Marketing is a key function of modern management. We are exposed to the marketing research of products and services and ideas almost every day. The study of marketing research plays an important role as every one of us performs marketing activities in one or the other form. Marketing has different meanings based on audience, media platform and business in changing market.
• Marketing is the activity, set of establishments, and processes for creating, disseminating, providing, and auctioning offerings that have importance for customers, clients, partners, and society at large.
• Marketing is a societal technique by which someones and groups obtain what they expect and want through the facility, offering and willingly exchanging products and livelihood of implication with others.
• Marketing is the core company viewpoint that directs the processes of recognizing and fulfilling the needs of souls and organizations through exchanges that create exceptional value for all gangs.
Types of market
1) based on Area Covered
a) Local Market: The market for the commodities which are sold within local geography-local limits of a region is known as a local market.
b) National Market: The market for the commodities which are sold within the country is known as the national market.
c) International Market: The market for the commodities which are designed in one province and swapped in other regions is known as the multinational market.
2) based on Time
a) Very Short Period Market: This group of the market has a very quick time presence viz., for few hours or a day at a particular time and place. In this type of market perishable goods such as vegetables, fruits, milk products etc. are sold.
b) Short Period Market: This type of demand has contained for a short duration viz. weekly markets, holiday need, market during circuses etc. Perishable or semi-durable interests are auctioned in this call.
c) Long Period Market: This type of market has contained for a lengthy time. In this variety of market permanent properties that occur naturally non-perishable is sold.
3) based on Volume of Transaction
a) Wholesale Market: In the wholesale market, the workout of buying and selling goods is embarked on large wealth at reasonable prices. Goods are sold to retailers who then sell them to the consumers. It refers to the market for bulk purchase and sale of goods. In mighty, a market seller is recognized as wholesalers and customers are known as merchandisers.
b) Retail Market: Retail market prevails the market where the retailer peddles welfares directly to the shopper in small quantities.
4) based on Importance
a) Primary Market: Primary Market refers to the market for fundamental commodities seriously as farming and forest products, for example, fruits, vegetables, food seeds etc.
b) Secondary Market: Secondary Market suggests to the market for semi-processed and semi-manufactured interests. For example fibre market, iron ore market etc.
c) Terminal Market: Terminal Market relates to the demand where goods are swapped to the supreme shoppers or the stoners of the product.
Functions of market (marketing research)
• Marketing Research
Effective marketing is possible when a business takes initiative to identify the needs and wants of the consumers in the market. To identify the needs of the consumers, there is a need to compile knowledge from the clients and analyse the equivalent is known as Market Research.
Analysis of the information helps in the assessment of the need in the market. It helps to find out what achieve buyers want to buy, when do consumers buy, in what size they expect to buy and at what tariff. Marketing Research helps to make various decisions regarding the successful marketing of products.
• Product Development
Product advancement and technique play a vital role in the selling of the stock. There is a necessity to create a commodity that dresses the desires of the consumer. Product design includes decision-related to quality, standards, shape, design, packing, colour etc. of the product. Con- summer always prefers better and attractively designed product. The good design of the product gives a competitive advantage to the business.
Each businessman expects to have a particular identity in the market for his crop. Hammering is a technique of giving personal individuality to a derivative through an extraordinary name to determine it from an opponent’s products. In simple words giving a distinct name to one’s product is called branding.
• Pricing of Product
Pricing is one of the largely significant as well as the challenging function of marketing. In many moments payment of the product determines the accomplishment or disappointment of the derivative. Pricing takes the objective of an important function in the market where there is a cut-throat rivalry.
While determining the price of the product businessman needs to consider factors like cost, desired profit, price of the competitor’s product, demand for the product, market condition etc. Business needs to change prices as per the need of the market.
Will marketing be automated? (marketing research)
In today’s generation, there are many types of business with that you can shift your business online to earn online.