Markets:

The concept of exchange leads to the concept of a market. A market consists of all potential customers with a certain need or want and who are willing and able to engage in exchange to satisfy that need or want. The size of the market depends on the number of people who exhibit the needs, have resources that interest others and are willing to offer the resources to acquire the product.

Marketing and Marketers:

The concept of markets brings us to the concept of marketing. (Human activity taking place in relation to markets). It means working with markets to actualize potential exchanges for the satisfaction of human needs and wants.

The party that is seeking the exchange more aggressively i.e making the offer is the marketer while the other is the prospect. So a marketer is the person seeking a resource from someone and willing to offer something of value in exchange. The marketer is seeking a response from the other either to sell something or to buy something. The marketer can be a seller or a buyer. Where both parties are actually seeking an exchange, they become both marketers and the situation is reciprocal marketing. Marketing therefore is the social and managerial process by which individuals or groups obtain what they need and want through creating and exchanging products and value with others.