Market: Basically a market is a place where buyers and sellers gather exchange goods and services.
A market consists of all potential customers sharing a particular need or want that might be willing a able to engage in exchange to satisfy that need or want.
The size of the market depends upon the number of persons who exhibit the need have resources that interest others and are willing to offer these resources in exchange for what they want.
Marketing and marketing management: According to Philip Kotler marketing can be defined as “a social and managerial process by which individuals and group obtain what they need and want through creating, offering and exchanging products of value with others”.
“Core concepts of marketing”: The definition of marketing quote by Philip Kotler rests `on the following concepts .
Needs:
Marketing thinking starts with the feat of human needs and wants people need food, air, water, clothing and shelter to survive. Beyond this, people have a strong feeling of desire for recreation, education.
Introduction to marketing: As the 21st century is fast growing marketing becoming more and more attractive for the companies at state national and international levels. With the development of new market new technology of selling wide variety of consumer products has been designed and developed.
Electric fans, TV’s tape recorders/music systems and calculators have become a necessity in large majority of the households. Majority of the kitchen in Indian householders are filled with many new appliances making the kitchen work easier. All this has been made possible because of there development of marketing.
Today’s market is much smarter and price sensitive than before considering the consumer with more disposable income in his hands. He is empowered with more choice and purchasing power.
The consumer is the king