Abstract

Market has taken an upbeat in the present globalise world. The idea of market has dominated the discussion in both academic and practical worlds. It is in this context, it is more essential to understand, the local knowledge especially when the Multinational companies are expanding into the new spaces. At the outset, it might look as though the globalise world has one language, whereas, the regional factors circumscribe the onset. The actors involved in routine activities in a market like situation, enact their roles in a contextual setup. With these premises, a field-based research was carried out in a marketplace situation in India. It was intended to understand the relationship between the two important players, especially the buyer and seller. As a factorial point among the actors involved, the socio-cultural aspects play a predominant role in predefining the long lasting relationships in the market situation. The process of establishing a relationship was predefined by the identities of the actors involved. Indeed, the outcome of any transaction, by and large, can be projected with a proper understanding of the actors involved and the context in which the transactions are made.

Key words: Marketplace relationship, process, socio-cultural aspects.