Market is a place or platform where buyers and sellers comes in contact of each other for the purpose of sale and purchase of goods and services.

⠀⠀⠀⠀⠀⠀⠀⠀

1. 1. On the basis of Location
2. 2. On the basis of Time
3. 3. On the basis of Nature of Transaction
4. 4. On the basis of Regulation
5. 5. On the basis of Competition

⠀⠀⠀⠀⠀⠀⠀

1. Local Market: A market in which products are sold in the area where they are produced e.g. market in village, town, city etc.

⠀⠀

2. Regional Market: A market which cover wider area than local market. It consists of a district, a state or a group of states.

⠀⠀

3. National Market: A market where demand for the goods is limited to one specific country.

⠀

4. International Market: A market in which buyers and sellers trade in goods and service across national border.

⠀⠀⠀⠀⠀⠀⠀

1. Very Short Period:
Supply of goods is fixed and cannot be changed instantaneously
Price of goods depend on demand

⠀

2. Short Period:
Supply is slightly adjusted.
Firms can increase the supply of goods after increasing labors/working time.

⠀⠀

3. Long Period:
Supply can be changed easily by scaling production. So it can change according to the demand of the market.
All factors of production and costs are variable.

⠀⠀

4. Very Long Period:
Secular movement is recorded in certain factors (Population, capital supply, supply of raw materials etc.) over a period of time.

⠀

⠀⠀⠀⠀⠀⠀

1. Spot Market:
Money is paid immediately against every business transaction.

⠀

2. Future Market:
There is system of credit, due amount can be paid in future time period.

⠀⠀⠀⠀⠀

1. Regulated Market:
In regulated market all business activities are oversight by respective government authorities.
Government forms business rules & regulations time to time and every business entity is expected to follow.
For example, stock market is a highly regulated market.

⠀

2. Unregulated Market:
There is no regulation, only market forces decide everything.

⠀⠀⠀⠀⠀⠀⠀⠀

1. Perfect Competition:

2. Imperfect Competition:
a) Monopolistic
b) Monopoly
c) Oligopoly

⠀⠀⠀⠀⠀

1. Perfect Competition:

• Large number of buyers & sellers
• All sellers are selling homogenous products (similar shape, size, quality).
• Price is determined by market forces.
• Free entry & exit
• Buyers & seller have sufficient knowledge about the market and price.
• No advertisement cost
Example: Fruits, vegetables, wheat, sugarcane etc.

⠀⠀⠀⠀⠀

2. Monopolistic:
• Large number of buyers & sellers
• All sellers products. are selling homogenous & differentiated
• Price is determined by market forces.
• Free entry & exit
• High advertisement cost
Example: toothpaste, shampoo, mobile phone, laptop etc.

⠀⠀⠀⠀

3. Monopoly:
• Single seller & large number of buyers
• Price is determined by the seller.
• No Free entry & exit
• No advertisement cost
• Example: Railway

⠀⠀⠀⠀

4. Oligopoly:
• Few seller & large number of buyers
• No advertisement cost
• No easy entry
• Due to limited number of sellers in the market the price and level of production of one seller impacts the other sellers in the market. Usually these sellers forms associations.
Example: Oil & gas producers, telecom companies, airlines etc.

⠀⠀⠀⠀

⠀⠀⠀⠀

⠀⠀⠀

Marketing is the process of identifying, anticipating, and satisfying customer needs and wants through the creation, promotion, and distribution of products or services. The key marketing concepts include:

1.Production Concept: Focuses on efficient production and distribution, assuming consumers prefer products that are widely available and affordable.

The focus is on producing large amounts of a product with this marketing concept. It also focuses on the product being readily available to the customer at a low cost. The thought process of the buyer could be, ''It's right here and it's affordable, so why not buy it?'’

⠀⠀⠀⠀

2.Product Concept: Emphasizes product quality, performance, and innovation, believing consumers favor products with superior features.

In this concept, the emphasis is on updating and improving the quality of the product. These actions, along with providing features that are useful and appeal strongly to customers, allow for the product to be offered at a higher price. The thought process of the customer could be, ''It's so special, it's worth buying.'’

⠀⠀⠀

3.Selling Concept: Concentrates on aggressive selling and promotion, assuming consumers won't buy enough without substantial selling efforts.

This concept relies on strong persuasion or even aggressive selling to convince as many customers as possible to buy. There is less emphasis on the needs of the purchaser and more emphasis on making the sale. The thought process of the consumer might be, ''Ok, ok! You've convinced me. I'll buy it.'’

⠀⠀⠀⠀

4.Marketing Concept: Centers on identifying and satisfying customer needs better than competitors, leading to long-term profitability.

This concept focuses on the needs and desires of the customer. The goal is to deliver a high-value product that satisfies the consumer. The thought process of the purchaser might be, ''It's just what I need and want! I'm pleased to buy it.'’

⠀⠀⠀

5.Societal Marketing Concept: Extends the marketing concept by considering society's long-term interests alongside consumer satisfaction and company profits.

This concept differs from the others. The aim is not only profits, but also social responsibility. The thought process of the buyer might be, ''It feels good to buy what I want, while making the world a better place.''

⠀⠀⠀⠀

⠀⠀⠀⠀

1. 1. Customer-Centric: Places customer needs and wants at the center of all activities.
2. 2. Integrated Process: Coordinates various business functions to deliver customer value.
3. 3. Exchange Process: Involves voluntary exchange of value between parties.
4. 4. Value Creation: Aims to create and deliver value to customers.
5. 5. Dynamic: Constantly evolves with changing consumer preferences and market conditions.
6. 6. Pervasive: Extends beyond just selling to include research, product development, pricing, and service.
7. 7. Continuous Process: Requires ongoing effort, not just one-time activities.

⠀⠀⠀⠀

⠀⠀⠀⠀⠀

1. 1. Market Share Growth: Increasing the company's portion of the total market.
2. 2. Profit Maximization: Optimizing revenue and minimizing costs.
3. 3. Brand Awareness: Building recognition and recall of the company's products or services.
4. 4. Customer Acquisition: Attracting new customers to the business.
5. 5. Customer Retention: Maintaining existing customers and enhancing loyalty.
6. 6. Product Innovation: Developing new products or enhancing existing ones.
7. 7. Market Expansion: Entering new markets or segments.
8. 8. Customer Satisfaction: Ensuring customers are happy with products and services.

⠀⠀⠀⠀

⠀⠀⠀

1. 1. Creates Utility: Adds form, time, place, and possession utility to products.
2. 2. Drives Economic Growth: Stimulates demand and consumption, fueling economic activity.
3. 3. Enhances Standard of Living: Introduces new products and services that improve quality of life.
4. 4. Creates Employment: Generates jobs in various marketing-related fields.
5. 5. Facilitates Decision Making: Provides information to help consumers make informed choices.
6. 6. Builds Brand Value: Develops intangible assets that contribute to company valuation.
7. 7. Enables Competition: Allows businesses to differentiate themselves and compete effectively.
8. 8. Drives Innovation: Encourages companies to develop new products and services to meet evolving customer needs.
9. 9. Bridges Communication Gap: Connects producers and consumers through various channels.
10. 10. Supports Business Sustainability: Helps businesses adapt to changing market conditions and remain viable.

⠀⠀⠀⠀

⠀⠀⠀

⠀⠀⠀

1.Marketing Research: Gathering and analyzing information about customer preferences, market trends, and competitors to make informed decisions. For example, surveys, interviews, and data analysis help understand what the market demands.

⠀⠀

2.Product Planning and Development: Creating new products or improving existing ones to meet customer needs. This involves deciding features, design, quality, and packaging to make products more attractive and useful.

⠀⠀

3.Buying and Assembling: Procuring raw materials, components, or finished products from different suppliers and assembling them to meet production or sales requirements. This ensures smooth production and availability.

⠀⠀⠀

4.Selling: Finding customers and persuading them to buy the product. This includes activities like advertising, personal selling, and online marketing to generate sales.

⠀

5.Transportation: Ensuring products are delivered from manufacturers to retailers or customers efficiently and on time. This involves logistics and supply chain management.

⠀

6.Storage and Warehousing: Keeping products in safe storage facilities to manage demand and supply. Warehousing ensures that goods are available when customers need them, without delay.

⠀

7.Pricing: Setting prices for products or services to balance customer affordability and business profitability. Pricing considers factors like production cost, market competition, and perceived value.

⠀

8.Financing: Arranging funds to support marketing activities, such as production, advertising, and distribution. This includes credit facilities for customers or loans for businesses.

⠀

9.Branding: Building a unique identity for products or services through names, symbols, or logos to distinguish them from competitors. A strong brand creates trust and loyalty among customers.

⠀⠀

10.Packaging: Designing attractive, functional, and protective coverings for products. Good packaging not only protects the product but also serves as a marketing tool to attract customers.

⠀⠀

11.Promotion: Communicating the product’s value and benefits to potential customers through advertising, sales promotions, public relations, social media, and events. This helps in increasing awareness and sales.

⠀⠀⠀

⠀⠀

Marketing environment consists of all those internal and external forces which affect the marketing strategies.

⠀⠀

⠀⠀⠀

a) Controllable or Internal Marketing Environment

b) Uncontrollable or External Marketing Environment

⠀⠀⠀

a) Controllable or Internal Marketing Environment

Controllable (Internal) Marketing Environment is basically the marketing-mix. The internal environment of a firm includes controllable factors or variables such as product design, branding, packaging, pricing, advertising policies of the firm.

These factors are under the control of the firm or marketing manager. A firm or a company can achieve its marketing objectives by selecting balanced marketing mix

⠀⠀⠀

b) Uncontrollable Or External Marketing Environment

Factors under this environment are not under the control of the firm or marketing manager. Uncontrollable (External) Marketing Environment consists of two levels i.e

(i) Micro Environment

(ii) Macro Environment

⠀⠀⠀⠀

(i) Micro Marketing Environment

Micro environment consists of the elements or forces that influence marketing and business directly.

It includes suppliers, intermediaries, competitors, customers and the general public.

⠀⠀

(ii) Macro Marketing Environment

Macro Marketing Environment consists of demographic, economic, socio-cultural, political, legal, technological and physical forces which influence marketing policies and operations. These are all uncontrollable as far as business is concerned.

⠀⠀⠀

⠀⠀⠀⠀

In business, market segmentation determines who is in your target market – and who is not.

When utilizing market segmentation you look at all the people who could buy your product and decide how to break them up into groups that have similar needs, wants or demand characteristics.

When you do this, you are able to communicate with different groups using different messages and marketing techniques.

An ideal market segment is:

1.Measurable

2.Large enough to earn profit

3.Stable, not going to vanish after a short time

4.Reachable by your marketing strategies

5.Homogenous and responds similarly to your marketing strategies

⠀⠀⠀

⠀⠀⠀

Marketers categorize their prospects into customer segments in order to keep their efforts focused and effective.

When your prospects are grouped correctly, it's much easier to target specific groups and tailor your efforts for maximum impact. Below are the most common forms of segmentation.

Geographic, Demographic, Psychographics, and Behavioral segmentation.

These segmentation variables can be used singly or in combination.

⠀⠀⠀⠀

1.Geographic Segmentation

Geographic segmentation calls for dividing the market into different geographical units such as nations, states, regions, or a few geographic area.

Example :

McDonald's is the world's biggest restaurant chain, with over 37,000 restaurants in more than 120 markets. The fast-food chain divides its target markets into segments by country, region, and cities, then customizes the menu by local preferences.

Instead of trying to sell a Big Mac (a beef burger) in India and affecting the local sentiment, they introduced the Maharaja Мас: a variation of the Big Mac but without pork or beef.

⠀⠀⠀

2.Demographic Segmentation

Demographic segmentation groups customers and potential customers together by focusing on certain traits such as age, gender, income, occupation & family status.

Example :

For a younger demographic (12 – 24) Snapchat and Instagram are the best channels.

The largest group of Twitter users are between 25 – 34.

⠀⠀⠀

3.Psychographic Segmentation

In psychographic segmentation, buyers are divided into different groups on the basis of lifestyle and/or personality. People within the same demographic group can exhibit very different psychographic profiles. Here we might look at customers and define them by their:

Personality traits, Hobbies, Life goals, Values Beliefs, Lifestyles

Example :

If a shoe manufacturer intends to design shoes for various sections of the market such as athletes, office-goers, students, etc. Dividing groups according to customers whose lifestyle revolves around cycling or running, those individuals who prefer formal shoes, and similar other segmentation. This way, the manufacturer can produce shoes the cater to every lifestyle

⠀⠀⠀

4.Behavioral Segmentation

Behavioral segmentation refers to a process in marketing which divides customers into segments depending on their behavior patterns when interacting with a particular business or website.

These segments could include grouping customers by:

1. Their attitude toward your product, brand or service;
2. Their use of your product or service,
3. Their overall knowledge of your brand and your brand's products,
4. Their purchasing tendencies, such as buying on special occasions like birthdays or holidays only, etc.

Types of behavioral segmentation:

i. Segmentation based on purchase and usage behavior

ii. Occasion or timing-based segmentation

iii. Benefits sought segmentation

iv. Segmentation based on customer loyalty

⠀⠀⠀

⠀⠀

To ensure segmentation is useful, it should meet the following criteria:

• Measurable: The size and purchasing power of the segment should be quantifiable.
• Substantial: Segments should be large and profitable enough to serve.
• Accessible: It must be possible to effectively reach and serve the segment.
• Differentiable: Segments should be distinct from one another in their needs or behaviors.
• Actionable: The company should be able to develop effective marketing strategies for the segment.

⠀⠀⠀

⠀⠀⠀

⠀⠀⠀⠀⠀

According to McCarthy, "Marketing mix is the pack of four sets of variables namely product, price, promotion and place variables"

⠀⠀

Marketing mix is the policy framework adopted by the marketer to get success in the field of marketing. It refers to the amounts and kinds of marketing variables that the firm is using at a particular time. Under marketing mix, Product Mix, Price Mix, Promotion Mix and Distribution Mix are included

⠀⠀⠀

⠀⠀⠀

According to Philip Kotler, the marketing mix in the form of the 'Four P's' explains the seller's perspective of the market, not the buyer's. In modern times, when we adopt the contemporary concept of marketing, the marketing mix can also be explained in terms of the 'Four C's' from the consumer's point of view:

1. 1. Consumer's Needs and Wants: Marketers see themselves as selling a product, whereas consumers see themselves as buying a solution to their problem.
2. 2. Cost to the Consumer: Customers are more concerned about the total cost of acquiring, using, and disposing of a product.
3. 3. Convenience: Customers prefer the product and service to be easily accessible and conveniently available.
4. 4. Communication: Modern marketing emphasizes two-way communication between marketers and customers.

⠀⠀⠀

⠀⠀⠀

1. 4P's of Marketing Mix

2. 7P's of Marketing Mix

⠀⠀⠀

1.Product Mix

2.Price Mix

3. Place Mix

4. Promotion Mix

⠀⠀⠀

1.Product Mix

Product is the sum total of tangible and intangible attributes including, product design, style, size, quality, colour, brand name, packaging, labelling, after sale services etc.

Product mix also includes product differentiation, standardisation and grading, product lines etc. Hence, product mix is the total of all products, offered for sale by a company.

⠀⠀⠀

2.Price Mix

Price is the value of a product expressed in terms of money. It is a matter of vital importance to the buyer and the seller. Exchange of goods and services take place only when the price is agreed upon between the buyer and the seller. Price is the primary source of revenue to a firm.

⠀⠀⠀

3.Promotion Mix

Promotion mix is the communication mix. Promotion is a means by which a marketer talks to its existing and potential customers. Such communication, promotion effort can be personal or impersonal.

Personal communication means face to face communication between buyer and the seller, also known as "Personal Selling.

In case of impersonal communication, there is no direct link between the producer and the consumer. Impersonal communication includes: Advertising, Sales Promotion, Public Relations etc.

The choice or selection of different elements of promotion mix depends upon the nature of product, nature of market, size of market, location of market, distribution strategy, stage of product life cycle and pricing strategy.

⠀⠀⠀

4.Place Mix

Place mix is the distribution mix. It is concerned with the smooth flow of goods and services from the producer to consumer by creating time, place and possession utilities.

⠀⠀⠀

⠀⠀

1. 1. Product
2. 2. Price
3. 3. Place
4. 4. Promotion
5. 5. Packaging
6. 6. Publicity and Public Relations
7. 7. Post Sale Services

⠀⠀

5.Packaging

Packaging has achieved its importance as the 5th P of marketing mix. Packaging is called as a Silent Salesman. Package size, colour, shape, material, etc. All matters at a market place. While designing a package for the product, a marketer must take into account the nature of the product, type of packaging materials, cost of packaging and above all legal requirements.

⠀⠀⠀

6.Publicity and Public Relations

In modern marketing, 'publicity and public relations are considered as 6th P of the marketing mix. Publicity is a non-personal communication transmitted through a mass media. Publicity is designed to create and maintain a favourable image of the company and may be paid or non-paid.

Public relations is an image building exercise. Nowadays, a business house not only requires good quality products and efficient employees' but also requires good public relations. Public relation efforts are related to Consumers, Dealers, Employees, Shareholders and Community.

⠀⠀⠀

7.Post Sale Services

Post sale services as the 7th P of marketing mix becomes an important aspect of modern marketing. Post sale services covers installation, maintenance, repair, provision for spare parts and service centres, guarantee and warranty.

The practice of extending post sale service is quite common in case of electronic products (like television, microwave, air conditioners etc.), electric appliances, computers, auto mobiles (like Scooters, Motor-cycles, Cars, Commercial Vehicles) etc.

Post sale services boost the morale of the consumers which help them to take quick decisions for purchasing the durables and costly items.

⠀⠀⠀

⠀⠀

1. Product

2. Price

3. Place

4. Promotion

5. People

6. Physical Evidence

7. Process

⠀⠀

5.People

People constitute an important dimension in service marketing. In case of service marketing, every employee in the organisation becomes a sales person. Therefore his attitude, behaviour, style and sense of responsibility becomes more important.

⠀⠀⠀

6.Physical Evidence

No doubt, a customer needs the service, but it is also important how the service is offered. At the place of service, the provision of adequate facilities becomes more important especially in the case of hotels, beauty-parlours, airports, bus terminals, banks, schools, colleges, etc

⠀⠀

7. Process

The term "process" refers to the method by which a customer is served. In a service organization, the process of delivery is crucial and encompasses the procedures, routines, and mechanisms implemented within the organization. For effective communication and efficient service delivery, a marketer must evaluate and optimize the process and time involved to meet consumer expectations.

⠀

⠀⠀⠀

1. Hindustan Unilever Limited considers Product, Packaging, Price, Promotion, Physical Distribution, Publicity, and Persuasion as key elements of its marketing mix for cosmetics.

2. KENT R.O. Company considers Product, Promotion, Price, Physical Distribution, Personal Selling, and Post-Sales Service as essential components of its marketing mix for water purifiers.