MARKETING - Meaning , Definitions

MARKETING - Meaning , Definitions

Any region in which buyers and sellers are in such free intercourse with one another and that the price of the same goods tend to equality ,easily and quickly. Simply an area where buyers and sellers dealing with goods are termed as Market. Marketing means the techniques used by the sellers for the purpose of providing sales and services to the customers.

Essentials of a Market

1. Existence of a commodity

2. Existence of buyers and sellers

3. Existence of a place

4. Intercourse between buyers and sellers that only one price should prevail for the same commodity at the same time.

Evolution of Market

The Evolution of the market can be studied from two points of view

1. Geographical 2. Functional

Geographically there are four steps of development; they are

(i) Family market

(ii) Local market

(iii) National market

(iv) The world market.

As regards Functional development, markets are;

(i) The general or mixed market

(ii) The specialized market

(iii) Marketing by samples

(iv) Marketing of goods where quality is exactly defined(no need of samples)