Introduction Marketing:

A layman's concept of marketing is that of selling the products or services but the idea is much broader.
It is essentially related to customer satisfaction.

The first barter exchange can be looked upon as a reflection of the realization that exchange adds value
to both parties to the transaction. This indeed marked the dawn of marketing. Since then the evolution
of commerce through various stages has led to development of marketing into a philosophy of business.

Marketing is both a concept and a practice; an approach to exchange relationships, which provides the
driving force for formulation of strategies of every type of organization. It is an important socioeconomic
activity. Marketing is not limited to business activity alone, but it also applies to other activities like
social services, elections etc.

Market:
The word market generally refers to the place where goods can be bought or sold.
A market consists of customers sharing a particular need or want who might be able to engage in
exchange to satisfy that need or want.

Market implies:
a) A situation where buyers and sellers of a commodity interact.
b) Coming together of buyers and sellers of the same or similar commodities. It is possible for sellers to
be dealing in one variety of soap and the buyers being interested in another variety, which can be
substituted by the one available with sellers.
c) Market is not necessarily a geographical area. Groups of buyers and sellers can be located wide apart
from each other. With the advanced and developed communication and transport facilities, the buyers
and sellers can easily contact each other even if they are physically at long distances.

A market may comprise:
1) One Seller and many Buyers _____________
2) Many sellers and One Buyer _____________
3) Many sellers and Many Buyers _____________
4) Few sellers and Many Buyers _____________
5) Many Sellers and Few Buyers _____________

Types of Markets
Basis of Classification Types of market
Geographical (a) Local (b) Regional (c) national area (d) World/ global
Product (a) Cotton/vegetable/tea (b) stock (c) bullion (d) capital (e) real estate (f)
commodity
Nature of Transaction (a) Cash/spot (b) futures market transaction
Volume of Transaction (a) Retail (b) Wholesale

Marketing:
Marketing has been defined in several ways: like
1) Meeting needs profitably
2) The process of determining consumer demand for a product or service, motivating its sale and
distributing it into ultimate consumption at a profit.
3) Creation and maintenance of mutually satisfying exchange relationships etc.

From several definitions given worldwide it can be interpreted that