INTRODUCTION OF MARKETING: Nature, Scope and Importance of marketing, Evolution of marketing; Core marketing concepts; production concept; product concept; selling concept. Marketing Environment: micro and macro environment.
WHAT DO YOU UNDERSTAND BY MARKET? DIFFERENT TYPES OF MARKETS.
We use a large variety of goods and services in our daily life. These include items like toothpaste, toothbrush, soap, oil, food items.
How do all these goods and services reach our home? Obviously, the business houses who produce the goods and services have to ensure that these are to be sold, and so they have to make the consumers/users aware of their products and place them at points convenient to the consumers.
This involves several activities such as products planning, pricing, promotion, use of middlemen (wholesalers,retailers etc) for sale,warehousing,transportation etc. All these activities taken together are termed marketing.
MARKET
The word 'Market' was derived in English from the Latin word 'Marcatus.' Its meaning is trading or transaction. As the word 'marketing' has been formed from the 'market,' it is necessary to be clear about the market concept in marketing subject.
The term 'market' has traditionally been used to describe a place where buyers and sellers exchange goods and services,e.g., a fruit and vegetables market or a stock market.
In marketing, the term market refers to the group of consumers or organizations interested in the product, has the resource to purchase the product, and is permitted by law and other regulations to acquire the product.
DEFINITION OF MARKET
According to Philip Kotler, "A market consist of all the potential customers sharing a particular need or wants to might be willing and able to engage in exchange to satisfy that need or want."
Clark and Clark "A market is a center about which or an area in which the forces leading is an exchange of title of a particular product operate and towards which the actual goods trend to travel."
According to Pyle, "market includes both place and region in which buyer and seller are in free competition with one another.
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TYPES OF MARKETS
Generally, markets are divided into 4 categories :
1. Consumer markets
2. Business markets
3. Global markets
4. Nonprofit & government markets
1. Consumer Market
Companies selling mass consumer goods and services such as soft drinks, cosmetics, air travel, and equipment spend a lot of time trying to establish a superior brand image. But brand strength depends on developing a product and packaging, availability, communication, and reliable service.
2. Business Market
Companies selling business goods and services often face well-trained and well-informed professional buyers in evaluating competitive offerings. Business buyers buy goods to make or resell a product to others at a profit. Business marketers must demonstrate how their products will help these buyers achieve higher revenue or low costs.
3. Global Markets
Companies selling goods and services in the global marketplace face additional decisions and challenges. They must decide which countries how to enter each country and how to adopt their products and services features to each country. How to price their products in different countries and how to adopt their communications to fit different cultures. These decisions must be made in the face of different requirements for buying, negotiating, owning, and disposing of property, different cultures, languages, legal and political systems, and currency values.
4. Nonprofit and government markets
Companies selling their goods to nonprofit organizations such as churches universities, charitable organizations, or government agencies need to price carefully because these organization has limited purchasing power; lower prices affect the qualities of the features of products.
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