A market is any one of a variety of different system, institutions, procedures, social relations and infrastructures where by persons trade, and goods and services are exchanged, forming part of the economy. It is an arrangement that allows buyers and sellers to exchange things. Markets vary in size, location, range, geographic scale, types and variety of human communities, as well as the types of goods and services traded.
DEFINITION OF MARKET:
“The term market refers not to a place, but to a commodity or commodities and buyers and sellers who are in direct competition with one another” – Chapman.
MARKETING: AN INTRODUCTION
The term ‘market’ originates from the Latin noun ‘Marcatus’ which means ‘a place where business is conducted’.
It is not merely a place of exchange but an arrangement that provides an opportunity of exchanging goods and services for money.
Modern marketing begins with the customer, not with production cost, sales, technological landmarks and it ends with the customer satisfaction and social well-being. Under the market-driven economy buyer or customer is the boss.
DEFINITION OF MARKETING:
The American Marketing Association defines Marketing as “the performance of business activities that direct the flow of goods and services from producer to consumer or user”.
William J.Stanton has defined marketing as “a total system of interacting business activities designed to plan, price, promote and distribute want-satisfying products and services to present and potential customers.” Not only does marketing deal with goods and services but it also focus on ideas, issues, concepts and principles.
NATURE OF MARKETING:
❖ Marketing is both consumer-oriented and competitors-oriented.
❖ It starts with consumers and ends at consumers by satisfying their needs.
❖ Marketing is the most important functions of management.
❖ Marketing must deliver goods and services in exchange of money.
FUNCTIONS OF MARKETING:
❖ Contractual: The searching of buyers and sellers.
❖ Merchandising: Matching the products to customer needs and desires.
❖ Pricing: Determining the optimum price.
❖ Promotion: Persuading the buyers to favor the firm and its products.
❖ Physical distribution: The transport, warehousing and inventory control.
SCOPE OF MARKETING:
The scope of marketing is very wide. It may be analyzed in terms of marketing performance through various functions. A number of functions are inherent in every marketing process and these functions are to be performed on the basis of various utilities.
SCOPE OF MARKETING
A business term is a measure of how products and services supplied by a company meet or surpass customer expectation. It is seen as a key performance indicator within business and is part of the four perspectives of a Balanced Scorecard. In a competitive marketplace where businesses compete for customers, customer satisfaction is seen as a key differentiator and increasingly has become a key element of business strategy.
There is a substantial body of empirical literature that establishes the benefits of customer satisfaction for firms. Organizations need to retain existing customers while targeting non-customers. Measuring customer satisfaction provides an indication of how successful the organization is at providing products and/or services to the market place. Customer satisfaction is an abstract concept and the actual manifestation of the state of satisfaction will vary from person to person and product/service to product/service.
The state of satisfaction depends on a number of both psychological and physical variables which correlate with satisfaction behaviors such as...