Marketing Market
In the world of business, we often come around the terms, ‘market’ and ‘marketing’. Though these two terms have quite similar concepts, but are actually very distinct from each other.
Market
The market can be any setup where the sellers and buyers meet for the trade, usually of goods and services. The market is also a medium which allows and facilitates any transactions in the economy.
Generally speaking, the market is a physical place like a shopping mall or a local bazaar that provides place for trade.
Types of Markets
Market has different types depending on the various factors used to characterize it. Some of the types are as follows
1- The type of market according to the products e.g. cloth market, steel market etc.
2- The type of market depending on the buyers e.g. industrial market or consumer market etc.
3- The type of market depending on the location e.g. international or a local market.
4- The type of market depending on the quality of products e.g. wholesale market, flea market.
With the modern day technology, the internet, online shopping and transactions, the market is not limited to a certain location, a meeting point or a fixed place. The modern market is described as reaching out to potential buyers. All of the potential buyers of the product, regardless of space and location, would constitute the market of a certain product.
Marketing
Marketing is considered a very broad term encompassing various activities from production of the product to the consumption of the buyer. It is a product involves various factors such as pricing of the product, design of the product, promotion and distribution of the product, transportation and warehousing of the product etc. One of the fundamental principles of marketing is customer satisfaction. So, all the activities included in the marketing revolves around the needs of the customer. Philip Kotler, an economist, describes the marketing procedure as a “social process” in which the needs of the consumer are targeted and accordingly services and products are offered. People have the liberty to choose between any product or service and there is no force upon them.
Important Features
Following are some important features of marketing
Consumer satisfaction
The core of a marketing strategy is to satisfy consumers. The companies often find out the exact needs of their customers and try to fulfill them through their marketing strategy.
Market offering
Based on the study of their potential buyers, the companies introduce an ideal product for the market. The product should satisfy the requirements of the consumers.
Pricing
The companies make an effective marketing strategy which also includes the pricing of the product. The experts do a cost analysis on the basis of the target customers. The companies thus, introduce the product at a fair price according to the consumers.
Process of Exchange
It is a two way process. The companies introduce a product according to the requirements of the customers and in turn the customers pay them for their products or services.
Conclusion
In conclusion, marketing plays a very crucial role in executing and designing a product and also making it available for the consumer at the right price. Companies nowadays highly rely on their marketing strategies to sell their products. With every passing day, marketing is opening new avenues and bringing in more businesses for organizations which is also effective for economic development of a country.