Introduction to Market and marketing concept:
Traditionally, market refers a place where different buyers and sellers gather and exchange products and value. For instance, supermarket, shopping mall, etc.
In Economics, market refers a collection of buyers and sellers of a particular product class. For instance, European textile market, Asian garments market, Global software market, etc.
But from the Marketers point of view, Industry build by sellers and Market build by buyers. For instance, Software industry is constituted by all of the software related companies, not including the software buyers. And similarly, Software market is constituted by all the software buyers, not including the providers.
And Marketing is the decision making implementing process, how the marketers handle the market, regarding the marketing offers and distribution channels and process.
What is marketing?
Marketing started with the slogan of telling and selling, but at present days, it broadened the vision – build loyal customer - with slogan – satisfying customer needs. Therefore, the study of customers becomes very important for the marketers.
Marketers first have to know who are their customers [in marketing terms called Target Market], then have to divide the customers in different categories and groups [Segmentation] considering different attributes (e.g. age, sex, location, lifestyle etc.), have to made Research and Development for the products for each segment , made strategy to distribute and promote the product and then implement the strategy. Here marketers have to find out the possible features they can add or edit to the product to make it best matches to the customers need and an effective and efficient way to promote the product, with a smooth distribution channel.
According to Philip Kotler and Gary Armstrong, two ideal marketing theorist,
“Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.”
More Marketing Definitions...
Justify your Marketing concept
1. Someone said about the role of marketing is – “Deliver a higher standard of living”.
Explanation: as marketing offers are dedicated to satisfy consumer needs in better way, with quality, it also working to grow consumer awareness for their own benefit, as well.(to make people understand why they should go for the quality and with this product, what are the disadvantages of the low price products.)
2. Peter Drucker, a leading management theorist, said, -“There is always, one can assume, be need for selling. But the aim of marketing is to make selling superfluous. The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself. Ideally, marketing should result in a customer, who is ready to buy. All that should be needed then is to make the product or service available.
1. Principle of Marketing by Kotler and Armstrong (10th International Edition)
2. Marketing Management by P. Kotler (11th edition)
3. Online Journals.