INTRODUCTION TO MARKET:
According to LAYMAN, “A market is any physical place where the buying and selling function takes place.
According to PROF. PHILIP KOTLER,”An area or atmosphere for the potential exchange”.
In short, the market cannot be defined as the physical place only because it is also an interaction between various parties, customers, sellers, and retailers.
PARTICIPANTS IN MARKET:
CUSTOMERS: Customers are those persons whose are buy or purchase goods and services in a market from a seller.
SELLERS: Sellers are that person whose are sell their goods and services in a market to customers.
Sometimes we get puzzled between CUSTOMER AND CONSUMER and think that customer and consumers are the same, but in reality, these are not same.
CONSUMER is that person whose is consume the products not purchase the products.
For example, Babies are using the products which are purchased by their parents. They only consume the products.
So in this example, we can say that babies are the consumers and their parents are the customers.
CLASSIFICATION OF MARKET
ON ECONOMIC BASIS:
There are 3 types of markets are involved in it:
- Perfect Market
- Monopoly Market
- Imperfect Market
PERFECT MARKET: A perfect market is that marketing where the seller and buyer have the full and complete information about their product and it is very easy to compare one product or service with other product and service.
MONOPOLY MARKET: In this market, only one seller is sale his various products there is no competition in the market which he has to face.
IMPERFECT MARKET: An imperfect market is that market where the seller and buyer have not full and complete information about their products and it is not easy to compare one product with other products.
ON GEOGRAPHICAL BASIS:
- Rural and urban markets
LOCAL MARKET: That market which is settled in a particular place or in street to fulfill the needs of their domestic customers are called local markets.
NATIONAL MARKET: A marketplace which is under the border of a country and sells various kinds of products and services to its customers in a geographical limit.
INTERNATIONAL MARKETING: When a company sell its goods and services outside the boundaries of its country and take place in the international country is called international marketing.
RURAL AND URBAN MARKET: A Rural market is a market which is settled in a rural area for the rural area people.
Urban market is a marketplace which placed in the urban areas to fulfill the requirements of products for urban people.
ON VOLUME BASIS:
- Wholesale market
- Retail market
WHOLESALE MARKET: A place where all goods are sell to a retailer A wholesaler has a large number of goods and products and he sells all these products in one store.
RETAIL MARKET: A retailer sales his goods and products to customers is called the retail market.
INTRODUCTION TO MARKETING:
Marketing, also known as the spirit of modern business has been going on since ancient times. Hence, marketing is a business function which it deals with customers.it managing the all profitable customer relationship,There was a time when all companies just focus on the produce the goods, but now companies are awakening up to realize that marketing of these goods should be a primary service because of satisfaction of customers is the first profit for the company.
According to AMERICAN MARKETING ASSOCIATION,”The performance of business activities that directs the flow of goods and services through producers to consumers or user”.According to PHILIP KOTLER,”Satisfying needs and wants through the exchange process.”
GOALS OF MARKETING:
- Attract new customers
- Keep existing customers
CONSUMER NEEDS, WANTS, AND DEMAND:
NEEDS: These are basic human requirements like food, shelter, cloth, security etc.
WANTS: These are needs directed to particular product and services like the hunger need here becomes a want for pizza.
DEMAND: It is a want that gives a direction towards a particular object and based on the buying power like asking for a bike from son to his father.