In earlier times, a ‘common’ market was the place where both buyers and sellers would meet and conduct their transactions. It would have a variety of products ranging from spices, fruits to animals, antiques, crockery and other commodities. This common market also served as a centre of trade as people would come from various regions to display their commodities and specialities in order to gain and expand business outside their borders. With time, the concept of the common market evolved giving way to a variety of specialised markets such as antiques market, farmers’ market and other. Supermarkets then came into existence as living standards and life styles changed. Today, in almost all countries, there are a great number of supermarkets and malls whereby a great number of products can be bought and sold.
But is one of form of market better than the other? This particular comparative exercise continues to be conducted at various levels. This is primarily because as countries are integrating on various fronts through globalization, the competition between firms and markets is becoming intense. Thus, it is utmost critical to conduct comparison exercises to be aware of advantages and disadvantages and to know where the greatest benefits to consumers lie.
Supermarket and farmer’s market both have their advantages and disadvantages. The preference for each depends on one’s lifestyle, convenience and routines followed. Thus, the demand for supermarket and farmer’s market solely depends on consumer needs and requirements and both will continue as long as they serve the interests of the consumers.
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