Marketing is a key function of modern management. We are exposed to the marketing of products services and ideas almost every day. The study of marketing plays an important role as every one of us performs marketing activities in one or the other form. Marketing has different meanings based on audience, media platform, and business in a changing market.
Golden points
• Marketing is the activity, set of institutions, and processes for creating, communicating, providing, and auctioning contributions that have integrity for clients, clients, supporters, and society at large.
• Marketing is a societal technique by which someone and factions accomplish what
they need and want through the building, offering and voluntarily exchanging merchandise and employment of value
with others.
• Marketing is the core business philosophy that directs the processes of identifying and fulfilling the needs of individuals and organizations through exchanges that create superior value for all parties.
Types of market
1) based on Area Covered
a) Local Market: The market for the commodities that are sold within local geography-local limits of a region is known as a local market.
b) National Market: The market for the commodities which are sold within the country is
known as the national market.
c) International Market: The market for the stocks which are manufactured in one
province and traded in other regions is known as the multinational market.
2) based on Time
a) Very Short Period Market: This group of the market has a very quick time presence viz., for
a few hours or for a day at a particular time and place. In this type of market perishable
goods such as vegetables, fruits, milk products etc. are sold.
b) Short Period Market: This kind of market has survived for a quick time viz. weekly markets, festival needs, markets during carnivals, etc. Perishable or semi-durable interests are auctioned in this call.
c) Long Period Market: This kind of market has been contained for a lengthy time. In this kind of market permanent properties that are naturally non-perishable are sold.
3) based on the Volume of Transaction
a) Wholesale Market: In the wholesale market, the activity of buying and selling goods is undertaken in large quantities at cheaper prices.
Goods are sold to retailers who then sell them to the consumers. It refers to the market for bulk purchase and sale of goods. In such a market brokers are recognized as wholesalers and customers are known as merchandisers.
b) Retail MMaretailailailmarket prevails the market where the retailer peddles welfare directly to the shopper in small quantities.
4) based on Importance
a) Primary Market: Primary Market refers to the market for primary products such as agricultural and forest products, for example, fruits, vegetables, food grains, etc.
b) Secondary Market: Secondary Market suggests to the market for semi-processed and
semi-manufactured interests. For example fiber market, iron ore market, etc.
c) Terminal Market: Terminal Market refers to the market where goods are sold to the ultimate consumers or the users of the product.
Functions of marketing
• Marketing Research
Effective marketing is possible when a business takes the initiative to identify the needs and wants
of the consumers in the market. To identify the needs of the consumers, there is a need to
collect information from the consumers and analyze the same is known as Market Research.
Analysis of the information helps in the assessment of the need in the market. It helps to find
out what consumers want to buy, when they buy, in what quantity they want to
buy, and at what price. Marketing Research helps to make various decisions regarding success-
ful marketing of products.
• Market Planning:
After assessing the need for marketing, the business needs to chalk out the marketing plan and strategies to achieve the desired objective. Market planning is the process of organizing and
defining the marketing objectives of the business and creating strategies to achieve them.
• Product Development
Product advancement and technique play an important role in the selling of the stock. There is a necessity to cultivate a crop that dresses the desires of the consumer. Product design includes decorated quality standards, shape, design, pack colorless, etc. of the product. Con- Summer always prefers better and attractively designed products. The good design of the product gives a competitive advantage to the business.
• Branding :
Each businessman wants to have a personal individuality in the market for his product. Hammering is
a technique of giving special individuality to a derivative through an extraordinary name to differentiate it from the opponent’s products. In simple words giving a distinct name to one’s product is called branding.
Registered brands are known as Trademarks.
Trademarks can not be copied. Branding helps to get recognition among the consumers. It can
help to get new business and increase brand awareness in the market.
• Pricing of Product:
Pricing is one of the most significant as well as the problematic functions of transactions. Multiple
times payment of the stock decides the accomplishment or disappointment of the derivative. Pricing plays a significant function in the market where there is a cut-throat rivalry.
While determining the price of the product businessman needs to consider factors like cost, desired profit, price of the competitor’s product, demand for the product, market condition, etc. Business needs to change prices as per the need of the market.
Will marketing be automated?
In today’s generation, there are many types of businesses with which you can shift your business online to earn online.
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