Marketing Management 3(2+1)

Lession 02-Marketing, Selling and Merchandising

Markets

The above two concepts i.e exchange and relationship leads to the concept of market. A MARKET consists of all the potential customers sharing a particular need or want and be able to engage in exchange to satisfy that need or want. Manufacturers go to resource markets, buy resources and turn them into goods and services. Activities like product development, research, communication, distribution, pricing and services are core marketing activities. The finished goods are sold to intermediaries, and from them they reach the customers. Customers use the money received from the sale of their labour and buy the goods. Tax revenues obtained by the government through all these people is used for public services.

A marketer is someone seeking one or more prospects who might engage in an exchange of values while a prospect is one whom the marketer identifies as a person willing to engage in exchange of values.