THE THREE MARKETS

There are three types of markets: status markets, standard markets and perception market.

In status markets, market order is related to the identities of the participating actors more than the quality of the goods, whereas in standard markets the opposite holds true.

Status ordering occurs in the consumption end, as the reflexive identities of both the retailers and the consumers interact. These identities are termed reflexive because they are concerned with internal desire.

Under status ordering, the commodities exchanged derive meaning from “the interaction between the commodity and its wearers.” The status of both the consumer and the retailer is relevant.

Under standard ordering, more objective measures of quality and price are relevant.

These play into status in the consumer market, but are most important on the production end, where a complex process leads to relationships between the retailers and the garment factories.

There is a third ordering in the market, and we call it "perception market".

The relationship is directly between garment factories and consumer.

Advertising is the channel of this unconscious interaction.