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Market is a group of people who share a common need / desire for a product/ dervice and who
can afford it. In eco a point where forces of demand & supplu=y converge to establish prce for
a product.Classifications:
Types of Markets
1)
2)
3)
4)
5)
6)
Consumer
Reseller
Industrial
Government
International
Online
number of products is dependent on demand & while the organization is looking at economy of
production.. This gives rise to marketing services to equalize the supply & demand process.
Business Needs: Profit maximization is the objective. Hence the business is on the lookout to
identify opportunities, identify hazards to manage and supply to the demand. Private business
wants minimum interference from the govt & stability in political & economic climate. They
however also welcome protection the industry in case of recessions.
Social Aspects: Mktg is a adaptive feedback mechanism for mobilizing resources and
allocating them according to the competing demands for them. Mktg also mobilizes & allocates
the scarce resources by market supply-demand-price mechanism. This also leads to
distributive justice where one group benefits at the cost of another. Hence marketing
cooperatives organized by farmers to basically ensure a better realization of their produce and
minimize price fluctuations. Environmentalists ssel control through laws on environmentally
hazardous practices. Consumers seek protection against hazardous an substandard products.
What is cartelization?
Organisations enter into a live & let live arrangement with each other agrreing to stay out of
each others trading areas or not to cut prices. This is called cartelization. This is an unhealthy
and unlawful practice leading to restricting competition & disadvantage to consumers.
HOW DOES MARKETING WORK ?
Mechanics of Marketing: (1) Fully negotiated exchanges determine quality, performance
parameters of goods, time & place of delivery, time/place/method of payment & extra services to
be provided (like guaranties & warranties) . (2) Complex exchanges are required for widely
spread customers by use of marketing intermediaries. (3) Market channels coordinate behavior
& expectation of consumers, however, keeping the interests of their trading partners in mind.
These channels help in delivery of quantities of goods to the scattered consumers.
Determine consumer demand: within the market exchange sector specialists discover &
measure unmet needs & wants by tools like (4Ps of marketing) product & package design,
promotion & pricing tools, physical supply & coordination of delivery to match location & timing
of demand.
How is demand forecasted/ detected?
Through environmental scanning & marketing researck.
Marketing research (internal to the organization) consisits of sales forecasting surveys &
experiments through marketing tools to find out about consumer preferences, prices,
promotions to determine the positioning niche of the product.
Environmental Scanning (external to the organization) consists of studying competitors,
new end uses of products, consumer behavior and social preferences.
What are the major Marketing fields?