In competition law(a law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies), a relevant market is a market in which a particular product or service is sold. It is the intersection of a relevant product market and a relevant geographic market. The European Commission(an institution of the European Union, responsible for proposing legislation, implementing decisions, upholding the EU treaties and managing the day-to-day business of the EU) defines a relevant market and its product and geographic components as follows.
There are relevant product market and relevant geographic market:
A relevant product market comprises all those products and services which are regarded as interchangeable or substitutable by the consumer by reason of the products' characteristics, their prices and their intended use;
A relevant geographic market comprises the area in which the firms concerned are involved in the supply of products or services and in which the conditions of competition are sufficiently homogeneous.
Companies should focus and follow both markets to be first in the market itself, grow and build the way to the success.
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