essay on going to market

Here’s an example of a complete value matrix:

But the sales funnel is no longer the best way to look at your buyer’s journey. Instead, I propose using the flywheel methodology , which takes a more holistic approach that puts your customer at the center and turns your leads from prospects to customers to active promoters.

In the flywheel model, customers go through three stages: attract, engage, and delight.

First up is the attract phase. Content at this stage grabs a potential customer’s attention. This can be in the form of a blog, whitepaper, or video. A lead gets here by clicking on an ad, social media post, or a search engine result. However, these behaviors do not indicate that this lead is ready to make a purchase yet.

After that comes the engage phase. In this stage, a prospect has demonstrated they have a problem your product can solve. They show this through digital behavior like downloading an ebook or joining a webinar, allowing you to engage them with educational content.

While each company divides the lead generation and qualification process differently, marketing is typically in charge of the attract and engage phases. Your marketing team will need to generate interest and awareness and educate the relevant audience on a product’s value through messaging and content (more on that later).

Halfway through the engagement phase, the prospect should ask for a quote or a trial period. They’re nearing a decision on whether or not to purchase.

Once the prospect reaches this point, the sales team takes over. I find process typically looks as follows:

• Contact: Communication between the lead and sales rep begins.
• Qualification: The sales rep learns more about the company, their customers’ pain points , and asks questions to see if they meet the basic requirements to purchase the product (BANT is a popular sales qualification method but several other sales methodologies are used to qualify).
• Business case: The prospect tests the product through a free trial or POC to see if it can solve their needs.
• Evaluation: The decision-makers in the organization weigh the cost of the product to the results they achieved during the business case.
• Negotiation: Both sales reps and decision-makers discuss pricing details and feature needs.
• Close: A deal is agreed upon and your prospect turns into a customer.
• Renewal (Optional): Your customer renews their contract or subscription.

Right after your sales representative closes the sale, the lead leaves the engage phase and enters the delight phase. When customers reach this stage, they should be delighted by a painless onboarding process and friendly customer service options.

After that, your customer should ideally turn into a promoter. They bring you more customers, keeping the flywheel going and enabling you to grow better.

7. Choose one (or more) of the four most common sales strategies.

You’ve done all the required foundational work; now it’s time to pick a strategy that will push your product into the market. No one method will work for every product or market, so it’s important to consider the complexity, scalability , and cost of yours.

There are generally four go-to-market sales strategies — each one catering to a different product and business model.

The Self-Service model

The self-service model is when a customer purchases on their own. We typically see this model with B2C purchases in which a customer can find and buy a product via a website, like Amazon.

This works best for simple products with a low-cost point and high sales volume. It can be difficult to build, but when successful, it sees a short sales cycle, zero cost to hire salespeople, and is highly profitable.

While you won’t need a sales team, you will need a marketing team to drive traffic and conversions to your site. The core marketing team would likely include growth marketing, performance marketing, and content marketing experts, though there will likely be other team members as well.

The Inside Sales Business Model

The inside sales business model is when a prospect needs to be nurtured by a sales rep to convert into a deal. This type of model works best with a product of medium complexity and price.

The sales cycle ranges between a few weeks and a few months. Here, you’ll invest in a sales team — but inside sales reps are less expensive than field reps.

With a high volume of sales, this model can be profitable and is fairly easy to build and scale as you hire more team members. The sales team in this model is typically composed of a sales manager who supervises a handful of reps.

The Field Sales Business Model

The field sales business model is when you have a full sales organization that closes large enterprise deals. These are typically complex products with high price points, which also means there’s typically a low volume of deals with a long sales cycle.

The sales team in this model is often very costly as the field reps are experienced, high-salary employees. This model is easy to build but harder to scale because hiring and training a full sales organization takes time and money.

Members include a sales manager, field reps, sales engineers, a sales development representative (SDR) team, and sales operations.

The Channel Model

Lastly, in the channel model , an outside agency or partner sells your product for you. This is hard to build, as the people can be difficult to recruit and educate on the benefits of your product. They are also often less motivated to sell than your own sales team would be.

However, this is a cheaper model because you don’t need always to pay a sales team of your own. I find that it works best with a product that matches the partner’s interest. For example, if you sell phone cases, you might want to find partners selling related products, like Best Buy or Apple.

You can mix and match these strategies based on industry or customer size (i.e., number of licenses or seats). For startups, it’s healthy to scale over time rather than invest in an expensive sales team too early.

8. Build brand awareness and demand generation with inbound and/or outbound methods.

Now, you need to fill your pipeline by snagging the attention of your target audience. This occurs through demand generation, which can happen with both inbound and outbound strategies.

With inbound, prospects discover your brand through marketing efforts and reach out to you or show signs of interest organically. Some examples of organic inbound traffic channels could be social media, content, or paid ads leading to a landing page.

Outbound demand generation is when a salesperson contacts a lead through cold outreach tactics. They might do this by reaching out to a contact list, sending warm emails , phoning leads , or gathering leads at industry conferences .

Once interest has been generated through these methods, sales conversations begin, and the leads are led to more educational content and then into the sales funnel.

9. Create content to get inbound leads.

Inbound leads are generally easier to convert and cheaper to acquire than outbound leads. This is because inbound leads are already partially educated on the business problem you solve, aware of your product, and usually more interested in buying your product.

Content marketing is the key to generating that inbound interest, as content will drive traffic to your site.

Your content marketing team will drive this inbound traffic by finding and targeting keywords that your potential customers would search for and then creating and posting related content on your website.

At the core of content marketing is search engine optimization (SEO) , which is the way a search engine ranks the content on the internet once a query is entered into the search bar. This will be a large source of your organic web traffic.

What goes into content marketing? It’s a cycle of keyword research, creation, and measurement.

• Keyword research: Identify keywords related to your product, analyze the volume (how often that keyword is searched), the difficulty of ranking for that keyword (i.e., how competitive that keyword is), and see who is already ranking for those keywords.
• Content research: Brainstorm content topics that include that keyword. See what articles already exist around these topics and begin to plan your content calendar.
• Content creation: Put those ideas into motion and have a writer create articles on those topics.
• Design: Add relevant images, infographics, videos, and other multimedia to your content so it’s more visual and engaging.
• Promote: Spread your content and drive traffic to your website by sharing the links via social media or emails to your customer database.
• Build links: Reach out to other publishers and ask them to link to your content to gain even more traffic with link-building tactics. This gives you site authority, which helps improve your SEO rankings.
• Conversion rate: Track and measure the engagement and conversion rates of your content. Keep doing what works and drop what doesn’t. From there, begin the content creation cycle again.

Your content team should develop content that aligns with the various stages of the buyer’s journey (top-of-funnel, middle-of-funnel, bottom-of-funnel).

Top-of-funnel content is lighter educational content, middle-of-funnel content is deeper, more applied learning, and bottom-of-funnel content is for those who are ready to buy and implement. To use SalesHero as an example, the content at each level of the funnel would look like this:

• Top-of-funnel content: "What is sales AI?"
• Middle-of-funnel content: "How sales AI can increase productivity"
• Bottom-of-funnel content: "Using sales AI to extract dark data"

To make this process easier (and more organized), I recommend creating a messaging strategy or content marketing plan based on your customer's journey and the knowledge they do (and don’t) have at each stage. 

Below, I’ll share an example of how you can organize your content, and you can easily fill in my chart when creating your own. 

Top-of-Funnel Content

Funnel Stage: Awareness

Flywheel Goal: Attract Prospects

What type of content will you create to catch the eye of potential customers in similar industries? Make a table like the one below.

Middle-of-Funnel Content

Funnel Stage: Consideration

Flywheel Goals: Attract and Engage Leads

In this phase, your audience might know of your service or be researching products related to yours. What types of content do you create to move your service to the front of their minds?

Bottom-of-Funnel Content

Funnel Stage: strong> Decision

Flywheel Goals: strong> Engage and Nurture Leads / Gain and Delight Customers

Your audience is really interested in your service. How will you use content to sell them?

• Find ways to optimize your pipeline and increase conversion rates.
• Analyze and shorten the sales cycle.
• Reduce customer acquisition cost.
• Strategize ways to tap into your existing customer base.
• Adjust and iterate as you go.
• Retain and delight your customers.

1. Find ways to optimize your pipeline and increase conversion rates.

Growth requires more than simply picking a sales strategy and building a demand generation process. You must optimize.

Sales is a numbers game, and you can only be successful if you measure progress . The key performance indicators (KPIs) for managing a sales team are volume, conversion rate, and time.

You’ll also want to track how many opportunities come into the flywheel: your pipeline volume.

Then track how many leads turned into customers. Comparing the volume of the pipeline opportunities to the number of won deals will get you your overall conversion rate.

It’s found that it's even more important to optimize the conversion rate between stages. As opportunities move through the funnel, they’ll go through various qualification processes (i.e., basic qualifications, current solutions in use, technical evaluation, and closing), and you’ll want to track at which stage the opportunities fall out and why.

I recommend measuring this for your overall flywheel and per sales rep. This information tells you where each rep needs to improve and potentially receive more training. Work to personalize your sales coaching efforts to shorten the sales cycle of each rep. Compare time and conversion rate to see who's better and faster in particular stages.

Track how many opportunities each rep converts and at what stage in the process they drop out. The sooner an unqualified opportunity falls out of the flywheel, the better, because less time, energy, and resources are spent on that particular lead.

2. Analyze and shorten the sales cycle.

Finally, track how long your sales cycle is. This is the amount of time it takes for an opportunity to enter the sales funnel and change to a closed/won deal. The goal is to shorten the conversion between every stage. This can be done by identifying common objections (and iterating ways to remove them before they happen), doing ongoing lead nurturing, and brainstorming ways to find the best-fit customers.

3. Reduce customer acquisition costs.

As a business owner , you’ll also need to optimize your customer acquisition cost . This will be very expensive at first, but as time goes on, you’ll need to reduce this cost by optimizing your processes, or you’ll be losing more money than you make.

Customer acquisition is how much it costs to gain a new customer or deal per $1. The lower the customer acquisition cost, the lower the impact your marketing efforts have on your PNL, and the higher the profit you get per customer.

4. Strategize ways to tap into your existing customer base.

A common adage in the industry is that it costs seven times more to acquire a new customer than it does to do business with an existing customer. If you're providing a great buying experience, existing customers already know, like, and trust you — all of which are reasons to stick around. 

The best opportunity for companies to earn more and gain revenue is through renewals, cross-selling, and upselling . The average cost for a company to renew a product is $0.13, while upsells cost a company $0.28.

Many people think of sales as a black box. But with analytics and new sales AI technologies cropping up, business leaders can optimize their processes to accelerate business.

5. Adjust and iterate as you go.

Building a successful company is not reserved for those entrepreneurs who’ve been blessed with special skills.

Chances are, you’ve already built your product, and building a company is a very similar process. You must be strategic and continue to improve throughout the process.

Take time and continue to iterate, and you too can build a company. Return to areas of your plan that aren’t working and tweak them. Make note of the things that are working, and brainstorm ways to expand upon them.

6. Retain and delight your customers.

In this phase, you will focus on maintaining your customer relationships and spreading good word-of-mouth. This is where a flywheel strategy can be much more helpful than the funnel, which ends at sales. For a detailed rundown of the delight phase and beyond, check out this ultimate guide .

Although different products might require different launch strategies, the below template and steps should help you create a solid starter plan which can be customized along the way.

Go-To-Market Plan Template

Download Now

Creating a go-to-market strategy from scratch can be daunting — especially if it’s your first time launching a brand-new product or service. That’s why HubSpot created a complete go-to-market kit to help you get started. You’ll find templates that help keep your team on schedule and promote alignment between all product stakeholders.

The kit includes:

• Product Launch Planning Template
• Product Update Email Templates
• Product Lifecycle Mapping Template
• Product Classification Template
• SWOT Analysis Template

Still stumped? Below, I’ve included a few more examples of go-to-market strategies that can help you inspire your own.

• Microsoft Surface
• Bread Beauty Supply

Via is a ridesharing platform that was founded in 2012 when Uber was still relatively unknown .

While Uber has bypassed Via in popularity and product usage, Via has effectively carved a niche in the transportation technology space.

Why I Think Via’s Go-to-Market Strategy Works:

The company’s GTM strategy emphasized ride-sharing — that is, riders literally share rides with other riders traveling in the same direction. The driver takes a predetermined route and drops riders off at convenient locations rather than picking up riders at private locations.

Via set out to solve a common pain point for commuters: overcrowded or unavailable public transit with inflexible routes.

Another pain point of the target audience was that Uber and Lyft rides were overpriced and couldn’t be used for daily commutes. Via looked at this problem and created a true ridesharing service that could fill the space Uber and Lyft didn’t fill.

Now, the company partners with private transit operators, schools, and public transit agencies to expand existing operations or provide more riding options for passengers. The result of Via’s go-to-market strategy is that it no longer sees Uber as a direct competitor .

2. Microsoft Surface

Microsoft Windows has long been the preeminent OS, and for good reason: most computer manufacturers offer Windows laptops and desktops.

So why would Microsoft launch its line of computers and tablets if its software is ubiquitous?

Why I Think Microsoft Surface’s Go-to-Market Strategy Works:

In its go-to-market strategy for its Surface products, Microsoft set out to solve a common problem for tablet users. Tablets were primarily mobile devices; while they were convenient to carry, they didn’t offer the full functionality of a laptop. And for many people, owning both a tablet and a laptop was not financially feasible.

When it released the third generation of the Surface tablet , Microsoft made its position clear. The device was a fully functioning computer in tablet form. You could have a light device without sacrificing function. Compared to the Apple iPad, its principal competitor, the Surface tablet offered more functionality at the same price.

Now, the Microsoft Surface line has expanded to include laptops and desktops. Microsoft realized that laptop buyers may not purchase a Windows laptop because there are so many manufacturers to choose from. Specifications and hardware components vary from machine to machine.

With its Surface laptops, Microsoft makes the choice easier for target demographics such as college students and everyday users. These devices compete with Apple’s macOS offerings and are designed to seamlessly integrate with all of the features of Windows OS.

At first glance, the Owala brand of water bottles doesn’t seem much different from competitors.

But in its go-to-market strategy, the brand used its motto, "Do more of what you love," to hint at its products’ ease of use. You can "do more of what you love" since you won’t even waste time opening the bottle. The lid itself is where you sip.

Why I Think Owala’s Go-to-Market Strategy Works:

With its product launch, Owala addressed common problems for water-drinkers: openings that are too wide, spills, and two-handed drinking.

Owala specifically targets those who are active. In its first series of Instagram posts, the brand posted a mosaic of a man on a motorcycle, and in most of its social posts, it includes people in workout clothes.

The company arguably entered an overcrowded space. Brands such as HydroFlask and Contigo dominate the industry. By addressing a specific target buyer and solving their problems, however, Owala successfully launched into that competitive market. The brand distributes its offerings through its website, BestBuy, and Amazon for optimum reach.

4. Bread Beauty Supply

Bread Beauty Supply , a Black- and woman-owned hair care line, set out to solve a common problem for its curly-haired audience: overcomplicated routines that waste time, energy, and products.

Why I Think Bread Beauty Supply’s Go-to-Market Strategy Works:

The brand launched in 2020 and partnered with Sephora as its principal distribution channel. In its go-to-market strategy, the brand identified a segment of buyers who would rather keep their routine simple and leave their curls in their natural state.

Compare this strategy with that of competitor brands such as Pattern Beauty and Ouidad, both of which offer a multitude of hair care products that can dizzy, confuse, and overwhelm buyers. When creating its go-to-market plan, Bread Beauty Supply recognized that some people with curly hair would rather spend less, not more, time on their hair.

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While the curly hair care industry verges on overcrowded, Bread Beauty Supply successfully launched by taking a unique stance in the industry.

The Sip , a Black- and woman-owned champagne subscription service, makes drinking luxury wine more affordable.

Champagne clubs have always been around, offering monthly deliveries of delectable wines at a premium cost.

To the target audience, however, this model poses a few problems. The wine of choice for that month could fail to meet expectations, and that could result in a wasted bottle. And that is at full cost, too. One of The Sip’s competitors, Club Bubbly, charges $100 per month to deliver two bottles of champagne.

Why I Think The Sip’s Go-to-Market Strategy Works:

In its go-to-market strategy, The Sip emphasized its mini-bottle program: subscribers can try three mini-bottles of champagne at a fraction of the cost. If you happen to like one, you can buy the full bottle.

By solving common problems faced by subscribers of wine boxes, The Sip not only attracted the subscribers of its competition, but opened up this type of subscription to buyers who could not previously afford it.

Vuclip , a mobile video-on-demand service, tapped into emerging markets with limited access to high-quality video streaming services. Consumers in these areas — including India, Thailand, and Egypt — dealt with slow video buffering speeds due to a lack of advanced mobile networks.

Why I Think Vuclip’s Go-to-Market Strategy Works:

The company's go-to-market strategy rested on appealing to those "must-have" markets, where it could come in with a competitive advantage by presenting an accessible platform that addressed those regional consumers' issues with buffering.

The result? Vuclip built a subscriber base of more than 41 million consumers across over 3,000 cities, with plans to establish a presence in even more underserved markets around the world.

Upscope , an interactive screen sharing platform, came on the scene as a resource to suit a more technically inclined crowd than its competitors — namely onboarding, support, and IT specialists.

Why I Think Upscope’s Go-to-Market Strategy Works:

The primary pain point the company looked to address was the trouble consumers ran into when trying to share their screens — particularly when it came to walking prospects, customers, or employees through technical subject matter.

The company addressed that issue by creating a solution that lends itself to instant and interactive screen sharing — sparing users the trouble of fumbling through the screen share process and letting all parties engage with the content they're seeing.

Upscope supported its go-to-market efforts with a solid content marketing strategy — maintaining an active web presence and blog. It also incorporated integrations with other tools into its solution, giving itself more visibility and clout.

Baggu is a reusable bag brand. While it seems rather simple on the surface, its go-to-market strategy has made a buzz in the world of sustainability.

Why I Think Baggu’s Go-to-Market Strategy Works:

This brand was created to eliminate unnecessary waste through responsibly managing deadstock products and fabric. This appeals to eco-conscious consumers who are trying to minimize their use of plastic bags.

Accompanying its relatable mission, Baggu has held many collaborations that take its products from functional, to stylish statement pieces.

Baggu recently partnered with Joonbug , a Jamaican artist known for impressive skate designs, and made colorful patterns that showcase his cultural roots and style.

The products are visually interesting, eye-catching, and were marketed through Instagram — a social media platform designed for visual ads and promotion, and a perfect vehicle for a mutually beneficial collaboration for JoonBug, who is also a prominent influencer in the art sphere.

Thinx is a feminine hygiene company that makes underwear for people with periods. This re-imagined approach to menstrual products has been gaining more traction in the industry, and its go-to-market strategy has definitely aided in its success.

Why I Think Thinx’s Go-to-Market Strategy Works:

A common pain point for people with periods is spending a lot of money on one-time hygienic products, and it’s not good for the environment, either. So offering washable underwear with a 2 year guarantee is a much better investment than the alternative.

Thinx is also known for partnering with organizations using cause marketing, like with Black Mamas Matter Alliance. BMMA focuses on the issue of maternal health (specifically for black women who are three times more likely to die from childbirth than other races) that Thinx’s audience would also care about or be aware of.

This strategy appeals to consumers who can feel good knowing they're buying something that gives back a portion of profit to something beyond themselves, especially if it raises awareness of inequalities in maternal health.

10. Metaverse

One of the most outlandish ideas of recent go-to-market strategies is none other than the launch of the Metaverse. It’s an immersive, digital economy made by Facebook, and a look into the future for the platform.

Why I Think the Metaverse’s Go-to-Market Strategy Works:

This brand understands that people are leading digital lives more than ever, which includes more online shopping — but without the experience of shopping in person. So while it is more convenient to add items to your cart through clicks, customers give up the feel of shopping in store.

Metaverse solves for this, by incorporating the brick and mortar experience in a VR-centric, digital world.

In addition to solving the online shopping dilemma, the PR campaign and influencer marketing was such a huge rollout on one of the most major social media platforms, it caused quite a buzz through the internet and news outlets.

Create a Strong GTM Strategy for Your New Venture

Building a go-to-market strategy is critical before bringing your new product to market. With the steps I shared in this guide, you’ll be well on your way to launching a product or service that solves for your future customers and becomes profitable in the marketplace.

Editor's note: This post was originally published in November 2019 and has been updated for comprehensiveness.

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Essay on Market

Students are often asked to write an essay on Market in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on Market

Understanding markets.

A market is a setting where buyers and sellers interact to exchange goods, services, or information. It can exist physically like a store, or virtually like an online marketplace.

Types of Markets

There are many types of markets. For instance, a ‘physical market’ is a place you can visit, like a supermarket. An ‘online market’ is on the internet, like Amazon.

Role of Markets

Markets play a crucial role in an economy. They determine prices through supply and demand, ensuring fair trade. They also promote competition, leading to better products.

Also check:

250 Words Essay on Market

Introduction to market.

A market is a fundamental concept in economics, a social domain where potential buyers and sellers interact to trade goods, services, or contracts. It’s a cornerstone of the capitalist economy, shaping the dynamics of supply and demand.

The Evolution of Markets

Markets have evolved significantly over time, from physical locations like bazaars and marketplaces to virtual platforms. With the advent of the internet, e-commerce has revolutionized the concept of markets, eliminating geographical constraints and allowing 24/7 operations.

Markets can be categorized based on various factors. ‘Physical’ or ‘Virtual’ markets differentiate the medium of exchange. ‘Consumer’ or ‘Business’ markets distinguish the primary participants. ‘Local’, ‘National’, and ‘International’ markets classify the geographical reach.

The Role of Markets

Markets play a pivotal role in determining prices through the forces of supply and demand. They facilitate competition, fostering innovation and efficiency. They also influence resource allocation, steering them towards sectors with high demand.

Market Challenges

Despite their benefits, markets can also present challenges. Market failures, such as monopolies, can lead to inefficiencies and inequalities. Additionally, unregulated markets may contribute to environmental degradation and social disparities.

Understanding markets is crucial for grasping economic dynamics. They are not just platforms for buying and selling, but complex systems that reflect societal values, shape economic trends, and influence policy decisions. Future market evolution will likely continue to be shaped by technological advancements and changing societal needs.

500 Words Essay on Market

Historically, markets were physical locations, such as town squares or bazaars, where buyers and sellers gathered to trade goods. However, the advent of modern technology has revolutionized the market’s nature and scope. Today, markets extend beyond physical boundaries into the digital realm, with e-commerce platforms and online marketplaces allowing global transactions.

Markets can be categorized based on various factors. For instance, ‘commodity markets’ deal with raw materials, ‘financial markets’ involve securities and financial instruments, and ‘real estate markets’ concern properties. Furthermore, markets could be ‘retail’ where transactions happen directly with consumers, or ‘wholesale’ where goods are bought and sold in large quantities.

The Dynamics of Supply and Demand

Market imperfections and failures.

While markets ideally ensure efficient resource allocation, they are not perfect. Market imperfections, such as monopolies, information asymmetry, and externalities, can distort the market mechanism. Market failures occur when the market fails to allocate resources efficiently, leading to a loss of social welfare.

Role of Government in Markets

The government plays a crucial role in regulating markets to correct market failures and ensure fair competition. Through policies and regulations, the government can mitigate market imperfections, protect consumer rights, and promote social welfare.

Conclusion: The Future of Markets

The study of markets is not just about understanding economic principles. It also involves understanding social interactions, human behavior, and the broader societal context in which markets operate. As such, the market is a fascinating subject of study for anyone interested in the complexities of our modern economy.

If you’re looking for more, here are essays on other interesting topics:

Apart from these, you can look at all the essays by clicking here .

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How to Write to Market and Still Write What You Love

by Jeff Elkins | 0 comments

When new writers ask, “How do I succeed as an author?” the advice they most often receive is, “Write to market.”

Popularized by Chris Fox’s 2016 book, Write to Market: Deliver a Book that Sells , the strategy requires authors to pick a genre to write in , study the tropes of that genre of books that are currently selling, and then write a book in that genre that fits all the existing tropes. While many authors struggle to embrace this concept, by changing our perspective on it, we will find it empowering rather than limiting.

Why I Didn't Want to Write to Market

When I first received this advice, like many new writers, my response was visceral and negative. I felt as though I was being told to copy work instead of create it. I assured myself that I had not begun writing to fit into an existing mold. I told myself that I was an artist, not a plagiarist; and that my ideas were so wonderfully unique they defied all market expectations.

After writing and publishing several novels that no one but my mom read, I began to change my tune.

What helped me overcome my initial revulsion to the idea of writing to market was changing my perspective on it. I recognized there were misconceptions I needed to overcome. With a shift in understanding, I was able to see why writing to market worked and why I needed to embrace it if I was going to succeed.

Think of it as Writing to Readers

The first misconception I had was about the nature of the “market.” I thought of the market as a menacing and unpredictable unseen hand that was deciding what products succeeded and what products failed.

Understanding and writing to the market felt to me like becoming a Sith Lord. To do it would mean foregoing my calling as a pure artist and embracing the dark side that proclaimed money is king.

But the market is not some menacing unseen hand. The market is readers. The market is the word we use for people that buy books.

Don’t think of it as embracing some dark and confusing force. Think of it as understanding what people enjoy and trying to create for them something they will like.

Think of it as Writing to be Enjoyed

I’m the primary cook for my family. Finding food that all five of my children will eat can be difficult. When I sit down to prepare a meal, I’m faced with a choice. I can make something they will like, or I can prepare what I want to prepare.

If I choose the latter option, I might like the meal, but dinner is going to be horrible because I’m going to spend most of it forcing the four-year-old to try it. I’ve found that dinner is best when I cook something with elements that we all enjoy.

For example, I love broccoli but my sixteen-year-old hates it. What my sixteen-year-old loves is garlic salt and parmesan cheese. It’s easiest for me to steam the broccoli and serve it, but then I’m going to have to hear him groan and complain as he chokes it down.

If I take a few extra minutes to cover it in garlic salt and parmesan cheese and then roast it in the oven, he will eat it without complaining and I can enjoy my dinner.

The decision to write to market is the same decision I make every night at the dinner table. I can ignore readers and make what I want to make, but I need to understand that getting them to try it will be painful for all of us.

Or, I can figure out what they like, invest time in understanding what I like, and then write something that meets all our expectations.

If we can find passion in writing things our readers will enjoy, we will find more success.

Think of it as Writing to the Adjacent Possible

We have a misconception about innovation. We believe that innovative things are earth-shatteringly new. We think that when something innovative happens, there’s never been anything like it before.

The truth is, the only innovation embraced is “the adjacent possible.” When something is created that is beyond what anyone has ever considered, that thing is rejected because people can’t wrap their minds around it.

Innovators need to speak the same language as the people they are innovating for. If they don’t, their innovation won’t matter because no one will be able to understand it.

Writing from a new perspective or with fresh ideas is wonderful and necessary. At the same time, if that newness has no connection to readers' expectations, then readers won’t understand it. Understanding genre and tropes is like learning the language of your readers. It is important to innovate within their language.

Write for Readers Who Love What You Love

If you are like me, your revulsion to the phrase writing to market comes from our misconceptions about what the phrase means. If we shift our perspective, we can change our approach so that we are writing for our readers in a language our readers will understand and enjoy, while not losing our unique voice.

Do you know what your readers love?   Let us know in the comments .

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When you're done, share your writing in the comments below. Tell us about the reader you pictured, too. And if you post, don't forget to leave feedback for your fellow writers!

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Essay, Paragraph or Speech on “My Visit to A Market Place” Complete English Essay, Speech for Class 10, Class 12 and Graduation and other classes.

My Visit to A Market Place

A market is the open area or building where people meet to buy and sell goods. Different goods are available for purchase in a market. Numerous markets are available in a particular city. Different kinds of goods are sold in markets. Most of the markets are placed close to residential areas for the convenience of the customers.

I had heard a lot about the oldest and busiest market called ‘Chandni Chowk’ in Old Delhi now in Central North Delhi. I had never seen it. A few days before my brother’s marriage, when my mother was going for shopping, I insisted to accompany her. However, she tried her best to discourage me from coming but I requested hard. She even told me that there would be too much crowd and a child like me may be very tired. However, I still insisted.

We started on our journey. After about two hours on the road, we reached the famous Chandni Chowk. I had heard that it was the biggest and oldest market of Delhi. I saw hundreds of men rushing up and down everywhere. It appeared as if they were hurrying for an important mission. The sight of the crowd frightened me. I started questioning myself why I chose to come here. As we proceeded towards the shops, I was impressed. Different items were kept for sale and all the shops were too crowded.

Walking through the crowd, first we went to suiting and shirting shops where we had to make bulk purchases for my brother and gifting to friends and relatives. Each shop was crowded with customers. I was confused to see huge stocks of suiting and shirting piled up in each of these shops. In every shop, salespersons were busy with the customers. While shopping in one of the shops we got some relief from the pushing on the crowded lanes.

I was once again a bit fresh and now we were looking for a good jewellery shop. I was surprised to see so many jewellery shops. I had never imagined that expensive gold items could be available in so many shops. In these lanes, we spent nearly two hours glancing into one shop to another and making selections of different gold ornaments. Seeing the fast movement of the customers in and out of the shops, my mother said that these days the sale was more than usual because of the marriage season. Moreover, the festival season was also round the corner.

After having bought several bags of clothes, jewellery and other important things, we finally stepped out from the shop. Believe me, we were almost lost in those jammed lanes and by-lanes. Finally, we had to ask someone to guide us to the main road.

Such a visit was my first experience. I was impressed to see the shops full of items and different markets for different things. Although it was a tiring day, our shopping was wonderful. This was my most interesting visit to a market.

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Breaking news.

Charles Gasparino

Wall street is going toward a straight free fall — no one knows what’s going to happen with the market.

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Talk to enough Wall Street executives and you come away with something very unsettling: No one knows what’s going to happen with markets and, by extension, the economy — and it’s scary. 

I know what you’re saying, these guys never really know what’s going on or they would have seen the 2007-08 financial crisis months before it happened.

Truth be told, they did see it coming, but most were too terrified to say anything about it, while others, like hedge funders, didn’t want to draw attention to their market bets. 

No, this time is different.

Market prognostications are all over the place because of huge policymaking mistakes: spending, money printing and more that screw with their normal analytical tools.

The politics and policies of two presidential candidates add even more confusion. 

In other words, it’s not a great time to be an economic forecaster, or for that matter an investor or consumer or American worker trying to prepare for the future.

And we can thank the clowns who have been setting public policy, and ­doing some really crazy, unprecedented stuff. 

Yes, the ruling class we have in this country is maybe the dumbest that history has had to offer. 

Again, it’s a bipartisan idiocy, the Wall Street types will tell you, that dates back at least two decades, though the more recent vintage of so-called experts acting like idiots is even more troubling because the stakes keep getting higher. 

Former (and maybe future) President Donald Trump looked steady and confident against a stammering, overmatched Joe Biden in Thursday’s debate.

But Trump’s no bargain either.

Consider, he endlessly vowed to build a southern border wall to prevent mass migration with its pressures on the welfare state, but because he spent much of his four years in office spinning his wheels on petty feuds, he never got it done. 

Biden, meanwhile, has spent nearly four years as a barely sentient leader of the free world (as his debate performance showed again).

He compounded the immigration catastrophe because he’s afraid of alienating the open-border, progressive base of the Democratic Party while the nation’s social fabric frays under pressure from the importation of poverty and lots of crime. 

But it’s both sides’ wonky stances on the economy that is really giving forecasters fits.

Trump added an estimated and staggering $8 trillion to the national debt during his four years in office, and you can’t blame it all on COVID-relief measures and the lockdowns that stalled growth in his last year in office.

Before that, he did some great things like cutting taxes and reducing regulations, and it propelled things like employment and wages.

It was a time of peace and prosperity, perfect for getting entitlements (i.e. future costs of Social Security and more) in order and taking a blowtorch to the boated mess of the federal government. 

Yet he did just the opposite.

When COVID hit, he kept spending nearly until his last day in office when it was clear the economy was bouncing back and the pandemic was on its way to ending. 

Trump offers more of the same if re-elected, which means a whole new level of uncertainty to consider given the size of the debt now on the books, which at some point we will have to pay back. 

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Biden’s spending binge 

Speaking of debt, its size is getting bigger and more troubling because when it comes to spending, Sleepy Joe is Trump on steroids.

He promises to double down if re-elected: Student debt relief, more spending on useless green energy boondoggles, a blowout of a dubious industrial policy of EVs everywhere and government-subsidized chip manufacturing is just the start. 

If he’s replaced (a real possibility after his debate performance), whoever steps in will offer the same policies without the verbal incoherence. 

Recently, the media has been buzzing (no doubt after being prodded by Sleepy Joe’s handlers) that Trump has increased the debt more than Biden, but Wall Street pros tell me that’s a bit of an apples-to-oranges comparison since the economy largely stopped during Trump’s last year in office.

When Biden took over as the economy was on the mend, he went nuts with stimulus spending. 

The pros point to an overlooked stat.

By early next year, the Congressional Budget Office is projecting that the growth of debt under Biden will likely match or exceed Trump’s.

It stands now at near-historic levels, 120% of the entire US Gross Domestic Product .

That’s down from its pandemic high, but not by much to really matter. 

What happens if we need to spend more because of war?

What happens if our creditors decide the US dollar is too commoditized because of all the spending?

Biden has infused both our economy and culture with hypercharged wokeness through his appointees to the regulatory state.

Trump is looking for ­revenge against a political party that is literally trying to put him in jail. 

Wall Street is now pulling its collective hair out trying to input those variables into its computer models, with lots of crazy stuff that has created the black-box economy where forecasting is nearly impossible. 

That’s why smart money is so scared. 

Charles Gasparino is the author of the forthcoming book “Go Woke, Go Broke: The Inside Story of the Radicalization of Corporate America.”

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IELTS Cue Card

A website dedicated to IELTS Cue Card Samples, Speaking Samples, and Speaking Preparation Guideline...

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Describe an open-air or street market, describe an open-air or street market which you enjoyed visiting..

• where the market is
• what the market sells
• how big the market is

Part 3: Discussion topics:

Popular posts from this blog, a person who encouraged you to achieve a goal, person in your family who you most admire, describe a news story you have read or heard about recently, describe an animal which you find interesting.

Stock market today: Indexes cap stellar first half of 2024 with losses even after encouraging inflation report

• US indexes ended the day lower, despite market excitement over the latest PCE data.
• Both headline and core personal consumption expenditure readings came in 2.6% year-to-year.
• The stock market closed 2024's first half strongly, with the S&P 500 up nearly 15%.

US indexes slid on Friday after temporarily bounding to new records, as investors celebrated the latest inflationary report.

The personal consumption expenditures price index, an inflation gauge favored by the Federal Reserve, notched its lowest reading of three years. Both core and headline PCE fell to 2.6% year-to-year in May, just under the previous month's reading.

Personal spending also picked up month-to-month, with real goods spending rebounding from weak April.

"The soft inflation data will build the case that the Fed can start cutting rates in the coming months," LPL Financial chief economist Jeffrey Roach said. "As long as incomes grow at a healthy clip, consumers will keep spending. The key is the labor market and so now, we should shift our attention to next week's nonfarm payroll release for a fresh look into the job market."

Though that's brought no change to monetary policy expectations in May, investors remain convinced in interest rate cuts this year. Currently, futures markets are pricing in the odds of two

The soft inflation reading was not enough to keep the indexes in the green through Friday, but the stock market still strongly closed out the first half of 2024. Year-to-year, the S&P 500 gained 14.1%, outdone by the Nasdaq's 16.6% increase.

"But there are still areas of relative weakness," Trade Nation's senior market analyst David Morrison wrote. "The old-school Dow only managed to tack on 4%, while the Russell gained a measly 1%. Could these be harbingers of weakness to come, or will they take over as market leaders in the second half?"

Among issues now standing is a worrying bifurcation of the market, where only a handful of stocks are actually leading index gains. At the same time, interest rates remain elevated among signs of a slowing economy, while Nvidia's $430 billion blip this week added worries about the long-term prospect of an AI-led bull run.

Here's where US indexes stood at the 4 p.m. closing bell on Friday:

• S&P 500 : 5,460.71, down 0.4%
• Dow Jones Industrial Average : 39,123.92, down 0.1% (40 points)
• Nasdaq composite : 17,732.60, down 0.7%

Here's what else is going on today:

• Warren Buffett will put his $130 billion trove into a charitable fund for his children once he dies , the investing legend told The Wall Street Journal.
• The Berkshire Hathaway executive revealed he has a $600 million trove not tied to company shares.
• The US economy is in a 'selective recession' weighing on lower-income consumers , JPMorgan says.

In commodities, bonds, and crypto:

• West Texas Intermediate crude oil dropped 0.53% to $81.3 a barrel. Brent crude , the international benchmark, ticked 0.18% lower to $84.77 a barrel.
• Gold slipped 0.12% to $2,326. per ounce.
• The 10-year Treasury yield jumped 6 basis points to 4.349%.
• Bitcoin essentially stayed flat at $60,809.21.

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Describe a street market in your city IELTS cue card

IELTS Speaking Part 2: IELTS Cue Card

Describe a street market in your city. You should say Where is it? What can you buy there? What is it famous for? How you feel about it? Or (It could also be asked in the past tense) Describe a time when you visited a street market When it was? Where you were? What you bought? How you felt about it?

Note:  You will have to talk about the topic for one to two minutes. You have one minute to think about what you are going to say. You can make some notes to help you if you wish.

Model Answers and follow up questions to describe a street market in your city IELTS cue card:

Model Answer 1:

Introduction: Well, street markets are extremely popular in my count for shopping and there are street markets in most of the cities and towns in my country and I would take this opportunity to talk about one of the very popular street markets of my city.

What can you buy there? People are totally free so they love to visit this market on Saturdays and Sundays and they love to buy different kinds of things as per their choices. People can buy almost anything at this place for example trendy clothes, footwear, toys and other household items.

Apart from Shopping, this place is equally popular for its street food. Those who come here for shopping they definitely enjoy some bites of different types of Indian snacks that are easily available here.

How you feel about it? and Conclusion: So overall it is a wonderful and a famous street market of my city that people love to visit to do their shopping.

Most interestingly some people are habitual of bargaining for a good price and l am also one of them. However, sometimes when I have to buy my clothes for any special occasion only then I prefer to shop from malls.

Where is it? Talking about the street market of my city, it is situated near the railway station and is named as Dhobi bazaar.

What you bought? Recently I have bought a watch from this market. Actually, one month before on 23rd January was the birthday of my best friend and I was quite confused that what should I gift him. Then, my mother suggested me to give him a watch but it was too late to order online.

IELTS Speaking Part 3 : Follow up Questions

Here some examples of follow up questions that you may asked during your speaking part 3 by examiner related to cue card “describe a street market in your city”.

1. Do you like shopping online or going out for shopping? I do a mix of both. Sometimes I shop online if I get a good deal. Many sites such as Amazon, Flipkart and Snapdeal have good discounts.

3. What are the disadvantages of shopping in a big mall? In big malls, nobody guides you about any product. You have to use your own judgement. Secondly, you cannot get things on credit, which a small shopkeeper in your town would give you if he knows you. Another disadvantage is that mostly big malls are outside in the suburbs, and so it is only possible to go by your car.

Photo by Clem Onojeghuo on Unsplash

Introduction: Well, street markets are extremely popular in my count for shopping and there are street markets in most of the cities and towns in my country and I would take this opportunity to talk about one of the very popular street markets of my city. Where is it? It is located in sector 14 which is right in the heart of the city. So people can easily access this place. This street market remains opens all seven days of the week. However, it gets really crowded, especially on the weekends. What can you buy there? People are totally free so they love to visit this market on Saturdays and Sundays and they love to buy different kinds of things as per their choices. People can buy almost anything at this place for example trendy clothes, footwear, toys and other household items. What is it famous for? Though people of all age groups love to visit this street market. However, it remains especially popular among youngsters. They love to buy so many different types of things such as Fashionable clothes, Footwear, Accessories and many other things. Since the prices at this street market are very low when compared to the shopping malls.

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Arguments Against Markets

• Daily Economy
• Free Markets
• Economic Growth
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We should try hard to understand just why our intellectual opponents think differently than we do. Sincere effort to understand those with whom we disagree will sometimes change our minds. But even when it doesn’t, such effort will usually deepen our own understanding of reality.

As I understand reality — and, I’m sure, as most friends of AIER understand reality – the material and ethical benefits of free markets are so obvious and overwhelming that I can’t easily get my head around the enthusiasm that many people have for active government intervention into market processes. But I also understand this other piece of reality: my confidence in free markets, along with my leeriness of government intervention, puts me in a relatively tiny minority. Those of us who want to keep government small and strictly limited — and, hence, who want individuals to have very wide latitude to make whatever peaceful choices they wish in markets — are far outnumbered by individuals who distrust markets to deliver enough of the goods to enough of the people.

Why this distrust? What must sincere opponents of free markets have in mind to motivate their enthusiasm for replacing market processes with government commands? Here are my guesses as to some of what most sincere opponents of free markets have in mind.

• The total amount of material wealth available to humanity is largely independent of human action and institutions .

Wealth just happens; it emerges automatically from nature or historical forces with little or no input from human beings. Human actions (and the institutions that govern it) determine only the distribution of this wealth, not its quantity or quality. It follows that if some individuals have more wealth than others, the reason can only be that wealthy individuals are simply lucky or, more likely, that they enjoy some unearned advantages over other individuals — advantages that allow them to grab unfairly large amounts of wealth.

Insofar as neither human action nor institutions have any notable effect on the total quantity of material wealth, tax rates and regulatory measures do nothing to diminish humanity’s stock of wealth. These measures affect only the distribution of nature’s bounty and not its amount.

• Prices and wages are arbitrary, set by the powerful in opposition to the interests of the weak .

Because wealth is ‘produced’ independently of human action, prices and wages determine only how this wealth is shared among buyers and sellers and among employers and employees. High prices distribute more wealth to sellers and less to buyers, while low prices do the opposite. High wages distribute more wealth to workers and less to employers, while low wages do the opposite. Government control of prices and wages has almost no effect on wealth production; such control — or lack thereof — determines only the distribution of wealth among buyers and sellers. And so it follows that to oppose the likes of minimum-wage statutes is to support the interests of greedy employers at the expense of workers, while opposition to the use of price ceilings to prevent “price gouging” signals support of the interests of greedy merchants over those of consumers.

• The profit motive is anti-social .

If the total amount of wealth is independent of human action, then the seeking of profit is the seeking of an unjustly large share of this wealth. To seek profit is to seek to rob one’s fellow human beings of their fair shares of wealth. Apologists for profit-seeking entrepreneurs and businesses are, thus, apologists for plunder. These apologists might be sincerely ignorant of the rapacious nature of profit-seeking, but this ignorance doesn’t excuse their carrying water for plunderers.

• Commerce is anti-social because it is driven by the profit motive .

Because the profit motive is anti-social, anything that it motivates — such as commerce — is also anti-social. Commerce is a means by which the crafty, the devious, and the privileged gain at the expense of the credulous, the honest, and the oppressed.

• Governments elected democratically express the will of The People, and this will is sacred – and genuinely good – as long as The People aren’t misled by false notions peddled by plutocrats and their mercenary apologists. Unfortunately, ordinary people are easily beguiled by ideas and ideologies that run counter to their true interests.

Sometimes, thankfully, The People understand their true interests and vote accordingly, as they did in the US, for example, when they elected Franklin Roosevelt, Lyndon Johnson, and Barack Obama. Yet too often The People, in their innocence, are hoodwinked — especially by greedy corporations and these corporations’ hired guns – into voting against their true interests, as The People obviously did when they voted for Ronald Reagan and Donald Trump. This woeful reality justifies many non-democratic means of collective action to further the true interest of The People. Such actions occur when well-meaning and smart government administrators and judges impose controls on markets that elected officials are too corrupt or cowardly to impose.

• Working for a democratic government – as an elected official or civil servant – is noble; that’s why we call them “public servants.”

At the very least, working for the government, or for non-profit organizations dedicated to restraining commerce, is to avoid working in the profit-seeking commercial sector. Government officials motivated to pursue the public interest work selflessly to “pre-distribute” or “redistribute” the fruits of nature’s economic bounty away from the greedy and privileged, who grasp for more than their fair share, and toward the meek and oppressed whose only hope for a decent standard of living lies the successes of their champions in government.

• All social order, including economic order, comes from the government .

There really is no such thing as “laissez faire” or anything remotely close. If the government protects property and contract rights along the lines advocated by free-market champions such as F.A. Hayek, Milton Friedman, and Deirdre McCloskey, it no less actively intervenes on behalf of particular groups (mostly, business interests) than when it redistributes property and reallocates resources using the likes of industrial policy and confiscatory taxation. Government, being the source of all social order, simply has no choice but to choose one particular kind of order over other possible ones. A humane government intervenes by using tools such as tariffs and redistributive taxation to ensure that the poor and oppressed have greater access to nature’s material bounty. A cruel government intervenes, by using tools such as “private property rights” protections and low tax rates, to ensure that the rich and powerful retain their unfairly large shares of nature’s bounty.

The above list is not exhaustive of the relevant beliefs held by opponents of the free-market order. Nor does every opponent of this order hold all of the above beliefs. And many of these beliefs, when held, differ in detail from how they are described here. Yet the beliefs described above – whether held consciously or just as unreflective presumptions – are commonplace among many opponents of the free-market order. These beliefs, almost needless to say, are ones that I am sure are deeply mistaken. But mistaken or not, such beliefs are widespread and go a long way toward explaining popular hostility to the free-market order. These beliefs must be challenged if the free-market order is to survive.

Donald J. Boudreaux

Donald J. Boudreaux is a Associate Senior Research Fellow with the American Institute for Economic Research and affiliated with the F.A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at George Mason University; a Mercatus Center Board Member; and a professor of economics and former economics-department chair at George Mason University. He is the author of the books The Essential Hayek, Globalization , Hypocrites and Half-Wits , and his articles appear in such publications as the Wall Street Journal, New York Times , US News & World Report as well as numerous scholarly journals. He writes a blog called Cafe Hayek and a regular column on economics for the Pittsburgh Tribune-Review . Boudreaux earned a PhD in economics from Auburn University and a law degree from the University of Virginia.

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South Korea's SK Hynix , the world no.2 memory chip maker, will invest 103 trillion won ($74.6 billion) through 2028 to strengthen its chips business, focusing on AI, its parent SK Group said on Sunday.

Essay on Markets: Top 4 Essays | Economics

In this essay we will discuss about:- 1. Meaning of Markets 2. Features of the Markets 3. Elements 4. Performance.

Essay on Markets  

Essay # 1. meaning of markets :.

The term market structure refers to the type constituents and nature of an industry. It includes the relative and absolute size of firms, active in industry, easiness in the entry into business, the demand curve of the firm products etc.

There are two extremities of the market structure on this basis, on one end there is a market of perfect competition and on the other perfect monopoly market. In between these two extremities there are monopolistic competition, oligopoly, duopoly etc.

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In common usage the word market designates a place where certain things are bought and sold. But when we talk about the word market in economics, we extend our concept of market well beyond the idea of single place to which the householder goes to buy something. For our present purpose, we define a market as an area over which buyers and sellers negotiate the exchange of a well- defined commodity. For a single market to exist, it must be possible for buyers and sellers to communicate with each other and to make meaningful deals over the whole market.

Several economists have attempted to define the term market as used in economics.

Some of them are as under:

According to Curnot, “Economists understand by the term market not any particular market-place in which things are bought and sold, but the whole of any region in which buyers and sellers are in such free intercourse with one another that the price of the same goods tends to equality easily and quickly.”

In the eyes of Prof. Chapman, “The term market refers not necessarily to a place but always to a commodity and the buyers and sellers who are to direct competition with one another”.

In simple words, the term market refers to a structure in which the buyers and sellers of the commodity remain in close contact.

Essay # 2. Features of the Markets:

On the basis above-mentioned definitions we can mention following main features of the market:

(i) Commodity:

For the existence of market, a commodity- essential this is to be bought and sold. There cannot be a market without commodity.

(ii) Buyers and Sellers:

Buyers and sellers are also essential for market. Without buyers and sellers the sale-purchase activity cannot be conducted which is essential part of a market.

(iii) Area:

There should be an area in which buyers and sellers of the commodity live in. It is not essential that the buyers and sellers should come to a particular place to transact the business.

(iv) Close Contact:

There should be close contact and communication between, buyers and sellers. This communication may be established by any method. For example, in olden days this contact and communication was possible only when the buyers and sellers of a particular commodity could come at a particular place.

But now with the developed means of communication physical presence of buyers and sellers at one particular place is not essential. They can contact with, each other through letters, telegrams, telephones, etc. In the boundary of a market we include only those buyers and sellers who can maintain regular close contacts.

For instance, India’s farmers (or sellers of grains) have no close contacts with the consumers (or buyers) of England, hence though they are the buyers and sellers of grains yet do not come under the purview of a market.

(v) Competition:

There should be some competition among buyers and sellers of the commodity in a market.

Essay # 3. Elements of Market Conduct:

(a) seller and buyer concentration:.

Here, seller concentration means in certain industry the number of active firms is very limited and these few firms produce a large part of the total supply. In other words, there firms possess the market power in a sense that any one of these firms can affect the market price by making change in the quantity of its product.

In full competition, each firm produces a very small part of the total production. Hence, it cannot affect the market price. In this type of market, the seller concentration is zero. So, as we move from the perfect competitive market towards pure monopolist market, the quantity of seller concentration increases.

(b) Market Power:

Every competitive firm attempts to get market power by making difference in the product. From economic point of view difference in the product or product heterogeneousness affects the market, structure significantly. In the position of homogeneous product when a seller makes even a slight change in the price of product the consumers begin to purchase the product sold by other producers.

In other words the firm producing homogeneous product has to face the perfectly elastic demand curve. On the contrary in the position of heterogeneous products any single firm can increase some price without being affected due to the preferences of the consumer.

(c) Product Differentiation:

In the perfect competition market all firms sell the same or homogeneous product. But in the market, in reality a single product is sold by the different producers, claiming that all products (such as toothpaste) are not same. The producers bring variety by means of brand name, packaging, size, colour, taste, weight etc. In spite of no locational differences, variety is seen by means of retailer service, home delivery, credit facility etc.

(d) Barriers in Entry:

Seller’s concentration indicates that how some firms acquire dominance in an industry, consequently the real competition between the firms is lessened or limited. If there are some barriers in the entry of new firms, then the prospective competition is also limited.

The types of such barriers are as follows:

(i) Cost profit to the present firm which is not available to the new firms.

(ii) Legal barriers in entry.

(iii) Product difference and advertisement etc. cause the presence of strong preference among consumers for the products sold by the established firms.

(e) Other Elements:

Apart from these main elements, there are some other elements to be considered. One of them is the growth rate of market demand. In this situation the firms are somewhat idle. On the contrary in a rapidly growing industry the firms also become more competitive. In the growing market every firm is struggling and striving for more demand.

If there is more elasticity of the price demand of a product, the firm will be motivated to lessen the price in order to increase ones portion in the total sale. In the condition of oligopoly when a firm decreases price other firms also do the same. Then all firms derive benefit in the condition of more elastic demand. If the product demand is inelastic no firm will tend to change price.

Essay # 4. Market Performance:

Market performance means the evaluation of the derivation of the behaviour of any industry when it behaves differently than the established superior laws of the market. It is assumed that in the position of the perfect competition only an industry can perform well. But when the market is derivated from the condition of perfect competition, then the market behaviour also changes. Now the question arises, as to how a market performance can be evaluated in any industry?

Certain acceptable indicators are as follows:

1. Profitability:

All firms have an objective like profitability, profit maximisation or satisfactory level of profit. But profitability in any industry does not depend only upon the performance of the firm. It also depends upon monopolist power, product diversity, or inefficient use of resources etc. Economists have used the hypothesis of normal profit. It is the rate of profit which makes the firm not to leave the industry. The performance level affects the quantity of profit significantly.

2. Productivity:

It is an index of production of per unit input used, if more production is possible by the same units then there is growth in productivity. Growth in production is an indicator of efficient performance of an industry.

But this index is also not without practical shortcomings. Till we cannot keep the other factors stable, it is difficult to measure productivity of certain means/ inputs, like labour on capital. Besides this the units of labour, capital, or land are heterogeneous, so when a change occurs in the quantity of an input, there is also a change in its quality. For example when we recruit more workers, first we recruit more skilled ones and then the less skilled.

Information about the performance of an industry can be derived from its growth rate also. The measure of growth rate of an industry can be known from the product, employment and wealth creation. But every index creates problems in measuring the performance.

For example, it is possible that in an industry more and more people get employment, or there is a rapid rate of wealth accumulation. But it is also possible that the resources are not efficiently used. Likewise when the growth rate is high we do not have information of production cost, whether it is more or less.

4. Effect on Index:

Now the question arises whether the market structure affects the indexes of market performance. Profitability is one of the many indicators of performance. For example in perfect competition, a firm earns normal profit in long term while in monopoly or market having monopolist power, the firm earns extra-normal profit in long term also.

Excessive seller concentration, barriers in entry and product difference can make firm earn more profit in long term also. Likewise we take growth index. Both in monopoly and oligopoly markets firm produces less than its capacity or there is a position of extra capacity.

5. Ill Effects on Firm Growth:

Thus, the growth of the firm is affected adversely. Productivity and efficiency are associated with each other. In the position of monopoly and oligopoly a firm has extra capacity which means inefficient use of resources and low level of productivity. Lastly, the social performance of a firm is also affected by market structure. In monopoly and perfect competition, consumer and labour, both are exploited. Growth in competition decreases the power of exploitation of the producers.

6. Social Performance:

The performance level of an industry can be evaluated in the item of many social bases. These social bases can be income redistribution or other indicators of social welfare. For example the social performance of the medicine industry can be measured by the decrease in the illness period or death rate.

If the expansion/growth of any industry results in decrease of present inequalities of income in society, or it helps in reducing poverty or unemployment then the performance level of the industry can be called high.

Market Structure Conduct Performance Interrelations:  

In micro economics the equilibrium of the firm and industry is studied. On the contrary industrial economics is more related to change in market structure, resulting in the changes of market behaviour or firm’s behaviour, which ultimately affect their market performance. So, industrial economics can be studied with the help of structure conduct performance approach or model.

Complexity of Interrelations:

According to the economists, the interrelations between the structures, conduct performance are sufficiently complex. To conclude it can be said that market structure affects the behaviour of a firm and behaviour of a firm affects its performance (profitability) in the market.

Related Articles:

• Markets under Monopolistic Competition | Markets
• Monopoly and Perfect Competition | Markets | Economics
• Characteristics of a Perfect Competition | Market | Economics
• Aspects of Monopolistic Competition | Markets

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498 Words Short Essay on a market scene

A market place is a very busy place where people go to buy articles of their needs. It is a centre of attraction for both buyers and sellers. There is no other place in the area having so much brisk business as the market.

I always find a big crowd there. There are several shops, all decorated beautifully. Big shops look more attractive. Businessmen come here from far and wide for purchasing or selling their products. The market is always crowded with carts, horses, donkeys and camels. They come loaded with the produce of the season such as cotton, grain, oil seeds, vegetables, etc.

Whenever I visit a market I find the hawkers shouting loudly to sell their goods. They try to attract the people by several names. Generally they sing songs in praise of their goods. They face hard competition because there are several hawkers selling the same article.

As the prices of the items are not fixed, the hawkers as well as the buyers do bargain. I watch these people who feel greatly satisfied after purchasing a thing at a minimum price from the hawkers.

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The market is at peak in the evening. There is not a single shop where a big crowd is not seen. Everyone seems to be in hurry. There are jewellery shops which shine brightly in the light. Cloth shops and ready-made garment shops do great business during a festival.

The hotels and restaurants are also crowded with people. Some people are seen with plates of ‘chat’ others are seen enjoying cold drinks. There is flavour of all kinds in the surrounding area. It is very difficult to drive a car in a market place.

What to talk of a car or a motorcycle sometimes it becomes difficult even to walk. On the occasion of festivals like Diwali, Dussehra and Holi the situation becomes worse. It seems all the population of the country is on the road. There is great hustle and bustle. In between the cars and motorcycles, we see those carrying different articles for sale. They create great problems as sometimes they bring the traffic at a halt resulting in loud horns from the car-drivers.

The market is really a very noisy place. One can meet all sorts of people there. There is joy and laughter on all sides. Friends welcome one another and enjoy fast foods. Some people are seen discussing politics in the light of their business.

Our markets are quite different from the markets of the western advanced countries. Our markets present a rural glimpse and fill us with a feeling that we belong to India whose soul lies in villages. It is really very pleasant to move in a market, particularly in the evening.

I always welcome those moments when I visit the market for this purpose or that. It is a place where one can see the life in so many colours. One can get valuable experiences too by visiting market and buying different commodities.

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