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A complete product-market definition includes product type, customer needs, customer types, and geographic area.

The market where finished goods or services are sold to enterprises and the public sector is known as the product market in economics. It excludes trade in raw materials or other intermediate resources and instead concentrates on the selling of finished goods.

The market where a good or service is purchased and sold is known as a product market. A product market does not involve the selling of raw resources; instead, it concentrates on finished goods that are bought by domestic and international consumers, enterprises.

Product markets: Over the past ten years, countries have opened up their markets, enabling them to expand quickly. However, businesses still find it difficult to obtain reliable consumer data, particularly from people with low incomes.

Characteristics of product market are:

  1. It could be physical or abstract.
  2. It includes related characteristics like brand, package, guarantee, etc.
  3. It has a market price.
  4. It has the capacity to meet the demands and desires of customers.  

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