Definitions [7]
Answer in one sentence.
Define Market.
In simple words market is the place where two or more parties are involved in buying and selling. These two parties involved in the transactions are called buyers and sellers.
Define Marketing.
According to the American Marketing Association, “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”
Phillip Kolter has defined marketing as, “a social process by which individual groups obtain what they need and want through creating offerings and freely exchanging products and services of value with others”.
Define the term oligopoly market.
An oligopoly is a market structure in which a small number of large firms dominate the industry. These firms sell similar or differentiated products, and each firm’s decisions (such as pricing or output) directly affect the others, making them interdependent.
Define the term market.
The term ‘market’ refers to the whole region in which buyers and sellers are in close contact to effect the purchase and sale of a product.
In economics, the term market refers to the mechanism or arrangement by which buyers and sellers of a commodity are able to interact with each other for having economic exchange and are able to strike a deal about the price and the quantity to be bought and sold.
“A market is the set of all actual and potential buyers of a product.”, Phillip Kotler
“Market includes both place and region in which buyers and sellers are in free competition with one another.”, Pyle
“A market means a body of persons who are in intimate business relations and carry on extensive transactions in any commodity.”, Jevons
“A market is a centre in which forces leading to exchanges of title to a particular product operate and towards which and from which the actual goods tend to travel.”, Clark and Clark
According to Augustin Cournot, “Economists understand the term 'market', not any particular marketplace in which things are bought and sold, but the whole of any region in which buyers and sellers are in such close contact with one another that the prices of the same goods tend to equality easily and quickly.”
Define the term ‘marketing mix’.
Marketing mix refers to a combination of four P's, viz. product, price, promotion, and place. These are closely interrelated because decisions in one area influence those in others. These constitute the core of a company’s marketing system.
Key Points
- Marketing is a complete process from identifying customer needs to follow-up and repeat sales.
- Traditional marketing focuses on directing the flow of goods and services from producers to consumers.
- Modern marketing views marketing as a social process based on value creation and exchange.
- Market means the set of actual and potential buyers.
- Main features are needs and wants, market offering, customer value and exchange mechanism.
- Exchange requires specific conditions and is the essence of marketing.
- Marketing is relevant to both business and non-profit organisations.
- Products, services, ideas, persons, places, events and information can all be marketed.
- In common language, a market is a place where buying and selling occur.
- In economics, a market is any arrangement that allows buyers and sellers to meet (physically or virtually), decide a price, and exchange a commodity or service.
- A market can be local, national, or international.
- Essential elements of a market: commodity, buyers and sellers, area of operation, communication/contact, and price.
- There are two main ways to define a market: geographical (place‑based) and functional (activity‑based).
- Competition among buyers and sellers tends to produce one prevailing price for the same commodity at the same time within a market.
- Marketing ensures exchange of goods and services that maximises customer satisfaction.
- Market information and planning guide all major marketing decisions.
- Product design, standardisation, grading, packaging, labelling and branding strengthen product appeal and reliability.
- Customer support services, pricing and promotion directly influence demand and loyalty.
- Physical distribution, transportation and storage maintain steady availability of products to consumers.
- Marketing mix has four elements: Product, Price, Place. and Promotion.
- Product includes core offering plus extended features like after-sales service.
- Price is influenced by demand and involves discount/credit decisions.
- Place deals with physical distribution and dealer support.
- Promotion persuades buyers through advertising, personal selling, and sales promotion tools.
Important Questions [27]
- State whether the following statement is true or false: The term market is derived from the Latin word ‘Mercatus’.
- The term market is derived from the ______ word ‘Mercatus’.
- Explain Any Four Facilitating Functions of Marketing.
- Explain the following term/concept. Place Concept of Market
- Find the odd one. Stock Exchange, Foreign Exchange, Bullion Market, Manufactured Goods Market
- Give classification of the market in detail on the basis of ‘Volume of Transaction’.
- Arrange in proper order: Local market, International market, National market.
- The retail market is the market where the retailer sells goods directly to the ______ in small quantities.
- Find the odd one. Primary Market, Secondary Market, Retail Market, Terminal Market
- Explain types of the market on the basis of the area covered.
- Regulated Market operates according to forces of demand and supply.
- Unregulated market operates according to forces of demand and supply.
- Study the following case/situation and express your opinion: Mr. A deals in import and export business so he needs different foreign currencies. For the expansion of his
- Explain the importance of marketing to the firm.
- Justify the following statement. Marketing is significant to consumers.
- Explain in detail the significance of marketing to society.
- Explain the importance of marketing to the consumers.
- Explain the following term/concept. Packaging
- Write a word/term/phrase for the following sentence. Giving of distinct name to one’s product.
- Arrange in proper order. Grading, Market planning, Distribution
- Justify the following statement. There is a need for branding to get recognition among consumers.
- Explain the term: Packaging
- Explain in detail the 7Ps of Marketing.
- Explain the types of Marketing Mix.
- Explain the following term/concept. Product
- Find the odd one. Price, People, Promotion, Product
- What is Marketing Mix?
