In business, the term market is used to imply a medium that allows interaction made to facilitate the exchange of goods and services between different sellers and buyers. According to this definition, a market may exist in both physical forms whereby where buyers and sellers meet for their exchange or, can be virtual form whereby the two parties don’t need to meet face to face but can have their exchange and transactions online. Other ways, market is broadly used when referring to the number of people desiring as well having the potential and abilities to purchase certain goods or services.
In this case, our concern is in the physical market. Which is further defines by (Cleaver 2009) as a franchise which gives its holder the right to hold a concourse of buyers and sellers for the sale of one or more types of a commodity? According to (Gikandi 2013) not all the existing markets are equal. There exist some bigger markets than others. Some are better than others and others seem more lucrative than others. There are some features that a marketer or someone in business should consider when choosing a market. One of the important factors is the legality or the legal constituents of a market. Due the existence and share of the same customers, in every business, there is always idea on completion. This, therefore, calls for legalities to exist in a market. (Korves 1990)The following are the features of a legal market
It’s very important that our council of management and members to town Centre market square be brought into the light on some of the legal provisions that any operator has met for an establishment of a market. This is very important since it will help us in decision making concerning the rivalry being established in our market. As members of the town city square, we followed these statues and legal provisions by the time we were establishing our market in the town city square. The legal provisions and conditions include;
In regards to the above legal requirements, as a manager, I can ascertain that we have met all the legal provisions for establishing a market. We sought a license and permit from the legal bodies. Our market was formed after an authorization by local authorities. We were given the rights to conduct our activities within the town city square under the local market activity. We were given the rights to charge tolls and power to provide the grants. We, therefore, have a legal power and obligation to take actions against any other person who may set up a rival market that exists at a distance of six and tow third from our local market.
Franchising is the authorization by the government or rather a company to a certain individual or group of individuals that enables them to conduct specific trade activities in place for the government or the company’s product. There are rights that are associated with this authorization.
The common law distance is used to when the above-mentioned rights are violated. This law recognizes a specified zone of protection that has a radius of six and two-thirds miles away from the franchise market. According to the law, another franchise market can only be established after consideration of that distance. It’s developed from the assumption that, a trader, seller and a buyer can only walk for an average distance of 20 miles per day. Therefore, it’s assumed they need a third a day to reach the desired market, another third to have their trading activities and another third to get back home. The 6 2/3 miles are used to represent the longest distance a trader can walk to the market. (Cleaver 2009)
Considering the rights as market owners, we are under a threat and risk of sharing our traders with the new operator. (Hsieh 2013) This is so since he has located his market six miles away from us. According to the common law, this distance can be a way of targeting our traders which will consequently lead to reduced returns. Due to foreseen intention to violate our market franchise rights, we have to take actions as soon as possible to counter-attack the operator from starting a market in that area which is also a private land. The best way to do that is to report the matter to local authorities. The local authorities in respect to market franchise rights, will prevent the operator from starting the market, limit him from sharing market days similar to ours and also stop his car boot business every Sunday. (Scottish business gateway 2006)
References:
GOV.UK/Business. “UNDERSTAND YOUR COMPETITORS.” INFO enterprenuers , 2015: 22.
Cleaver, Tom. “Modernising the law of markets and fairs .” markets franchise, 2009: 1-11.
Dawson, Anna. “The Franchisee’s Rights and Responsibilities.” Franchise direct, 2017: 2.
Gikandi, David Cameron. “A Good Market Has These 11 Characteristics.” Marketing , 2013: 41.
Hsieh, Kai-Yu. “The Structure of Competition:.” Organization science , 2013: 1-21.
Korves, Ross. “What Makes a Market?” Foundaation for Economic education, 1990: 4.
Riley, Geoff. “Market legal structures in the long run:Key Summary on Market Structures.” Economics, 2018: 9.
Scottish business gateway. “Street trading, markets and fairs, pedlars.” Regulated business. June 12, 2006. https://www.legaleze.co.uk/members/RB_Street_trading.aspx (accessed July 22, 2018).
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order formOnce we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignmentAs soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download