MARKET nod MARKETING (AS, In ket, from Lat, merratus, traffic. market, from merrari, to trade, from men,. merehandise, from merere. to earn, deserve; eOnneeted with (1k. uipos, men's. share). A market may be defined as an assemblage of people for buying and selling goods. The term is applied at the present time more particularly to certain public places or buildings where goods are offered for purchase and sale. In a broader sense, it is the country, city, or locality, where goods are bought and sold, as the foreign market, domestic market, New York market, etc. Markets have existed from the time when men first began to diversify their products. They were the meeting places for barter and exchange, and during the Middle Ages were a source of considerable revenue to the State. The State authorized them, made laws for their control, and collected certain tolls. In Europe to-day nearly every town and in America nearly all the large cities have one or more market places. These may be simply open public squares in some centrally located district, or they may be a commodious, substantial building, fitted up with stalls, booths, and containing cold stor age rooms for the preservation of quickly perish able goods. Modern stores and shops are the outgrowths of the early markets and have de veloped in comparatively recent Owing to local productions, to transit facili ties, o• to some other favorable circumstances, many cities have developed special markets. as
for example the Liverpool wheat market. Buffalo live-stock market, New Orleans cotton market, Leipzig book and fur market, etc. The manner of marketing has changed greatly in modern times. Much of the produce formerly sold in hulk is now marketed in small attractive pack ages ready for family use. Many firms have built up a lucrative business by buying commodities in hulk and repacking them in smaller, more convenient and attractive packages.
The development of the cold storage system, in cluding the use of refrigerator cars for goods in transit, has in recent years profoundly affected the methods of marketing perishable products and indefinitely prolonged the season during which many kinds of agricultural products may be found on sale, even in the markets of regions remote from the place of original shipment. Con sult United States Department of Agriculture, Farmers' Bulletin 62, Marketing Fa 1'1 11 Produce (Washington, 1897).