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Market
‘Market’ refers to the place where buyers and sellers gather to enter into transactions involving the exchange of goods and services.
The other ways in which this term is being used is in the context of a product market (cotton market, gold or share market), geographic market (national and international market), type of buyers (consumer market and industrial market) and the quantity of goods transacted (retail market and wholesale market).
But in modern marketing sense, the term market has a broader meaning. It refers to a set of actual and potential buyers of a product or service.
For example, when a fashion designer designs a new dress and offers it for exchange, all the people who are willing to buy and offer some value for it can be stated to be the market for that dress. Similarly, market for fans or bicycles or electric bulbs or shampoos refers to all the actual and potential buyers for these products.
Marketing
The term marketing has been described by different people in different ways. Some people believe that marketing is same thing as ‘shopping’. Whenever they go out for shopping of certain products or services, they describe it as marketing. There are some other people who confuse marketing with ‘selling’ and feel that marketing activity starts after a product or service has been produced. Some people describe it to mean ‘merchandising’ or designing a product.
Marketer
Marketer refers to any person who takes more active part in the process of exchange. Normally it is the seller who is more active in the exchange process as he/ she analyses the needs of the Potential buyers, develops a market offering and persuades the buyers to buy the product.
Marketing is the process of planning and executing the conception, pricing, promotion, and distribution (4 Ps) of ideas, goods and services to create exchanges (with customers) that satisfy individual and organizational objectives.
Satisfying customer needs (creating utility) through the exchange process.
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Participants