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Marketing 1stBcom
UNIT1- INTRODUCTION
EVOLUTION OF MARKET
The concept of marketing is as old as other professions of the world. Marketing is
indeed an ancient art. It has been practiced in one form or the other. The
traditional objective of marketing had been to make the goods available at places
where they are needed. This idea was later on changed by shifting the emphasis
from “exchange” to “satisfaction of human wants” which is known as modern
marketing. However in order enrich the views of marketing it is better to trace out
the evolution. The following are the stages of evolution:-
1) The Barter System:- At this stage, human beings were in nomadic hunter
stage. In this primitive period, the human beings were nothing more than
hunters or food gathers. The human beings with his surplus products
approached and tried to exchange his products by accepting the products he
needed- exchange of products for products.
2) The New Stone Age:- This stage is known as Agrarian period. In this stage
human beings developed a sense of belongingness and developed family units.
As time passed, the division of labour began to play its role and man started
producing more than he needed and specialized in activities like carpenters,
weavers, agriculturalist etc. To disposed of the excess producing, people
assembled in places called local markets and later, it developed into shops,
bazaars etc.
3) The pre-industrial period:- The difficulties of barter system were removed
by adopting common mediums of exchange like copper, iron etc and later this
medium of exchange was changed to silver, gold etc. At this stage, producers
began to produce the products in larger quantities, employed the services of
labourers in their factories; and middlemen, through whom sales were
conducted, appeared.
4) The Industrial Period:- In this stage, home production was replaced by
factory system and hand operations were replaced by machines. Because of the
introduction of new inventions along with the new machines, the production
was on large scale. Mass productions were followed by large-scale
consumption. In order that the products may reach the hands of the ultimate
user, new methods of marketing appeared.
MADHU S KUMAR, SSCASC TUMAKURU Page 1
, Marketing 1st
Bcom
FARMER FISHERMAN
POTTER FRUIT-SELLER
Decentralized Exchange
FARMER FISHERMAN
MARKET
POTTER FRUIT-SELLER
Centralized Exchange
MEANING AND DEFINITION OF MARKET
The term ‘market’ is derived from Latin word called ‘marcatus’ which means
trade, merchandise, traffic or place of business.
In ordinary language, the term market refers to a certain place where buyers
and sellers personally meet each other and make their purchases and sales.
According to Cornot, “Market is meant not any particular place in which
things are bought and sold, but the whole of any region in which the buyers
and sellers are in such free intercourse with one another, that the price of the
same goods tends to equality easily and quickly”.
According to Chapman, the term market refers “not to a place but to a
commodity or commodities and buyers and sellers who are in direct
competition with one another”.
MADHU S KUMAR, SSCASC TUMAKURU Page 2
, Marketing 1st
Bcom
According to W.J Stanton and Others, “Any person or group with whom an
individual or organization has an existing or potential relationship can be
considered as market”.
By analyzing the above definition we can define the term market refers to an
exchange activity which takes place between buyers and sellers directly or
through middlemen, in a place or otherwise, for a price, resulting in physical
delivery of ownership of goods.
MEANING AND DEFINITION OF MARKETING
Marketing is a comprehensive term and it includes all resources and a set of
activities necessary to direct and facilitate the flow of goods and services from
producer to consumer in the process of distribution.
Marketing is referred to a process of creating or directing an organization to be
successful in selling a product or service that people not only desire, but are
willing to buy.
The traditional meaning of marketing is clearly borne out by the definition
given by Ralf S. Alexander and Others, “Marketing is the performance of
business activities that direct the flow of goods and services from the producer to
consumer or user”.
The modern concept of marketing was defined by E.F.L. Breach as, “Marketing
is the process of determining consumer demand for a product or service,
motivating its sales and distributing it into ultimate consumption at a profit”.
By analyzing the above definition we can define the term marketing as a business
process which creates and keep the customer.
MADHU S KUMAR, SSCASC TUMAKURU Page 3
, Marketing 1st
Bcom
MARKETING ARENA
The word “ARENA” is derived from Latin word “HARENA” which means
smooth or fine. Marketing arena is a process of composing of a large open space
surrounded on most or all sides by varieties of products and brands.
Marketing Arena
Seeking Matching Programming
a. Seeking:- The purpose of seeking is to discover the customer and customer
needs. The marketing opportunity is revealed through an analysis of the
environment.
b. Matching:- Marketing is a matching process. Customer demand has to be
matched with organizational resources and environmental limitations, such as
competition, government regulations, general economic conditions and so on.
c. Programming:- The marketing programme, called the marketing mix,
covering product, price, promotion and distribution strategies will be
formulated and implemented to accomplish the twin objectives of customer
satisfaction and profitability.
OBJECTIVES OF MARKETING
The following are the most significant objectives of marketing and are:-
1) Creation of Demand
The objective of marketing is to create demand through various means. A
conscious attempt is made to find out the preferences and tastes of the consumers.
Goods and services are produced to satisfy the needs of the customers. Demand is
also created by informing the customers the utility of various goods and services.
2) Customer Satisfaction
The marketing manager must study the demands of customers before offering
them any goods or services. Selling the goods or services is not that important as
the satisfaction of the customers’ needs. Modern marketing is customer-oriented.
It begins and ends with the customer.
MADHU S KUMAR, SSCASC TUMAKURU Page 4
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