The complying with points to mark the five main category for group of market.

1. Top top the basis of place or Area:

Under this area following markets have actually been included:

(i) local market,


When the competition in between purchaser and also seller is localised and limited at a particular market then it is referred to as Local Market. In this sector mostly perishable goods are purchased and sold.

You are watching: Markets are classified as either

For example:

Sale the vegetable, fish, eggs, milk etc.

(ii) regional Market:


In this industry sale and purchase of short articles is localised come state only and also not exterior the state.

(iii) national Market:

It is that sector in i beg your pardon the need of the products is in the country as a entirety where you room living.

For example:


Hindi book in India can have national market. Exterior India you might not have actually market the Hindi books.

(iv) international Market:

If the vain of items is world-wide, the market will be International. Gold and silver are instances of commodities that possess an international market.

2. On the communication of Time:

On the basis of time Marshall has divided market together under:

(i) daily or really short duration Market,


(ii) Short period Market,

(iii) Long duration Market,

(iv) Secular Market.

(i) Daily or very Short duration Market:


In day-to-day or short duration market the supply of goods in virtually stable. Since the supply of products is stable, because of this the price of items is established according to the demand of the goods. If the demand diminishes the price will fall and also vice-versa.

For example:

The demand of fish or eggs etc.

(ii) Short duration Market:


Short duration market is the in which slim variation have the right to be made regarding the demand for the goods. The demand for the goods can be raised to part extent and also if the demand diminishes, it deserve to be reduced.

For example:

The demand of fish or milk or eggs.

(iii) Long duration Market:

If the duration is longer, supply will be influenced by the cost of producing extr output; and also the predominant influence on value will it is in the forces of supply. If the demand for items increases, over there is time to rise the supply. Below the price is influenced much more by supply of the goods.

(iv) Secular Period:


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The secular period is really long. Follow to Marshall, that is a period of much more than ten years in which alters in demand totally adjust themselves to supply. Due to the fact that it is not possible to estimate the transforms in demand due to transforms in techniques of production, population, raw-materials i.e., end a an extremely long duration therefore Marshall did no analyse pricing under the secular period. Here the supply has upper hand in the decision of price.

3. ~ above the communication of Competition:

On the basis of compete market has been divided under 2 heads:

(i) Perfect Market,

(ii) Imperfect Market.

(i) Perfect Market:

A sector is said to be perfect as soon as all the potential sellers and buyers are promptly conscious of the prices at i beg your pardon transactions take place and all the uses made by other sellers and buyers and also when any kind of buyer have the right to purchase from any type of seller and conversely.


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The prevalence of the same price because that the same commodity or in ~ the same time is the essential features of a perfect market. Under together a condition, the price of a commodity will tend to it is in the same. Every high quality of the commodity is regarded as a separate commodity.

(ii) Imperfect Market:

A market is claimed to it is in imperfect as soon as some buyers or sellers or both room not mindful of the offers being make by others. Naturally, therefore, various prices pertained to prevail because that the same commodity at the same time in an imperfect market.

Following space the group of imperfect market:

(i) Monopoly,

(ii) Duopoly,


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(iii) Oligopoly, and

(iv) Monopsony.

(i) Monopoly:

In monopoly, over there is a single producer or seller that controls the market. There space no nearby substitutes because that his product. He controls the supply and he have the right to fix the price. That is the firm and also he additionally constitutes the industry. Thus, under monopoly the distinction between the firm and industry disappears.

In this, the average revenue curve or the need curve constantly slopes downwards come the right. Here, there is no require to distinguish products due to the fact that no nearby substitutes space available. The is one homogeneous product and completely under the regulate of the monopolist.

(ii) Duopoly:


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In doupoly, there space two sellers, selling either a homogeneous product or a distinguished product. These 2 sellers reap a monopoly in the sale of the product produced by them.

(iii) Oligopoly:

The word ‘Oligopoly’ is indigenous the Greek indigenous Olig meaning ‘a few” and ‘poly’ definition ‘sellers’. Thus, in oligopoly there are only a few sellers. They may be producing and also selling either a homogeneous or a distinguished product. The former is called perfect oligopoly and also the last imperfect or identified oligopoly.

For example:

The manufac­turer of motor cars by Hindustan electric motors (Ambassador car); Premier Automobiles (Fiat cars) and also Standard Motor company (Standard cars).

(iv) Monopsony:

Monopsony refers to a market case when over there is a solitary buyers of a commodity or service. It uses to any type of situation in which over there is a ‘monopoly’ aspect in buying.

For example:

When consumers of a specific commodity space organised or once a specific individual wake up to have actually a taste for part commodity which nobody else requires. Professor Liebhafsky has identified monopsony together “the case of a single buyer who is no in compete with any other buyers for the calculation which he seeks to purchase, and also as a instance in i beg your pardon entry right into the industry by other buyers is impossible.”

The analysis of monopsony pricing is similar to that under monopoly pricing. Simply as a monopolist is able to influence the price the the product by the quantity he supplies for sale, similarly, the monopsonist is may be to influence the it is provided price that his to buy by the amount that buys.

Again, the monopolist aims at the maximisation that his benefit while the monopsonist intends at the maximisation that his surplus. The monopolist equates his marginal cost with his marginal revenue come maximise his profit. The monopsonist regulates his acquisition in such a method that marginal cost equals marginal utility by which his consumer’s surplus is the maximum.

4. ~ above the basis of Function:

On the basis of function market has been divided under 4 heads:

They are:

(i) blended market,

(ii) specialized market,

(iii) Sample market, and

(iv) Marketing by Grades.

(i) Mixed Market:

Mixed sector is that sector where several varieties of products are purchased and sold simultaneously. This kind of industry is mostly uncovered in villages where nearly all items are obtainable at one place. This is likewise called “General Market”.

(ii) Specialised Market:

Specialised sector is that sector where only one sort of goods are sold and also purchased.

For example:

Only wheat industry or garments market. This form of industry is mostly discovered in city Town.

(iii) Sample Market:

Sample sector is that where items are purchased and sold together specimen that any selection of goods. In this industry purchaser only sees the specimen the goods and also places order for the goods.

For example:

Woolen clothes are purchased by seeing just sample booklets.

(iv) Marketing by Grades:

In this market, products are purchases and sold according to grades. It means the items are an initial classified right into various qualities as per the high quality of the goods. In this market, purchaser has not to see the selection or quality of the goods however purchasers space made follow to grades.

5. On the other Basis:

Under this kind market has actually been divided as:

(i) same Market,

(ii) Black sector or Illegal Market.

(i) Fair Market:

In this sector the goods are purchased and sold ~ above the price resolved by the government and also no other price can be fee by any type of other seller.

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(ii) Black sector or Illegal Market:

In this industry the seller charges greater price 보다 the price fixed by the government. This price is taken by seller secretly. This is also known as illegal price or smuggling price.


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