What is Market and Marketplace?- (Series 1)
May 15, 2011 
24 Comments
(Previous series was about introduction and objective of Online Marketing Mastermind series.)
After politics and showbiz, perhaps, marketing has become so popular that people discuss, define and explain marketing as per their own level of understanding. These people not necessarily have knowledge or experience to talk about it.
As a result, marketing myths have been created, that makes marketing more difficult to understand for a layman. For example, most of the people think advertising and sales are also marketing. Nope! (For more explanation, read this article: Top Three Types of People To Avoid In Marketing.)
The first step to marketing:
The first step to learn marketing is to forget everything you learned about marketing. Let’s get started by clarifying some myths:
People usually ask and learn a lot about marketing. Even then, I met many people who are still unable to differentiate between market and marketplace. Mostly, people never learnt the word marketplace.
Generally, people use to say, “I’m going to market for shopping.” For a lay man, “going to the market” might not be a big deal. But for marketers there is hell of a difference. It can change marketers’ objective of developing marketing plan, launching brand and can lead their team to the wrong direction.
So, let see what’s the difference between market and marketplace in plain English.
If you already know the difference, just watch this cute and short video and then forward to others. Specially, business students (as they have been my favorite). And yes, please leave your comment at the end of this page. I’ll love to have them all and reply to each separately!
Cartoon: What is Market & Marketplace?
Open Me (to read summary)
1. What is Market?
Market is not where you buy and sell goods.
Market is not where you hang out.
Market is not your favorite shopping center.
Then what is it?
Market is simply the demand of the product or brand. That’s it.
For example, how many people are out there who are buying /can buy/will buy your product or brand?
2. What is Marketplace?
Then what is (which we use to call market) where we buy and sell goods, hang out with friends, do shopping and have a great time.
That’s marketplace. Marketplace is also known as bazaar, shopping centers, mall, supermarkets, etc..
Summary:
1. Market is the demand of the product or brand.
2. Marketplace is where we buy and sell product or brand.
Did I miss something? Got ideas what more I could explain? Any suggestions, comments or questions? Let me know in the comments below!
Please remember, I read each and every comment and reply to it.
