MARKETING MANAGEMENT:SERVICE AND FINANCIAL PERSPECTIVES
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MACROWLY PUBLISHERS
Abstract
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Markets are of various types and understanding them enable proper
determination of appropriate strategies to be adopted in each market type.
The term market is difficult to define. From the primitive or the layman's
perspective, it is said to mean the physical place where exchange of value
takes place between the seller and the buyer. In this sense, electronics
market would mean a physical location for buying and selling electronic
items. For the economist, however, the term market may mean all
established facilities that enables easy contact between the buyer and the
seller which makes it possible for value exchange to occur between buyers
and sellers (e.g. the NASDAQ which is the electronic stock exchange in
the United States of America). In other words, the economist is interested
in both the demand and supply sides of the transactions when defining
the term 'market'. It may also mean the body of rules and regulations
which regulates transactions in a particular product ( e.g. the stock market,
the money market etc). For a marketer, however, the market for a product
would be the aggregate of the potential buyers of that particular product.
In thi s context, the buyers constitute the market while the sellers
constitutethe industry for that product. Therefore, the use of the industry's
product to satisfy the needs ofthe potential buyers is called Marketing From the foregoing, the concept of market is an all-encompassing one as
it is the foundation of the entire marketing function. It emphasizes an
interface between the seller of a product and its buyer, the product itself,
its qualities, price, promotion ,distribution etc. Hence issues concerning
marketing and markets are interwoven and interrelated and one cannot be
effectively divorced from the other. However it is worth noting that in the
market the forces of demand and supply often interplay with each other.
Keywords
H Social Sciences (General)