MKTG218: Principles of Marketing Notes

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CHAPTER 1
MARKET AND MARKETING
Marketing is an economic activity, it is as old as human civilization. It is one of the oldest
professions of the world. The barter system existed in the primitive stage of marketing, It did
not remain static. It was changing rapidly as the society itself. The growth from barter
economy to money economy and to credit economy contributed some changes in the concept
of marketing also. Now it became the central activity of business. It is an important function in
a modern business. Recently it has been developed into a full-fledged management science.
Meaning of Market.
The word 'market' is derived from the Latin word 'Marcatus' which means merchandise, trade
or a place where business is conducted. In ordinary language, the term market means a place
& where goods are bought and sold. Market need not necessarily mean any particular place. It
is wider in scope. In its general interpretation it means "any body of persons who are in
intimate business relations and carry on extensive transactions in any commodity."
In Economics, the term market does not mean shops or establishments. In Economics it has no
reference to a place, but to a commodity which is being bought and sold. Thus from the point
of view of Economics, market is defined as "a set of potential buyers and sellers of a product
or service".
From the point of view of management, market does not mean either a place or a commodity.
In management it refers to a social institution performing the work of middlemen, transport
agency, warehousing etc. Thus it is used as a total concept.
Classification of Markets
Markets can be classified in many ways. Generally, markets are classified on the following
basis:
On the basis of Area
1. Local Market: When buyers and sellers carry on business - in a particular locality or
village or area, it is called local market. Generally markets for perishables like fish, eggs,
vegetables, milk etc will have local markets. National Markets: For certain type of goods, a
country may be regarded as a market due to the growth of industrialization; it is called a
national market. It exists for industrial and durable goods.
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