Types of markets:

 
1. on the basis of selling area: local, national, international markets
2. on the basis of nature of exchange: cash / spot market, futures / forward market
3. on the basis of nature of goods sold: consumer and industrial goods markets '
4. on the basis of period: short term and long term markets E.g. money market, capital market respectively .
5. on the basis of nature and magnitudes of selling: wholesale and retail markets
 
What are the various approaches to the study of marketing ?
Approaches to the study of marketing
 
Commodity approach: under this approach we study the flow of a certain commodity and its journey from producer to consumers.
 
In such a study, we can locate the center of production, people engaged in buying and selling of a product mode of transportation, problems of selling and advertising the product, problems of financing it, problems of storage, etc.
 
Through such an approach, we can find out the differences in marketing products, services and problems. Thus we can have a complete picture of the field of marketing. Marketing of agricultural products viz. cotton, wheat, jute represent the commodity approach.

Institutional approach: concentrates on the marketing institutions or agencies viz. wholesalers, retailers, transport undertaking banks, insurance Co. etc. who participate in discharging their marketing responsibilities during the movement of distribution of goods.
 
We try to find out how these various business institutions and agencies work together to form a total marketing systems.
 
3.Functional approach: concentrates on the specialized services or functions or activities performed by marketers.
The study of marketing functions (viz. buying, selling, storage, risk bearing, transportation, finance, m/r) represents the functional approach to the marketing systems.
4.Systems approach: a system is a set of interacting or interdependent components or groups co-ordinated to form a uniformed whole and organized marketing activities to accomplish a set of objectives.
In the model of systems approach we have the objective, inputs, processors, outputs and feed back.
The objective directs the process control monitors it. Information feed back gives information fi'om internal and
. external sources and it is the basis for future change in the systems.
An open system has its own environment giving the inputs and occupying the outputs. Inputs are processed, producing outputs to meet the objective (the twin objectives of marketing systems are customers satisfaction and profitability)
Decision - making or management approach: combines certain features of the other 3 approaches and seek to relate them from the decision making view point. The area of marketing decisions are marketing organizations, product, distribution, policies, pricing, advertising and personal selling.
This is the latest approach in which marketing is studied from marketing management point of view.
In this approach after analyzing uncontrollable factors in marketing like the marketing environment, an attempt is made to find out how marketing decisions should be made
6. Distinguish between Marketing and Selling?
Selling is also an important function of marketing. It is the process whereby goods and services finally flow to the customers who need them.
"The difference between selling and marketing is more than a semantic exercise.
Selling focuses on the needs of the seller, marketing on the needs of purchaser.
Selling means moving products while marketing means obtaining customers.
Marketing is a wider business activity and selling is one aspect of marketing function.
The selling activity is concerned with the transfer of goods and services while marketing function aims at the customer's satisfaction.
In selling main emphasis is on sales maximization which ultimately leads to profit maximization but in marketing the main focus is on customer's satisfaction.
Selling activities are organized and directed by marketing department and officials while marketing policies and strategies are directed by the top management.
The efficiency and good performance of selling personnel determine the efficiency of the marketing department.
Good sales management determines the success of the whole enterprise.
 
The difference between selling concept and marketing concept may be summarized as below

Selling:
Product enjoys the supreme importance
Emphasis is on corporate objectives and needs
Company - oriented selling efforts.
Goods are already produced and management sells them on profit through intensive advertising.
Selling aims at short-term objectives as it is only a tactical and routine activity.
Top priority is given to sales volume maximizing leading to profit maximisation.
6. Views business as a goods production process.
7. Selling starts with the seller
8. Sellers convenience dominates the formulation of marketing mix.
9. Production is the central function of a business
10. Costs determine price.
11. Production is the central function of a business.
12. Emphasis on staying with the existing technology and reducing the cost of production.
 
Marketing:
Customer enjoys the unique importance.
Emphasis is on customer's needs
Market-oriented selling efforts.
Customer's demand determines production.
Marketing aims at along-term objectives. It has philosophical and strategic implications.
Top priority is given to profitable volume of sales and market share at fair prices and reasonable risk.
Views business as a customer satisfying process. Marketing starts with the buyer
Buyer determines the shape of the marketing mix. Consumer determines price.
Marketing is the central function.
Emphasis on innovation in every sphere on providing better value to the customer by adopting most innovative technology.
 
Explain the marketing process?
Answer:
The Marketing Process
Marketing is an ongoing or dynamic process involving a set of interacting activities dealing with a market offering by producers to consumers on the reliable marketing anticipation (sales / demand forecasts)
Philip Kotler defines marketing process as the process of
Analyzing marketing opportunities
 Selecting target markets
Developing the marketing and
managing the marketing effort
The strategic plan defines the company's overall mission and objectives within each business unit, marketing plays a role in helping to accomplish the overall strategic objectives.
Marketing's role and activities in the organization are shown in the following figure, which summarizes the entire marketing process and the forces influencing company's marketing strategy.
 
Factors Influencing Company Marketing Strategy:
Modern Marketing Process
Target consumers stand in the centre. The company identifies the total market, devices it into smaller segment, selects the most promising segments and focuses on servicing and satisfying these segments. It designs a marketing mix made up of factors under its control product, price, place and promotion.
 
To find the best marketing mix and put it into action, the company engages in marketing analyses, planning, implementation and control. Through these activities, the company watches and adapts to the marketing environment.
 
Elements of the marketing process:
 
Target Consumers: In the present day of high competition, companies must be customers centered. This calls for satisfying consumers by delivering great value which is possible only when the company understand their needs and wants.
Thus, sound marketing requires a careful analysis of consumers. As it is not possible to satisfy all in the same way, each company must divide the total market, choose the best segment and design strategies for profitability serving the chosen segments better than its competitors.
 
This process involves four steps:
1. Measuring and forecasting demand
Market segmentation
Market targeting
Market positioning
 
What is the significance and importance of marketing?

Significance and importance of marketing:

Marketing is the distinguishing unique function of business.
A business is set apart from all other human organizations by the fact that it markets a product / service
Neither church nor army nor state does that. Any organization that fulfils itself through marketing a product / service is a business. Any organization in which marketing is either absent or incidental is not a business and should never be run as if it were one.
It is in marketing that we satisfy individuals and social values, needs and wants, be it through producing goods, supplying services, and fostering innovation, for creating satisfaction.
Thus, marketing is recognized as the most important or significant activity in our society.
Benefits of marketing: marketing benefits both society and the firm and its importance to each has been growing rapidly since 1950.
 
(1) Importance to society Marketing:
Helps to achieve maintain and raise the standard of living of
the society
Increases employment opportunities
Helps to increase national income
Helps to maintain economic stability and economic development
Acts as a connecting link between consumer and producer
Removes the imbalances of supply by transferring the suppliers to deficit area through better transport facilities
Helps in the creation of time, place, possession and information utilities
Brings new varieties, quality and beneficial goods to consumers
Helps to improve the productive efficiency of modern farmers
Adds value to goods and services
Helps in speedy development of nations by making fullest utilization of the existing resources and capacity
Mobilizing unknown and untapped economic energy
Contributing to the development of entrepreneur and managerial class of people
(2). Importance to individual firms:
Marketing generates revenue to firms
Marketing acts as a basis for making decisions
Helps top management to manage innovations and changes
To sum up marketing tries, to find out the right type of production that the firm should undertake, the right place where it is to be made available for use, and the right price at which it is to be made available and the right channel through which it is to be brought to the notice of consumer.
 
 What are the various approaches to the study of marketing ?
Approaches to the study of marketing
 
Commodity approach: under this approach we study the flow of a certain commodity
and its journey from producer to consumers.
 
In such a study, we can locate the center of production, people engaged in buying and
selling of a product mode of transportation, problems of selling and advertising the
product, problems of financing it, problems of storage, etc.
 
Through such an approach, we can find out the differences in marketing products,
services and problems. Thus we can have a complete picture of the field of marketing.
Marketing of agricultural products viz. cotton, wheat, jute represent the commodity
approach.
 What are the various approaches to the study of marketing ?
Approaches to the study of marketing
Institutional approach: concentrates on the marketing institutions or agencies viz.
wholesalers, retailers, transport undertaking banks, insurance Co. etc. who participate in
discharging their marketing responsibilities during the movement of distribution of goods.
We try to find out how these various business institutions and agencies work together to
form a total marketing systems.
3.Functional approach: concentrates on the specialized services or functions or activities
performed by marketers.
The study of marketing functions (viz. buying, selling, storage, risk bearing, transportation,
finance, m/r) represents the functional approach to the marketing systems.
4.Systems approach: a system is a set of interacting or interdependent components or
groups co-ordinated to form a uniformed whole and organized marketing activities to
accomplish a set of objectives.
 What are the various approaches to the study of marketing ?
Approaches to the study of marketing
In the model of systems approach we have the objective, inputs, processors, outputs
and feed back.
The objective directs the process control monitors it. Information feed back gives
information fi'om internal and
. external sources and it is the basis for future change in the systems.
An open system has its own environment giving the inputs and occupying the outputs.
Inputs are processed, producing outputs to meet the objective (the twin objectives of
marketing systems are customers satisfaction and profitability)
Decision - making or management approach: combines certain features of the other 3
approaches and seek to relate them from the decision making view point. The area
of marketing decisions are marketing organizations, product, distribution, policies,
pricing, advertising and personal selling.
 What are the various approaches to the study of marketing ?
Approaches to the study of marketing
This is the latest approach in which marketing is studied from marketing
management point of view.
In this approach after analyzing uncontrollable factors in marketing like the
marketing environment, an attempt is made to find out how marketing decisions
should be made
6. Distinguish between Marketing and Selling?
Selling is also an important function of marketing. It is the process whereby goods
and services finally flow to the customers who need them.
"The difference between selling and marketing is more than a semantic exercise.
Selling focuses on the needs of the seller, marketing on the needs of purchaser.
Selling means moving products while marketing means obtaining customers.
 What are the various approaches to the study of marketing ?
Approaches to the study of marketing
This is the latest approach in which marketing is studied from marketing
management point of view.
In this approach after analyzing uncontrollable factors in marketing like
the marketing environment, an attempt is made to find out how
marketing decisions should be made
 Distinguish between Marketing and Selling?
Selling is also an important function of marketing. It is the process whereby goods
and services finally flow to the customers who need them.
"The difference between selling and marketing is more than a semantic exercise.
Selling focuses on the needs of the seller, marketing on the needs of purchaser.
Selling means moving products while marketing means obtaining customers.
Marketing is a wider business activity and selling is one aspect of marketing function.
The selling activity is concerned with the transfer of goods and services while
marketing function aims at the customer's satisfaction.
In selling main emphasis is on sales maximization which ultimately leads to profit
maximization but in marketing the main focus is on customer's satisfaction.
 Distinguish between Marketing and Selling?
Selling activities are organized and directed by marketing department and officials while
marketing policies and strategies are directed by the top management.
The efficiency and good performance of selling personnel determine the efficiency of the
marketing department.
Good sales management determines the success of the whole enterprise.
 
The difference between selling concept and marketing concept may be summarized as below
Selling:
Product enjoys the supreme importance
Emphasis is on corporate objectives and needs
Company - oriented selling efforts.
Goods are already produced and management sells them on profit through intensive
advertising.
 Selling aims at short-term objectives as it is only a tactical and routine activity.
Top priority is given to sales volume maximizing leading to profit maximisation.
6. Views business as a goods production process.
7. Selling starts with the seller
8. Sellers convenience dominates the formulation of marketing mix.
9. Production is the central function of a business
10. Costs determine price.
11. Production is the central function of a business.
12. Emphasis on staying with the existing technology and reducing the cost of production.
 
Marketing:
Customer enjoys the unique importance.
Emphasis is on customer's needs
 Market-oriented selling efforts.
Customer's demand determines production.
Marketing aims at along-term objectives. It has philosophical and strategic
implications.
Top priority is given to profitable volume of sales and market share at fair prices
and reasonable risk.
Views business as a customer satisfying process. Marketing starts with the buyer
Buyer determines the shape of the marketing mix. Consumer determines price.
Marketing is the central function.
Emphasis on innovation in every sphere on providing better value to the
customer by adopting most innovative technology.
 
 Explain the marketing process?
The Marketing Process
Marketing is an ongoing or dynamic process involving a set of interacting activities dealing with a
market offering by producers to consumers on the reliable marketing anticipation (sales /
demand forecasts)
Philip Kotler defines marketing process as the process of
Analyzing marketing opportunities
 Selecting target markets
Developing the marketing and
managing the marketing effort
The strategic plan defines the company's overall mission and objectives within each business
unit, marketing plays a role in helping to accomplish the overall strategic objectives.
Marketing's role and activities in the organization are shown in the following figure, which
summarizes the entire marketing process and the forces influencing company's marketing
strategy.
 Factors Influencing Company Marketing Strategy:
Modern Marketing Process
Target consumers stand in the centre. The company identifies the total market,
devices it into smaller segment, selects the most promising segments and
focuses on servicing and satisfying these segments. It designs a marketing
mix made up of factors under its control product, price, place and
promotion.
 
To find the best marketing mix and put it into action, the company engages in
marketing analyses, planning, implementation and control. Through these
activities, the company watches and adapts to the marketing environment.
 
 Elements of the marketing process:
 Target Consumers: In the present day of high competition, companies must be customers centered. This calls for satisfying consumers by delivering great value which is possible only when the company understand their needs and wants.
Thus, sound marketing requires a careful analysis of consumers. As it is not possible to satisfy all in the same way, each company must divide the total market, choose the best segment and design strategies for profitability serving the chosen segments better than its competitors.
 
This process involves four steps:
1. Measuring and forecasting demand
Market segmentation
Market targeting
Market positioning
 
What is the significance and importance of marketing?

Significance and importance of marketing:

Marketing is the distinguishing unique function of business.
A business is set apart from all other human organizations by the fact that it markets a product / service
Neither church nor army nor state does that. Any organization that fulfils itself through marketing a product / service is a business. Any organization in which marketing is either absent or incidental is not a business and should never be run as if it were one.
It is in marketing that we satisfy individuals and social values, needs and wants, be it through producing goods, supplying services, and fostering innovation, for creating satisfaction.
Thus, marketing is recognized as the most important or significant activity in our society.
Benefits of marketing: marketing benefits both society and the firm and its importance to each has been growing rapidly since 1950.
 
(1) Importance to society Marketing:
Helps to achieve maintain and raise the standard of living of
the society
Increases employment opportunities
Helps to increase national income
Helps to maintain economic stability and economic development
Acts as a connecting link between consumer and producer
Removes the imbalances of supply by transferring the suppliers to deficit area through better transport facilities
Helps in the creation of time, place, possession and information utilities
Brings new varieties, quality and beneficial goods to consumers
Helps to improve the productive efficiency of modern farmers
Adds value to goods and services
Helps in speedy development of nations by making fullest utilization of the existing resources and capacity
Mobilizing unknown and untapped economic energy
Contributing to the development of entrepreneur and managerial class of people
(2). Importance to individual firms:
Marketing generates revenue to firms
Marketing acts as a basis for making decisions
Helps top management to manage innovations and changes
To sum up marketing tries, to find out the right type of production that the firm should undertake, the right place where it is to be made available for use, and the right price at which it is to be made available and the right channel through which it is to be brought to the notice of consumer.