Market

The term “market” originates from the Latin word “Marcatus”

which means “a place where business is conducted.” A layman
regards market as a place where buyers and sellers personally
interact and finalize deals.

According to Perreault and McCarthy, market is defined as

a group of potential customers with similar needs or wants who
are willing to exchange something of value with sellers offering
various goods and/or services to satisfy those needs or wants.
Different types of Market

1. Consumer Market: In this market the consumers obtain what

they need or want for their personal or family consumption.

2. Industrial/Business Market: In this market, the industrial or

business buyers purchase products like raw materials,
components, finished products, office supplies and maintenance
and repair items.

3. Government Market: National and local governing bodies are

the largest buyers requiring and number of products and
services.
Different types of Market

4. Global Market: The product manufacturers and service

providers are moving in different countries to sustain and increase
their sales and profits.

5. Non-profit Market: Organizations operate primarily to serve a

social or charitable purpose, rather than generating profit for
owners.
Scope of Marketing

Marketing people are involved in marketing types of entities:

1.Goods – refer to a physical or tangible product that can be buy

and sell in the market.
Ex. Can goods, frozen products, and cars

2. Services – refer to an intangible product render by someone.

Ex. Barbers and Beauticians, Doctors, and Lawyers.

3. Experiences – refer to a something that is happen to

someone.
Ex. Virtual Gadgets
Scope of Marketing

Marketing people are involved in marketing types of entities:

4. Event – refer to important things happen on a scheduled or

timely basis.
Ex. Trade shows, Concerts, and Global sporting events.

5. Persons - refer to a human being regarded as an individual.

Ex. Artist, Musicians, and Politicians.

6. Place – refer to a particular position, location, and a point in

space.
Ex. Tourist spot, and Museum
Scope of Marketing

Marketing people are involved in marketing types of entities:

7. Properties – refer to an intangible right of ownership by

someone.
Ex. Real property, and financial property.

8. Organizations – refer to an entity organized by different

people come together to a particular purpose.
Ex. Universities, and Corporations.

9. Information – refer to facts provided or learned about

something or someone.
Ex. Books, and Hospital Clinic.
10. Ideas – refer to a thought or suggestion as to possible course
of action.
i. Ex. Cosmetic products, and Department of Tourism.