thisenablestheretailertosellthegoodatabetterpricefortheconsumer
RETAIL MARKETSAstorethat sells smaller quantities of products or
services to the general public. A business that operates as
aretailoutlet will typically buy goods directly from manufacturers
or wholesale suppliers at a volume discount and will then mark them
up in price for sale to end consumers.
TYPE OF RETAILERS
ITINERANT RETAILERSItinerant retailersare traders who do not
have a standard place of business from which they can operate. They
keep moving with theirshopsfrom one location to another, in search
of consumers. They usually possess that stock which can be
conveniently sold during the day. They need limited funds to carry
their business. These types of retailers deal in daily need
articles like vegetables fruits, milk, eggs.
Fixed price retailersRetailerswho maintain permanent
establishment to sell their goods are calledfixed shop retailers.
Following are the main characteristics offixed shop retailers: As
compare to itinerant traders,fixed shop retailershave greater
resources. They deal in durable as well as non-durable goods
ACCESSING MARKETSMarket accessfor goods means the
conditions,tariffandNon-tariff measures (NTMs), set by countries
for the entry of specific goods into their markets. In theWTO,
tariff commitments for goods are agreed upon and set out in each
member'sschedules of concessionson goods. The schedules represent
commitments not to apply tariffs above the listed rates these rates
are bound. Under WTO rules, bound rates may not be raised without
compensating the affected members.Non-tariff measures (NTMs) are
non-tariff policy measures that affect international trade. NTMs
cover a broad range of measures both directly and indirectly
related to trade, and their use has risen as tariff rates have
fallen under subsequent WTO negotiation rounds. In many cases, NTMs
can be classified asnon-tariff barriers to trade (NTBs). Some areas
of NTMs are dealt with under specific WTO agreements, notably
theAgreement on the Application of Sanitary and Phytosanitary
Measures,
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