Bharathidasan University Syllabus based I unit Marketing concepts notes

1. Prof. U. Ramesh Babu
Asst. Prof. of MBA
Annai College of Arts & Science
Kovilacheri, Kumbakonam

2.  Market – Latin Word – Mercatus – To trade,
Merchandise, Wares & etc.,
 Market is meeting place of buyer and seller.

3.  According to Pyle, “Market includes both
place and region in which buyers and sellers
are in free competition with one another.

4.  It enables the sellers to sell
 It enables the buyers to buy
 It makes available goods and services (which are the
outcome of innovation) that raise the standard of
living of the people.
 It gives the buyers access to goods that are made in
different parts of the country and in different parts of
the world.
 It generates lot of employment opportunities.
 It enables many like brokers, commission agents and
coolies to earn their livelihood.
 It generates income and thereby promotes trade and
commerce.
 It is essential for the economic development of any
nation

5.  Geographic area
◦ Local Market
◦ National Market
◦ International Market
 Economic
◦ Perfect market
◦ Monopolistic market
◦ Monopoly market
◦ Oligopoly market
 Volume of business
◦ Wholesale market
◦ Retail market
 Time
◦ Very short period market
◦ Short period market
◦ Long period market
 Importance
◦ Primary market
◦ Secondary market
◦ Terminal market
 Nature of goods
◦ Commodity Market
 Agricultural goods market
 Consumer goods market
 Industrial goods market
 Bullion market
◦ Capital Market
 Money market
 Foreign exchange market
 Stock market
 Regulation
◦ Regulated markets
◦ Unregulated market
 Nature of transactions
◦ Spot market
◦ Forward market

6.  According to the American Marketing
Association, “ Marketing is concerned with
the people and the activities involved in the
flow of goods and services from the producer
to the consumer.

7.  Modern marketing is consumer oriented
 Modern marketing precedes and succeeds
production
 Modern marketing starts and ends with the
buyer
 Modern marketing guides business

8.  Production orientation
 Sales orientation
 Marketing orientation
 Customer orientation
 Management orientation

9.  Product approach
 Functional approach
 Institutional approach
 Decision making approach
 Legal approach
 Economic approach
 Systems approach

10.  “Marketing management is the art of getting
things done from the marketing staff by the
marketing manager”.
 When the techniques of management are
applied in the field of marketing, it will come
to be known as marketing management.