Differences and similarities between modern markets and traditional markets.

Hi Friends Good afternoon friends, This is my 10th time writing an article on this platform, Have you guys written an article today? if not, don't forget to write articles, friends.

This time I want to write a slightly short article entitled "Differences and similarities between modern markets and traditional markets".

If we hear the word market, what comes to our mind is a lot of people who make buying and selling transactions, and very busy with people who want to shop.

The modern market is a modern market or what we are familiar with supermarkets, where we will get and pick up our own merchandise and the goods we are looking for all have a price tag, then after the goods are in hand we will pay for it at the cashier and modern markets Usually owned by individuals, not State-Owned Enterprises, or Regional-Owned Enterprises.

Traditional markets are markets that are built and managed by the government, local government, private sector, State-Owned Enterprises (BUMN), and Regional-Owned Enterprises, including cooperation with private parties with places of business in the form of shops, kiosks, stalls, and tents owned or managed by small, medium-sized traders, non-governmental organizations, or cooperatives with small businesses, small capital, and with the process of buying and selling merchandise through bargaining. While the modern market is a market with a self-service system, selling various types of goods in retail, both in the form of minimarkets, supermarkets, department stores, hypermarkets, and wholesalers in the form of wholesalers.

The differences between traditional markets and modern markets are as follows:

1. Product Condition:

The difference between product conditions in traditional markets and modern markets is that the product ingredients in traditional markets are usually fresh and new, while in modern markets sometimes the products sold have been stored for a long time.

2. Mutuality Between Sellers:

In traditional markets, between sellers have a sense of solidarity because they do not use high competitiveness, but rely on togetherness. Meanwhile, in modern markets, trade monopolies often occur between one market and another, for example by giving each other the best offers.

3. Product Selling Price:

The selling price of products in traditional markets is cheaper than in modern markets.

4. Facilities:

Traditional markets are located in an open area and do not use facilities that provide buyer convenience. Meanwhile, the modern market provides the best facilities, so that buyers feel comfortable when choosing the product to be purchased.

5. Cleanliness:

Cleanliness in traditional markets with modern markets is very inversely. Traditional markets are identical with smells or dirty and muddy places, while modern markets are located in modern buildings with cleaners who are always on standby.

6. Sales System:

The sales system in the traditional market uses a bargaining system, while the price in the modern market has been set by the company, so buyers will not be able to bid on the price of the goods being sold.

7. Market Opening Hours:

Modern market opening hours are usually set from 9 am and close at 9 pm, depending on the policy of each company. Meanwhile, traditional markets have more flexible opening hours and tend to open early in the morning.

On the other hand, traditional markets basically have similarities with modern markets. In economics, the market is concerned with the activity or transaction process, not the place.

One of the similarities between traditional markets and modern markets is the existence of buying and selling transactions, where the buyer is free to choose the product to be purchased and the seller provides a price for the goods he sells.

In addition, the similarities between traditional markets and other modern markets are seen in terms of their functions. There are at least three main functions of the market, namely: Distribution function, price formation function, and promotion function.

1. Distribution function:

The market acts as a distributor of goods and services from producers to consumers through buying and selling transactions.

2. Price formation function:

A seller in the market who makes a request for the goods needed.

3. Promotion function:

The market can be used to introduce new products from producers to potential consumers.

Maybe this is the only article I can write for you, I hope you can now distinguish between modern markets and traditional markets.

Thank you dear readers who have been willing to read my article. I hope I can make more interesting articles for you guys.