A Proposal on the Impact O of Terminus Markets to the Economic Development of Jos Metropolis 1911-2022
Aim and Objectives
The aim of this study is to assess the effects of terminus markets on economic development of Jos Metropolis of Plateau state. However, the specific objectives of the study are to:
- characterize the socio- economic attributes of the participants in the study
- delineatethe locational and threshold pattern of effect of markets in the study
- analyse the effects of Terminus market on job creation, income, innovation and revenue generation of the study
- examine the effects of terminus markets on infrastructural development in the study
LITERATUREREVIEW
Conceptual Review
Market
Originally, the term “market” finds its roots in the Latin words “mar-ket,” meaning a contact point. A market serves as a meeting place for buying and selling. Marketing, on the other hand, is the process that formally or informally brings producers and consumers together for the exchange of goods and services, involving various marketing activities (Olukosi and Isitor, 2004). A market is essentially a location where people gather for buying and selling, representing the point where transactions of goods and services occur. Regardless of the designated point or location, a market is associated with the promotion, selling, and trading of goods and services.
Gana et al (2000) highlight that the meaning and definitions of a market vary across disciplines, with different stakeholders offering distinct perspectives:
- a) To geographers, a market is a space or location on the Earth’s surface where contacts and transactions take place. This group of scholars focuses on the physical space where trading activities occur.
- b) Marketing professionals perceive a market as any transaction centered purely on the buying and selling of goods and services. They emphasize that a market is a contact place or a comprehensive system where business activities encompass planning, pricing, promoting, and distributing goods and services to current and potential customers.
- c) Economists define a market in terms of profit-making. They view a market as a place where trading activities occur with the primary goal of making a profit. According to this perspective, demand and supply involve elements of profit-making and profit-sharing.
In a general sense, a market refers to any group of transactions or business dealings between buyers and sellers. Unlike simple selling, a market implies regular and regulated trade (Gado, 2008). Competition arises when groups of buyers and sellers come together, allowing the operation of supply and demand. A market can indicate potential or estimated consumer demand (Kotler, 2017). The earliest markets in history were based on bartering, but with the introduction of money, commercial codes developed, leading to modern national and international enterprises. As production expanded, communications and middlemen played an increasingly significant role in markets.
RESEARCH METHODOLOGY
Reconnaissance Survey
Reconnaissance survey will be conducted in the study area between 2011 to 2022. It will enable the researcher to make some spot assessment of the existing effect of markets, observe the activities at the markets and hold some interactive sessions with some of the traders and people patronising the markets. The findings of the reconnaissance provide the knowledge for appropriate data collection procedure.
Types of Data Utilized
In order to achieve the set objectives of this study, data will be collected from respondents.
The data used include the followings:
- socio-demographiccharacteristics of the market participants which include gender, age, marital status, level of education and type of commodity and services.
- data relating to types of commodities sold in the effect of markets.
- data on the role of Terminus market on the rural
- data about the functionalities of effect of markets to Jos Metropolis.
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