2. The term ‘Market’ originates from the Latin word
‘Marcatus’ which means ‘a place where business is
conducted’. It is not merely a place of exchange but an
arrangement that provide an opportunity of exchanging
goods and services for money. In this context, Philip
Kotler has defined the term market as “an arena for
potential exchange.”
3. Marketing is what is a marketer does. The traditional
objective of marketing had been to make the goods
available at places where they are needed. This idea was
later on changed by shifting the emphasis from “exchange”
to “satisfaction of human wants”.
Marketing is said to be the eyes and ears of a business
organization because it keeps the business in close contact
with its economic, political, social and technological
environment and informs it of events that can influence its
activities as per requirement of the market. Marketing helps
in having a good range of products in constant demand and
suggests to the management the scope for improving and
developing new products to satisfy the changing customer
needs.
4. AMA (1960) - "Marketing is the performance of business activities that
direct the flow of goods and services from producer to consumer or
user."
According to Eldridge (1970) - "Marketing is the combination of
activities designed to produce profit through ascertaining, creating,
stimulating, and satisfying the needs and/or wants of a selected
segment of the market."
According to Kotler (2000) - "A societal process by which individuals
and groups obtain what they need and want through creating, offering,
and freely exchanging products and services of value with others."
According to American Marketing Association (2004) - "Marketing
is an organizational function and set of processes for creating,
communicating and delivering value to customers and for managing
relationships in a way that benefits both the organization and the
stakeholder."
5. 1. Customer focus
2. Customer satisfaction
3. Objective-oriented
4. Marketing is both art and science
5. Continuous and regular activity
6. Exchange process
7. Marketing environment
8. Marketing mix
9. Integrated approach
10. Commercial and non-commercial organizations
11. Precedes and follows production.
6. Marketing that is properly researched and targeted will
bring new and returning customers
Opinions of current and former customers can identify
areas for improvement
Raising brand awareness
Allows for a more personal relationship between the
business and the customer
Increased market share
7. Marketing can be expensive and drain profits, especially for
smaller businesses
It's difficult to accurately assess the cost benefit of a
marketing campaign
Not all campaigns are successful because they were not
carefully researched and planned
The business may require additional staff to assist with
advertising
The cost of branded items used for advertising reduces
profit margins
The time required to keep information updated on websites
and social media may require additional staff
8. Concept
1. Market is a place where buyer and sellers are in free contact
with each other.
2. Marketing is the process by which two or more parties give
something in value to satisfy them.
Nature
1. Market prevails for a certain commodity at a certain point of
time, thought the market place or region.
2. It is an economic process in which goods and services are
exchanges and their values determined in terms of money
price.
Functions
1. Market is not a particular place but a commodity and markets
that are indirect contact with one another.
2. Marketing is the process of distribution and the process before
distribution.
9. Dealing
1. A market is the set of actual and potential purchaser of
a product.
2. Marketing deals with creation of time, place and
possession utilities.
Scope
1. In economic sense market refers to a collection of
buyers and sellers who transact over a particular
product or products.
2. Marketing includes all these activities involved during
the process of buying and selling the process of buying
and selling the goods and services.
