MARKET:

[attachment=16213]

The term Market has been derived from the Latin word “Mercatus” which means “to trade”.

According to Pyle, “Market includes both place and region in which buyers and sellers are in free competition with one another”.

Importance of Market:

• it enables the sellers to sell
• It enables the buyers to buy what they want
• It makes available goods and services that raise the standard of living of the people.
• It gives the buyers access to goods that are made in different parts of the country and in different parts of the world.
• It generates lot of employment opportunities.
• It generates income and thereby promotes trade and commerce
• It is essential for the economic development of any nation.


MARKETING:

Definitions:

“Marketing is the process of discovering and translating consumer needs and wants into product and service specifications, creating demand for these products and services and then in turn expanding this demand.” By Hansen

Marketing is the business process by which products are matched with market and through which transfers of ownership are effected”. By Cundiff

Marketing is concerned with the people and the activities involved in the flow of goods and services from the producer to the consumer” by American Marketing Association.


Concepts of Marketing:

1. Target Markets and Segmentation

a. Identification of regional market
b. Selecting the geographic parameters
c. Considering demography and psychography
d. Segmentation – dividing the area into smaller sub-sects so that an organization can easily focus on the customer needs & wants.


Basic Factors:

a. Focus group
b. Choice identification
c. Demography study
d. Study of life-style behaviour

2. Markets and Prospects or respondents

a. Directly proportional to prospects & response

Basic Factors:

a. Survey
b. Through research group
c. Past experiences & facts
d. Learning from expertise or experience

3. Needs, wants and Demands

Need – Identifies desire of a group of people to persue. Desire may be goods, services, ideas, events, experiences & monetary benefits.

4. Product or offering

Product is a commodity to utilize or procure for the benefit of sales in the organization. The product is for exchange money.

Offerings – Product benefits out of purchase, Product profit out of usage, Product performance out of service.