Market are people with money to spend and the desire to spend it. ” According to Chapman ” The term market refers not to a place but to commodities , buyers and sellers who are in direct competition with one another. ” Classification of market ; On the basis of area 1 . Local Markets: it is confined to locality mostly dealing perishable and semi perishable goods like fish, flowers, vegetables etc. 2. Regional Market: covers a wide area may be a state or interstate or a district leaning in durables, both consumer and non durables industrial products. . National market: The area covered within the national boundaries dealing with durable or nondurable consumer, industrial goods, metal , forest etc. A. Urban market: market with high density of people in a city or town. B. Rural market: market with low density of people in a village without any infrastructure. 1. International market: The movement of goods is widespread throughout the world, making it as a single market. When the exchange of goods takes place beyond national boundaries hen, such market are known as international market.
On the basis of nature of purchase and consumption 1 . Consumer market: where people buy goods and services for their personal consumption. Consumer is made of individual and households. Consumers purchase a variety of goods to satisfy their physiological and psychological need. Egg: Bathos’s, detergent, toothpaste(non-durable products) computers, refrigerators, mobile(durable products) 2. Industrial market: Consists of individuals, groups or organizations who buy goods and services to earn profit out of them.
It consists of manufacturer, service firms, government departs and reselling business firms. On the basis of time 1 . Short period market: it refers to the market where goods are sold with in few days or weeks. They generally are highly perishable goods of all kinds. 2. Long period market: Markets for durable goods of different varieties. On the basis of transactions: Classification Of Market By Bushes-Montana 2. Future Markets: Transactions are finalized pending delivery and payment for future dates On the basis of regulation 1 .
Regulated market: A regulated market is one in which business dealing take place as per set rules and regulations regarding quality, price , source changes and so on 2. Un Regulated market: Is a free market there are no rules and regulations even if they are there, they are amended as per the requirements of parties of exchange. On the basis of nature of goods 1. Commodity markets: Deal in with raw material, produced/manufactured goods-may be consumer & industrial and bullion market dealing precious metals 2. Capital market: Is a market of finance.
These markets can be sub divided into . Security market: deals in buying and selling of shares b. Money market: dealing with lending and borrowing of money c. Foreign Exchange market: deals with purchase and sales of currencies of different countries. On the basis of volume of business 1 . Wholesale market: when goods are purchased in large quantities for their resale to the retailers and not to final consumer it is known as wholesale market. 2. Retail market: Those who mainly connected with the sale of goods in small quantities to the final consumer is known as retail market.
He deals directly with nonuser so it is also called as consumer market. On the basis of competition 1. Perfect market: the main feature of such market are as follows: a. Large number of buyers and sellers b. Single lowest price for products that are similar or homogeneous c. Perfect knowledge of buyers and sellers d. Free entry and exit of firms in the market 2. Imperfect market: e. Their products may be similar and not identical f. Different prices for a class of goods g. No perfect knowledge of the products by the buyers and sellers h.
Existence of physical and psychological barriers on the movement of goods On the basis of demand and supply 1 . A seller market: is one where sellers are in drivers seat and the buyers are at the receiving end. In other words, it is a situation where demands for goods exceed supply. 2. A buyer market: is one where buyers are in commanding position that is supply is exceeding the demand of goods. 1 . Basic goods market: Basic goods those which are very basic for industrial and infrastructure development Egg: Steel, cement, chemicals 2.
Intermediary goods market: machine, tools, equipments , components, spare parts from the intermediary goods market. Manufacture of Television buys components and assemble them into -r. V. Set 3. Consumer goods market: Goods are required of direct consumption of human beings for direct use. Further divided into durable goods market and non durable goods market. Marketer It refers to a any person who takes more active part in the process of exchange. It is both seller and buyer who take active part in exchange process.
Marketing Meaning ; It facilitates the flow of goods and services from producer to consumer. Marketing is the belt that connect the 2 major wheels of any economy namely producer and nonuser. It starts well before production commences and ends only after rendering sales satisfaction. It is a set of those activities necessary and incidental to bring about exchange relationship. ; It is a process of discovering and translating consumers needs and wants into product and service specifications, creating them for these product and services and then in turn expanding the demand.
Definition: According to AMA ” marketing is the performance of business activities that direct the flow of goods and services from the producer to the consumer. ” According to Philip Kettle ” Marketing is a human activity satisfying the needs and wants through an exchange process. Difference between marketing and selling S. No Basis Selling Focus Sellers needs 2 Commencement Begins before production and continues after sale Begins after production and ends with sale. Scope Comprehensive and it advertising, market research, product planning It is a narrow and includes only the exchange of goods and services between the buyer and seller 4 Aim Aims at long term goals or growth and satisfaction Aims at short term goal and profit minimization 5 Profit earns profit through customer satisfaction Earns profit through sales volume 6 It is an integrated approach It is a fragmented approach 7 Slogan Let the seller be aware Let the buyer be aware Preference Customer is the king of the market Product is the king of the market 8 Priority Customer first and then the product Product first and then the customer 9 Perspective It is a long term perspective It is a short term perspective 10 Pricing Price is based on the basis of Price is based on the cost of production 11 conversion Converts customers need into a product converts product into cash