INTRODUCTION TO MARKETING
MEANING OF MARKET
The term MARKET is derived from the latin word “MERCATUS” which means merchandise or a place where business is conducted.
THUS MARKET WOULD IMPLY :
* A place where goods and persons are physically present.
* An assemble of people (buyers and sellers)
* An area of operation
* An act of buying and selling
* A place where consumer’s wants are satisfied
However in a general sense it is a whole of any region in which buyers and sellers are brought in contact with one another and by means of the prices of the goods tend to be equalized easily and quickly.
* According to PHILIP KOTLER: “Market is an area or ...view middle of the document...
2. ON THE BASIS OF TIME:
* SHORT PERIOD MARKET- The markets are for highly perishable goods for all kinds.
* LONG PERIOD MARKET- These markets are for durable goods of different varities.
3. ON THE BASIS OF TRANSACTION:
* SPOT MARKET-In this market once the trasaction takes place, delivery takes place.
* FUTURE MARKET- In this market transactions are finalised , pending delivery and payment for future dates. Transactions come first, the delivery is later.
4. ON THE BASIS OF REGULATION:
* REGULATED MARKET-A regulated market is one in which business dealing takes place as per certain rules and regulations. Eg: Shopping centre
* UNREGULATED MARKET- An unregulatred market is a free market where there are no rules and regulations, if there are any, they are amended as per the requirements of parties of exchange. Eg: Meena Bazar
5. ON THE BASIS OF VOLUME:
* WHOLESALE MARKET- They are featured by large volume of business and whole salers.
* RETAIL MARKET- Retail marketers are those quantity bought and sold in small scale.
6. ON THE BASIS OF NATURE OF GOODS:
A. COMMODITY MARKET: It deals in favour of materials, produce and manufactured goods.
* CONSUMER MARKET- Manufactured for final consumption. Eg: Sugar
* INDUSTRIAL MARKET- Selling to another manufacturer for production. Eg: Machinery
* BULLION MARKET- Only presious metals are sold. Eg: Gold, silver, platinum, etc.
B. CAPITAL MARKET: It is a market for finance.
* MONEY MARKET- It deals in lending and borrowing of money
* STOCK/INVENTORY MARKET- It deals in shares and debentures
* FOREIGN EXCHANGE MARKET- Deals in buying and selling of foreign exchange
7. ON THE BASIS OF NATURE OF COMPETITION:
* PERFECT MARKET- One in which there are large number of buyers and sellers, one price for homogenous(similar) products, perfect knowledge of buyers and sellers, there is free entry and exit of firms in the markets
* IMPERFECT MARKET- Products may be similar but not identical, different prices for goods, no perfect knowledge of products by the buyers and sellers, there is physical and psycological barriers on movement of goods.
8. ON THE BASIS OF DEMAND AND SUPPLY:
* SELLERS MARKET- Is one where buyers are forced to buy the products produced by the sellers. The “ DEMAND EXCEEDS SUPPLY”
* BUYER MARKET- Is a market dominated by the buyers. “SUPPLY EXCEEDS THE DEMAND”
MEANING AND DEFINITION:
Marketing is the belt that connects the 2 major wheels of any economy maybe producer and consumer. It starts well before production commences and ends only after rendering sales satisfaction. It is a set of those activities necessary and incidental to bring about exchange relationship. It is a process of dicovering and translating consumer needs and wants into product and service satisfactions,creating them for these products and services and then inturn expanding this demand.
It is a process of...