Lecture 1

Definition of Market:

The word 'market' has been derived from the Latin word "Mercatus" which means to trade,
merchandise or a place where business is transacted.

When used in general sense, market means a place where goods and services are purchased and
sold. Thus buyers and sellers meet in the market for buying and selling the goods.

When used in dynamic sense, market may also include the following:

 an area of operation;
 any organization by which the exchange of goods is effected;
 the art of buying and selling; and
 inhabitants of the country, example take the market of any country. It refers to the total
population of that country and its aggregate purchasing power.

According to Chapman, "the term market refers not to a place but a commodity or commodities
and buyers and sellers who are in different competition with one another".

According to Philip Kotler, "market is the set of actual and potential buyers of a product".

Definition of Marketing:
Marketing is an organizational function and a set of processes for creating, communicating, and
delivering value to customers and for managing customer relationships in ways that benefit the
organization and its stakeholders.

Dr. Philip Kotler defines marketing as “the science and art of exploring, creating, and
delivering value to satisfy the needs of a target market at a profit.  Marketing identifies
unfulfilled needs and desires. It defines measures and quantifies the size of the identified market
and the profit potential. It pinpoints which segments the company is capable of serving best and
it designs and promotes the appropriate products and services.

Definition of Marketing Management:

Marketing management is the art and science of choosing target markets and getting, keeping,
and growing customers through creating, delivering, and communicating superior customer
value.

Marketing is the process used to determine what products or services may be of interest to
customers and the strategy to use in sales, communications and business development. The
American Association of Marketing define marketing management as the process of planning
and executing the conception, pricing, promotion and distribution of ideas, goods and services in
order to create, exchange and satisfy individual and organisational objectives.

Difference between selling and marketing:

Selling is only the tip of the iceberg

“There will always be a need for some selling. But the aim of marketing is to make selling
superfluous. The aim of marketing is to know and understand the customer so well that the
product or service fits him and sells itself. Ideally, marketing should result in a customer who
is ready to buy. All that should be needed is to make the product or service available.”

Peter Drucker

10 Entities that can be Marketed

Almost anything nowadays can be marketed. So, lets take a quick look at these categories: 10
Entities that can be Marketed

Ideas

Goods - Physical goods constitute the bulk of most countries production and marketing efforts
physical goods like canned, bagged and frozen food products, cars, refrigerators, televisions,
machines, etc. 

Services - include the work of airlines, hotels, car rental, barbers and beuticians, lawyers,
doctors.

Events - time-based events, such as trade shows, sporting like the Olympics and the World
Cup. 

Experiences - a marketer can create, stage and market experiences such as a week at a
baseball camp, a Disney Land visit, etc. 

Persons - artists, musicians, politicians, lawyers, celebrities like Oprah, David Beckham, etc. 

Places - cities, states, countries competing to attract tourists, etc. 

Properties -real property or financial property.

Organizations - organizations aims to build a strong, favorable image for their target public. 

Information - books, schools, universities. 

Ideas - all market offering includes a basic idea.