Usually refers to the equity market. "The market went down today" means that the value of the stock market dropped that day. Bloomberg Financial Dictionary
* * *
▪ I. market mar‧ket 1 [ˈmɑːkt ǁ ˈmɑːr-] noun
1. [countable] COMMERCE the activity of buying and selling goods or services, or the value of the goods or services sold:
• The babyfood market is worth many tens of millions of pounds a year.
market in/for
• the market in consumer electronics
• the booming market (= a profitable one with lots of activity ) for mobile communications
• heavy losses on apartment loans in states with depressed markets (= ones with falling prices and not much activity )
• Harley has captured (= obtained ) about 60% of the market for the biggest bikes.
• Fast food is certainly a growth market (= one that is increasing in size ) .
• Futures will tend to be overpriced in a rising market and underpriced in a falling market.
2. [countable] MARKETING a particular country, area, or group of people to which a company sells or hopes to sell its goods or services:
• Our main overseas market is Japan.
• a magazine aimed at the teenage market
• The company is entering the Hawaiian market as part of its nationwide expansion.
• Import rules could make it hard for foreign van suppliers to penetrate that market (= to manage to enter it ) .
3. on the market COMMERCE available for people to buy:
• companies with drugs on the market or in the final stages of product-testing
• They put their apartment on the market (= offered it for sale ) for $300,000.
4. MARKETING [singular] the number of people who want to buy something:
market for
• The market for specialist academic books is pretty small.
• He's been trying to determine if there is a market for his invention.
5. the market ECONOMICS the economic system in which prices, jobs, wages etc depend on what people want to buy, how much they are willing to pay etc:
• We should not leave credit card interest rates to the market - Congress should act.
6. corner the market COMMERCE if a seller corners the market, they own or produce most of the goods on sale, and can therefore set prices:
• A trader may deliberately set out to corner the market in a product.
7. price yourself out of the market COMMERCE to ask for so much money for something or for your services that no one wants to buy it or employ you:
• Supermodels are pricing themselves out of the market.
8. [countable] also fiˌnancial ˈmarket FINANCE the buying and selling of shares, bonds,
Commodities etc, or a place where this happens. Some markets are in a particular building, while trading on others takes place on computers and over the telephone, with no central building:
• The markets (= financial markets in general ) here have improved and the economy is strong.
• Fear of war shook financial markets around the world.
9. make a market FINANCE to be ready to buy and sell particular shares, bonds etc at particular prices:
• Each company is assigned a dealer who is responsible for making a market in the stock.
10. buck the market trend ECONOMICS if a price bucks the market trend, it goes in the opposite direction to most of the other prices in the market:
• Among shares that bucked the market's downward trend, EMI finished 4p higher.
11. buck the market ECONOMICS if someone cannot buck the market, they cannot avoid the effects of the market as a whole, for example by making money when everyone else is losing it:
• Governments can't buck the market.
12. play the market FINANCE to risk money on a financial market:
• One way to play the European markets is through publicly traded mutual funds.
13. [countable] COMMERCE a time when people buy and sell goods, or the place, usually outside or in a large building, where this happens:
• A market is held in the town square every Friday.
a financial market in which prices are falling, especially over a long period of time:
• We've had a bear market for a couple of months now, but I think it's at or near bottom.
1. the illegal buying and selling of goods that are usually impossible to get in a particular city or country:
• A pack of foreign cigarettes on the black market goes for the equivalent of at least $17.
2. the buying of foreign currency at an unofficial rate:
• The official exchange rate is about 5.6 kyat to the dollar, or more than 10 times its current value on the black market.
the buying and selling of bonds:
• Profit-taking dominated the bond market.
a financial market in which prices are rising, especially over a long period of time:
• Even badly managed companies do well in a bull market.
when prices are low because there is more supply than demand, so buyers have an advantage:
• It is still a buyer's market in this area, with the stock of unsold property keeping prices down.
ˈcapital ˌmarket [countable] FINANCE
a market where companies can get capital in the form of shares or bonds etc:
• We have sufficient liquidity and cash and don't need access to public capital markets.
a market in which buyers have no choice about which product to buy or which seller to buy from:
• The company has gained a captive market with its baby-food contract and exclusive access to 107,000 infants in the state.
• He specializes in trading financial instruments in both futures and cash markets.
a market where foreign competitors are not allowed in:
• In the Philippines, banking has moved from being a closed market to one where foreign banks can compete freely.
comˈmodity ˌmarket [countable] FINANCE
a market where
Commodities (= oil, metals, farm products etc) are bought and sold:
• In the commodity markets yesterday, copper futures prices rose.
ˈcredit ˌmarket [countable] FINANCE
a market for borrowing money in the form of bank loans, bonds etc:
• In the credit markets, Treasury bond prices held steady.
ˈcurrency ˌmarket [countable] FINANCE
• The pound rose and the yen fell as the currency markets reacted to a jump in oil prices.
• We accept these bills of exchange and arrange for them to be discounted on the discount market.
the country you live in or where a company is based, seen as a place where goods or services can be sold:
• It will now be difficult to keep foreign airlines out of domestic markets.
efˌficient ˈmarket
[singular] ECONOMICS the belief that prices on the stockmarket show not only how much a company is actually worth but also what investors expect from the company. Those who believe in the efficient market believe that it is not possible to find shares priced below their true value and make a quick profit:
• The efficient market hypothesis strongly supports index funds over mutual funds.
ˈequity ˌmarket [countable] FINANCE
the buying and selling of shares generally, rather than the trade in shares on a particular stockmarket
ˈeurodollar ˌmarket [countable] FINANCE
the buying and selling of eurodollars or bonds etc in eurodollars. London is one of the main centres for this:
• The notes will be offered simultaneously in the US domestic and the Eurodollar markets.
exˈchange ˌmarket [countable] FINANCE
• Further international economic cooperation is needed to promote stable exchange markets.
a foreign country to which goods and services from a particular country are sold:
• The US is by far Canada's biggest export market.
ˌforeign exˈchange ˌmarket also ˈforex ˌmarket [countable] FINANCE
the buying and selling of currencies by governments, financial institutions etc in a particular
financial centre (= a place with a lot of financial activities and markets) or in the world as a whole:
• The rising yen has become one of the fastest moving currencies in the foreign exchange market.
ˈforward ˌmarket [countable] FINANCE
the buying and selling of currencies or
Commodities (= oil, metals, farm products etc) at fixed prices for delivery on fixed dates in the future:
• The Russians have sold gold, but they've also been buying it in the forward market for future delivery.
a system of buying and selling that is not under the control of the government, and where people can buy and sell freely, or an economy where free markets exist, and most companies and property are not owned by the state:
• The tasks included creating free markets for labor and goods, and transferring ownership of thousands of companies from the state to the private sector.
ˈfutures ˌmarket [countable] FINANCE
• Futures markets suggest oil prices may be headed down.
ˈgilt-edged ˌmarket also ˈgilts ˌmarket [countable] FINANCE
the market for British government bonds
the activity of buying or selling goods and services in all the countries of the world, or the value of the goods and services sold:
• The explosive growth of the online economy is forcing businesses of all sizes to compete in a global market.
ˈgraveyard ˌmarket [countable] FINANCE
1. the buying and selling of shares just before they are officially Issued (= made available and sold for the first time):
• If a grey market price drifts too low, buyers will spring up to correct it.
2. when goods are bought from someone abroad who is not an official supplier and then sold at a price which is lower than that charged for goods from an official supplier:
• The manufacturer warranty may not be valid on grey market products.
high-ˈyield ˌmarket [countable] FINANCE
a market for
junk bond S (= bonds that pay a high level of interest but have a high risk of not being repaid)
the number and type of houses and flats that are available in a particular area, how much they cost etc:
• The flood of credit into the housing market fuelled house-price inflation.
imˌperfect ˈmarket [singular]
ECONOMICS a market in which buyers and sellers do not have complete information about a particular product, where it is difficult to compare prices of products because they are different from each other etc:
• What theory says should happen in a state of perfect competition may not occur in real, imperfect markets.
the buying and selling of insurance:
• The insurance market identified these ships as vulnerable and raised premiums accordingly.
inˈvestment-grade ˌmarket also ˈhigh-grade ˌmarket [countable] FINANCE
a market for bonds that have a low risk of not being repaid
ˈjob ˌmarket also ˈlabour ˌmarket , labor market [countable]
the number and type of jobs that are available in a particular place:
• The labor market has been particularly weak for unskilled workers.
1. FINANCE an unofficial market in shares etc that operates when the official market is closed, with buying and selling done over the telephone
2. an unofficial market for shares in some countries. A kerb market takes place in the street outside the stockmarket:
• Kerb market traders, angry over the continuing fall in share prices, attempted to block the bourse's main entrance.
the market for loans made by banks and other financial institutions:
• competitive pressures in the international loan market
a market for goods that give great comfort and pleasure, such as expensive clothes and food:
• There are two new cars for the luxury market from BMW and Mercedes.
a company's most important product, or the place where it sells most:
• Duracell's main market, alkaline consumer batteries
• Brazil is the company's main market in that region.
a market for a product that is bought, or meant to be bought, by a lot of people:
• We sell these clothes to the mass market in department stores and to high earners in boutiques.
a market for goods and services that are of standard, average, or medium quality, size, or price:
• The company lacked the resources to develop both luxury models and the two middle-market cars.
ˈmortgage ˌmarket [countable] FINANCE
2. also secondary mortgage market a market for mortgages that have been bought by financial institutions and are then traded as
Asset-Backed Securities
new ˈissue ˌmarket [countable] FINANCE
a market for bonds, shares etc when they are first sold, rather than when they are traded later
a market for a product or service, perhaps an expensive or unusual one, that does not have many buyers, but that may make good profits for companies that sell it:
• This small pharmaceuticals company has targeted specialty cancer treatments as its niche market.
a market where foreign competitors are allowed:
• The main aim of the World Trade Organisation is to promote open markets worldwide.
ˈoptions ˌmarket [countable] FINANCE
a place where
option S (= rights to buy shares, currencies etc at a specified price in the future) are bought and sold;
= OPTIONS EXCHANGE:
• the Chicago Board Options Exchange, the largest options market in the US
ˌover-the-ˈcounter ˌmarket abbreviation OTC market [countable] FINANCE
a stockmarket where shares in newer and smaller companies are traded. On an OTC market, buyers and sellers are connected by computer, rather than trading in a particular building:
• There were sharp gains among smaller stocks, particularly in the over-the-counter market.
ˈparallel ˌmarket also ˌparallel ˈmoney ˌmarket [countable] FINANCE
a market which trades foreign currencies, stocks, shares etc, and which runs at the same time as a country's own market. Parallel markets mean that a country has less control over its economy:
• The government wants to keep control of raw materials while pursuing a parallel market economy.
• The growth of parallel markets has created easier lending and borrowing.
ˌperfect ˈmarket [singular]
ECONOMICS a market in which buyers and sellers have complete information about a particular product and it is easy to compare prices of products because they are the same as each other etc:
• A perfect market in equilibrium will not allow two prices for identical assets.
ˌprimary ˈmarket [countable] FINANCE
• In the primary market, no new issues were announced.
ˌprimary ˈmortgage ˌmarket [countable] FINANCE
the buying, selling, and renting of land or buildings:
• a major downturn in the Japanese property market
• Commercial rents are once more on the increase, returning confidence to the property market.
ˌsecondary ˈmarket [countable] FINANCE
a market for bonds, shares etc that are being traded after they are Issued (= first sold)
ˌsecondary ˈmortgage ˌmarket [countable] FINANCE
seˈcurities ˌmarket [countable] FINANCE
a market in bonds, shares, or other Securities;Securities Exchange:
• The US Treasury bond market is by far the single biggest securities market in the world.
a time that is good for sellers because prices are high:
• Demand for property in Houston is so good that it's turning into a seller's market.
business activities that are difficult for the authorities to find out about, sometimes because they are against the law;
= SHADOW ECONOMY:
• The shadow market in prescription drugs has grown rapidly.
a group of countries that do not charge tax on the goods and services that they trade with each other, so forming one market. The phrase is often used when talking about the
European Union and the
European Economic Area:
• Competition in the single market may be affected by the granting of state subsidies.
• Buyers are choosing the stability of long-term contracts for oil over purchases from the spot market.
a place where companies' shares are bought and sold:
• The company was floated on the stock market last year.
ˈswaps ˌmarket also swops market [countable] FINANCE
a market in which a borrower with one type of loan exchanges it with another borrower with a different type of loan. Each borrower is looking for an advantage that the original loan did not have, for example that the loan is in a particular currency, has a particular interest rate etc:
• Foreign funds would be allowed to use the nation's swaps markets to move their money in and out of the otherwise unconvertible local currency.
ˈtarget ˌmarket [countable]
MARKETING the type of people that you aim to sell your products or services to:
• This advertisement will appeal to our target market of young women.
ˈterminal ˌmarket [countable] FINANCE
• terminal markets where traders can meet their delivery obligations or use cash to settle contracts
1. the process of introducing a new product or service to one or more areas in a country to find out whether people are likely to buy it when it becomes more widely available:
• Another shortcut is to skip the traditional consumer test market and rely solely on laboratory research.
• preliminary test-market results of its new line of stuffed toys
2. a particular area of a country used to test a new product or service:
• Grocers in the test markets say they're willing to give the new convenience foods a chance.
in the US, a market in which Listed Securities (= stocks, shares etc that are officially available on the stock exchange) are bought and sold privately, without using the stockmarket:
• Firms can bypass stock exchanges to deal directly with clients in the third market.
[m0]
▪ II. market market 2 verb [transitive] MARKETING 1. to sell something or make it available for sale, especially in a particular way:
• Toshiba's consumer electronics products were previously marketed in Italy through a distributor.
2. to sell something by considering what customers want or need when buying a product or service, for example how much they are willing to pay, where they will buy it etc:
• The company has marketed its services well with a highly visible media campaign.
— see also test-market* * *
The words in bold are explained more fully under their individual entries.
MEASURING A MARKET
Equities
The simplest, crudest and most effective measure of a share is its price. How much does a share cost and has the price gone up or down? But that movement needs to be measured against price changes in the market as a whole, and more particularly against the sector in which the company operates. A 10 percent rise in the share price may look good in isolation but will compare unfavourably to a rise of 15 percent in the index representing the overall market or a rise of 20 percent in the sector index.
Analysts therefore need to know the main benchmark index or indices for a market and also the sector in which a company is placed within that market in order to compare relative price movements. Indices are constructed either by taking a simple basket of stocks, or a basket weighted for market capitalization. If a particular share is a member of the benchmark index it is likely to be frequently traded and widely followed by analysts. It will also be sought by tracker funds.
It also helps to know the volume of share trading on which a share price move is based. Large price changes on small trading volumes may be less significant than small price movements on very large volumes. You need to be aware of how busy the market and the sector are overall and whether the volume of a particular stock is unusually high or low.
How volatile are the share price movements? Increased volatility may be a sign of increased uncertainty. Again, the volatility of the share needs to be compared with the volatility of the market as a whole and whether increased volatility has been coupled with increased volume.
What is the relative status of the share? Is it a blue chip with a large market capitalization, or a penny stock with relatively low market size?
What is the size of the company's free float? Are the shares relatively easy to trade and in large volumes, or is the float so restricted that it is difficult to trade without moving the market?
Is there a large spread between the bid and offer prices? A narrow spread is a sign of higher volumes and greater liquidity in a share.
Does a particular share have traded futures or options? The additional instruments can improve the liquidity and ease of trading but may also add to volatility, especially at or near the time when futures or options expire.
Where is the share traded? Is it on an exchange or an over-the-counter market? Is it listed on one or more electronic communications networks (
ECN)? Is it dual-listed on more than one exchange, and does it have American Depository Receipts (
ADR)? The greater the number of exchanges or means of trading for a particular share then the higher the chances that trading will be liquid and high volume.
Can the share be bought by pensions and insurance companies? That usually means meeting a number of criteria such as consistent dividend payments and a minimum market capitalization.
Price alone will not tell you enough about the value of a share, although price movements, especially compared with the whole market, will give some indication of whether the company is in or out of favour.
How does the company's price compare with its earnings? What is its price/earnings ratio and how does that compare to the average p/e ratio of the sector and of the market as a whole?
Does the company pay a dividend and if so, for how many years has it done so? Does it increase its dividend regularly? Did it ever miss paying a dividend? Can it afford to pay its dividends? What is its dividend cover? How many times do net earnings cover dividend payments? What is its dividend yield (its dividends per share expressed as a percentage of the share price)?
How much debt does the company have? What is its debt-to-equity ratio, or how highly geared is it? Are its interest payments covered by its earnings? What is its interest cover?
Have its net profits been growing consistently? What is its profit margin?
What sort of sector is the company in? How does its profit margin, p/e ratio and dividend yield compare with companies in the same business? Is it a cyclical stock likely to suffer in a general economic downturn or a counter-cyclical stock that would be relatively immune to a downturn?
Bonds
The best measure of what is happening in the bond market is to look at the yield. This is much more meaningful than price, which cannot be compared for different bonds because of the differing original coupons.
Yields can be compared between different bonds of the same maturity, but they cannot be compared between bonds with different ratings. A junk bond would naturally pay a higher yield than an investment grade bond because of the higher risk involved, just as a government of a G7 country would pay less to borrow than that of an emerging market country.
The opinion of credit rating agencies is very important to the bond market and the downgrading of a credit rating can have a major influence on the market.
Differences in the risk assessment of the borrower are reflected in the yield spread between bonds of the same maturity and coupon. Yields on long-term bonds are usually higher than yields on short-term debt, reflecting a payment for the higher risk of holding the debt for a longer period. The pattern of yields for varying maturities of debt is depicted in the yield curve, which plots yield on one axis of a graph and years to maturity on the other axis. The curve normally slopes upwards, with yields rising as maturities lengthen. Sometimes the pattern is disrupted and there is an inverse yield curve, with yields on short-term debt higher than those on long-term debt.
Most bonds are traded on an over-the-counter market rather than on an exchange. But the interest-rate risk of an underlying bond portfolio can be hedged by trading interest rate futures on an exchange.
Bond prices can be affected by the liquidity and volatility in the market. Government bonds are the most easily traded, but other issues may be more difficult to trade. Bond issues, however, are to a certain extent fungible. They may not have exactly the same characteristics but can be seen as broadly comparable in risk and maturity, with small differences expressed in the small differences in yield.
Commodities
When you look at a commodity market you need to distinguish between the physical or spot market and the futures markets.
The most important feature in tracking prices is whether the commodity is traded on an exchange or whether it is restricted to over-the-counter trading (long-term contract deals between supplier and end-user). If a commodity is traded on an exchange it is important to know which is the principal trading centre, because that contract tends to be a benchmark for prices throughout the world.
Market watchers need to know the currency of the contract and the specified quality, quantity and delivery points of the contract. They also need to know who acts as the clearing house for the contract, how much hedging and how much speculation there is, and what is the most actively traded contract in futures and options.
* * *
Ⅰ.
market UK US /ˈmɑːkɪt/ noun
► [
C]
ECONOMICS,
COMMERCE the car/coffee/telecoms, etc. market »
The telecoms market is evolving rapidly.
the market in/for sth »
The battle for control of the London Stock Exchange aims to create a truly global market in shares.
»
We need to increase our share of the market.
»
Difficult market conditions contributed to a 9% decline in first-half profits.
the US/local/world market »
The company claims to hold half of the US market by volume.
»
booming/competitive/buoyant markets
»
depressed/falling/weak markets
»
to break into/capture/enter the market
► [
C]
COMMERCE »
The emerging market where we see perhaps our strongest opportunity is China.
create/find/open up a market »
The consoles are sold at the lowest possible price to create a market for profitable games.
break into/enter/penetrate a market »
They've wanted to break into the market in Asia for some time.
develop/expand/pursue markets »
We give the highest importance to expanding markets for existing products.
a changing/growing/expanding market »
Time-share companies have adapted their sales packages to a changing market.
»
an export/international/overseas market
»
the corporate/teenage/youth market
»
market information/assessment
► [
C]
COMMERCE a market for sth »
Is there still a market for fax machines since the advent of email?
the domestic/global/world market »
The domestic market is still depressed.
a big/large/growing market »
The subsidies created a big market for wind-turbine manufacturers in Europe.
► [
C] (
also financial market,
also stock market)
STOCK MARKET,
FINANCE »
Some investors gain unfair advantage by changing orders after markets have closed.
»
If the market rises by 20% over the year, it means that the firm's income rises automatically by the same amount.
»
Asian markets made strong gains overnight.
on a/the market »
On the Chicago market, a bushel of wheat fell to 262.50 cents from 271.75 cents.
»
trading on foreign markets
► [
C]
COMMERCE »
a covered/an outdoor/a street market
»
a market stall/trader
► [
C]
US COMMERCE »
Can you stop at the market to buy some milk?
→
See also BEAR MARKET(
Cf. ↑
bear market),
BLACK MARKET(
Cf. ↑
black market),
BOND MARKET(
Cf. ↑
bond market),
BULL MARKET(
Cf. ↑
bull market),
BUYER'S MARKET(
Cf. ↑
buyer's market),
CAPITAL MARKET(
Cf. ↑
capital market),
CASH MARKET(
Cf. ↑
cash market),
CLOSED MARKET(
Cf. ↑
closed market),
COMMODITY MARKET(
Cf. ↑
commodity market),
CREDIT MARKET(
Cf. ↑
credit market),
CURB MARKET(
Cf. ↑
curb market),
CURRENCY MARKET(
Cf. ↑
currency market),
DISCOUNT MARKET(
Cf. ↑
discount market),
DOMESTIC MARKET(
Cf. ↑
domestic market),
EFFICIENT MARKET(
Cf. ↑
efficient market),
EQUITY MARKET(
Cf. ↑
equity market),
EXCHANGE MARKET(
Cf. ↑
exchange market),
EXPORT MARKET(
Cf. ↑
export market),
FARMER'S MARKET(
Cf. ↑
farmer's market),
FLEA MARKET(
Cf. ↑
flea market),
FOREIGN EXCHANGE MARKET(
Cf. ↑
foreign exchange market),
FORWARD MARKET(
Cf. ↑
forward market),
FREE MARKET(
Cf. ↑
free market),
FUTURES MARKET(
Cf. ↑
futures market),
GILT-EDGED MARKET(
Cf. ↑
gilt-edged market),
GLOBAL MARKET(
Cf. ↑
global market),
GRAVEYARD MARKET(
Cf. ↑
graveyard market),
THE GREY MARKET(
Cf. ↑
the grey market),
HOUSING MARKET(
Cf. ↑
housing market),
IMPERFECT MARKET(
Cf. ↑
imperfect market),
INSURANCE MARKET(
Cf. ↑
insurance market),
INVESTMENT-GRADE MARKET(
Cf. ↑
investment-grade market),
JOB MARKET(
Cf. ↑
job market),
KERB MARKET(
Cf. ↑
kerb market),
LABOUR MARKET(
Cf. ↑
labour market),
LOAN MARKET(
Cf. ↑
loan market),
LUXURY MARKET(
Cf. ↑
luxury market),
MAIN MARKET(
Cf. ↑
main market),
MASS MARKET(
Cf. ↑
mass market)
noun,
MIDDLE-MARKET(
Cf. ↑
middle-market),
MONEY MARKET(
Cf. ↑
money market),
MORTGAGE MARKET(
Cf. ↑
mortgage market),
NICHE MARKET(
Cf. ↑
niche market),
OPEN MARKET(
Cf. ↑
open market),
OPTIONS MARKET(
Cf. ↑
options market),
OVER-THE-COUNTER MARKET(
Cf. ↑
over-the-counter market),
PARALLEL MARKET(
Cf. ↑
parallel market),
PERFECT MARKET(
Cf. ↑
perfect market),
PRIMARY MARKET(
Cf. ↑
primary market),
THE PROPERTY MARKET(
Cf. ↑
the property market),
SECONDARY MARKET(
Cf. ↑
secondary market),
SECURITIES MARKET(
Cf. ↑
securities market),
SELLER'S MARKET(
Cf. ↑
seller's market),
SHADOW MARKET(
Cf. ↑
shadow market),
SINGLE MARKET(
Cf. ↑
single market),
SPOT MARKET(
Cf. ↑
spot market),
STOCK MARKET(
Cf. ↑
stock market),
SWAPS MARKET(
Cf. ↑
swaps market),
TARGET MARKET(
Cf. ↑
target market),
TERMINAL MARKET(
Cf. ↑
terminal market),
TEST MARKET(
Cf. ↑
test market),
THIRD MARKET(
Cf. ↑
third market)
Ⅱ.
market UK US /ˈmɑːkɪt/ verb [T] MARKETING, COMMERCE
► »
The two companies have formed a partnership to jointly market the range of drugs.
► market sth as sth »
Food marketed as lower fat has been proved to lull us into a false sense of security.
market sth to sb »
The tobacco companies say they do not market their products to children.
»
The company has to modernize how it markets its chocolate, taking into account parent concerns about obesity and high-sugar snacks.