The History of Markets

The history of markets began two million years ago when barter of goods took place, these two sided negotiations provided evidence that our descendants practices primitive exchange. These activities were preparing ground for civilization, along with continuous developments which included different mediums for exchange such as money (Diamond, 1992).

Markets are centralized, and an interacting point for sellers and buyers. The purpose of sellers in these open markets is to spend very small amount to advertise their products and the buyers intend to search for low cost commodities. It has been observed throughout the world that markets play a significant economic role whether it is a Bara bazar, Shillong in India to local flea markets in USA (Bagdja, 2008).

Open air markets are categorized into two major parts one is the bazar and another is flea markets. Bazar is derived from an Old Persian word, a traditional public space which accommodates great section of commercial and exchange activities of goods Gustavo Miranda (2007). There three types of bazar; periodic bazar which is arranged on an interval of weekly basis. Another type of bazar is urban bazar; this kind of bazar influences the urban lifestyle of people, through dialogue about the purchases and interaction of people from different cultures. Third type of bazar is known as local bazar which only limited to certain locality and has fewer shops which full fills only the basic necessity (Moosavi, 2007).

Similarly Flea markets also cater the same needs; it is a translation of French word “marche aux puces” which means an outdoor bazar in Paris. Each region have its own name for Flea markets in Greece it is known as Agora, Israel named them at the temples and in Rome is it kno...

... middle of paper ...

...vid H. Silvera, 2008). Jeong (2013) explains that you will save much of your cost while doing unplanned buying in the market. Customers find those items which they always wanted to own it in cheaper price.

Customer can get the same amount of product in lesser prices due to products are more and transaction is high so the customer enjoys higher discounts in respect to the customer who buys less (R. P Bagozzi, 2002).

2.5.2 Negative

Purchaser formally or informally evaluates the product after purchasing it. Maclinnis (1987) mentioned that customers may also report dissatisfaction with the product after they purchase on impulse but they keep satisfaction that the purchase was made. Belk (1975) explains that after doing unplanned purchase many customer came to know about their unnecessary purchase, quality of that product and the time which they wasted in the market.