Markets Economists describe a market as a collection of buyers and sellers who transact over a particular product or product class · Marketers use the term“ market" to cover various groups of customers. They view the sellers as constituting the industry and the buyers as constituting the market. They talk about need markets, product markets demographic markets, and geographic markets 2008-3-5 Marketing Management UG)2008-3-5 Marketing Management (UG) 8 Markets • Economists describe a market as a collection of buyers and sellers who transact over a particular product or product class. • Marketers use the term “ market” to cover various groups of customers. They view the sellers as constituting the industry and the buyers as constituting the market. They talk about need markets, product markets, demographic markets, and geographic markets