The marketplace is a place where buyers and sellers meet to exchange goods and services for money. It can be a physical place, like a local market, or an online place, like Facebook, Instagram, WhatsApp, or Jumia.
What happens in the marketplace?
1. Buying and selling
Sellers display their products, and customers buy the things they need, such as food, clothes, shoes, and electronics.
2. Negotiation and bargaining
Buyers ask about prices, sellers explain their prices, and both sides may negotiate until they agree.
3. Marketing and promotion
Business owners advertise their products, create awareness, attract customers, and explain why people should buy from them.
4. Payment and delivery
Customers pay for their purchases, and sellers provide the goods or services. Payment may be made with cash, bank transfer, or other methods.
5. Building relationships
Sellers treat customers well so they can earn trust, receive referrals, and encourage repeat purchases.