What are the Best types of Markets in Marketing in 2022

What are the types of Markets in Marketing

What are the types of Markets | Marketing |studynotes1.com
In this Article we are given the detail information  regarding meaning of marketing, definition of marketing, types of markets also.
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Meaning of Marketing

    The word โ€˜Marketingโ€™ is used in English for the word โ€˜Vipananโ€™ in Marathi. The word ‘marketing’ is derived from the original German word ‘market’. This is because the German word ‘market’ has come into existence from the Latin word ‘Mercatus’, ‘Markeit’ in French, and ‘Merecato’ in Italian. In Marathi, the word ‘Vipanan’ is prefixed with ‘Vi’, the prefix ‘Vi’ can also mean ‘selling’. Marketing is a Sanskrit word which means to sell the generated income. In short, marketing is the sale of a product or product.
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14 Definitions of Marketing

Marketing Definitions According to Different authors is as follows:
1) 1st Marketing Definition by Philip Kotler
“Marketing is the human action towards meeting needs and requirements through the process of exchange.”
2) 2nd Marketing Definition by Paul Mazur
“Marketing is about providing quality of life to the society.”
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3) 3rd Marketing Definition by Toussaint, Clark and Clark
 “Marketing involves the effort to facilitate the transfer of ownership of goods and services and to arrange for their physical distribution.”
4) 4th Marketing Definition by Candy and steel
“Marketing is a business process that coordinates the production of goods and markets and changes the ownership of goods.”
5) 5th Marketing Definition by Dudradi and Retzan
“Marketing is the financial process of determining the value of goods and services in exchange for money.”
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6) 6th Marketing Definition by American Marketing Association
 “Marketing is the business that drives the journey of goods and services from producers to consumers.”
7) 7th Marketing Definition by H. F. Hansen
โ€œFinding the needs and requirements of the customers and converting them into specialized goods and services. The process of creating a demand for these goods and services and then expanding that demand is called marketing. โ€
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8) 8th Marketing Definition by Candif, Steele, and Govoni
 “Marketing is a managerial process through which the product and the market are coordinated and the consumer is able to use the product or get satisfaction.”
9) 9th Marketing Definition by B. M. Anise
โ€œThe circle of exchange process done by individuals and organizations to meet human needs is called marketing. This is a basic human action. “
10) 10th Marketing Definition by N. C. Nair
 “Creating a way of life and providing it to the society is marketing.”
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11) 11th Marketing Definition by Philip Kotler, R. S. Alexander
 “Marketing is the commercial activity used to maintain the flow of goods and services from production to consumption.”
12) 12th Marketing Definition by Peter Drucker
“Marketing is a process that changes the economic value of tools and specific knowledge in a market place.”
13) 13th Marketing Definition by William Stanton
โ€œMarketing is not a specific activity, it is a system that involves various business activities that affect each other. The purpose of this system is to plan, pricing, increase trade, and distribute goods and services in order to meet the needs of current and potential customers. โ€
14) 14th Marketing Definition- General
 โ€œMarketing is a process that follows the customer’s demand. There is a demand for goods and services in the market. Based on that, marketing is a way to make a profit for yourself and meet the needs of the consumer. โ€
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What is Tradition and Modern concept of Marketing

A) The traditional concept of Marketing
    In the twentieth century, manufacturing and manufacturing took the direction of development. The traditional marketing concept was born out of the marketing process so that the product produced should have a proper appearance, location, duration and price determination. This concept was dependent on the product. The concept was not comprehensive, it was limited. This concept has high expectations from buyers and sellers. The goal is to get the consumer to consume only from a specific item. In the old days sales were not even a competitive strategy. The traditional concept of marketing shows that he was making a profit by selling what he could get.
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B) Modern concept of Marketing
    The modern concept is also called the new concept. With this concept centered on the consumer, what goods do the consumer need in the market, what goods and services the consumer seeks to consume, in the same way goods and services dominate the market. So that this action will limit the number of customers in the market. The idea was to create more and more customers from a minimum number of customers. Also, the concept is broad in nature, creating a competitive market by focusing on such products keeping in mind the expectations of the customers and re-distributing the goods and services by attracting the customers as per the demand of the products. Damage due to product consumption is avoided. This marketing system gave rise to new ideas. Many modern strategies have emerged and this is how the marketing process started.
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What are the Elements of Marketing

Marketing involves a variety of factors. They are as follows –
1) Marketing is a capital raising process.
2) Marketing is important for raising the standard of living of the society.
3) Marketing is a managerial process.
4) Marketing involves transfer of rights to goods.
5) Consumer is considered as the final factor in marketing.
6) Marketing is a business venture.
7) Marketing is a transparent process of buying and selling goods.
8) Marketing works to meet human needs.
9) The journey of goods from producers to consumers comes in marketing.
10) Competition in different markets There are various methods of marketing such as full competition, monopoly, monopoly competition. These are all important components of marketing.
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What are the 9 types / classification of markets

    Markets can be classified on the basis of various factors such as duration, competition, location. If the markets are classified according to the period, short-term and long-term markets are formed. The following are the subtypes of many similar markets:
1) Local, regional, national and global markets are also called local or geographical markets.
2) Complete and Incomplete Markets These markets are known as competitive.
3) Regulated markets and organized markets are also known as part of constitutional markets.
4) The primary, secondary and final markets are also divided markets depending on the position of the seller.
5) Markets are also classified on the basis of buying and selling. Wholesale market, retail market.
6) Also, new global markets are being created to increase global trade and create a large space for trade globally.
Following are the 9 Types/Classification of Market
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A) Types/Classification of Market according to  Location

    Markets are classified according to location or geographically into domestic, ie local, regional, national markets, while foreign markets include global or international markets.

1) Domestic markets

    Markets in which goods and services are traded within the country are called domestic markets. These include local, regional and national markets respectively.
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I. Local markets

    Markets whose sellers and buyers are based in that village or town and buy and sell locally are called local markets. These markets include agricultural commodities such as vegetables, fruits, milk.

II. Regional markets

    The buyer’s / consumer’s and seller’s market for a particular component / location is known as a regional market.

III. National markets

    Buyers and sellers are spread across many nations, from one nation to another, all over the country, those markets are called national markets.
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2) Foreign / Global Markets

    Markets in which buyers and sellers in two or more countries come together and complete the transaction and achieve the trade objective, are called global markets. The main objective of this market is to increase global trade and accordingly many trade agreements are being signed between the countries. Due to global markets, globalization is liberalizing and all this is being made possible through computers. Every country seems to be making special use of global markets for raising capital. The use of new technologies has seen a shift in competition in global markets. More than a hundred countries are participating in global markets, making the economy unlimited in the supply and demand of goods and services. The global market does not appear to limit the sale or purchase of goods and services in any country. For this, the General Agreement on Trade in Services (GATS) is creating generosity for every nation. E-commerce is a new technology branch for global markets. This branch makes it easy to predict the foreign exchange demand graph, supply policy, capitalization, share capital raising policy, problems and planning factors based on trade, and from which the exchange process is seen to be taking place on a large scale. E-commerce is becoming an important medium for business and marketing in global markets.
They are as follows:
1) It has become easier to handle business.
2) 24/7 global market is becoming available for every business organization.
3) Every business organization is moving towards progress by gaining momentum.
4) E-commerce is being used in various countries to fix fixed rates for our goods and services.
5) Various alternative types of transactions can be done through e-commerce to global markets. All of these factors have led to a shift in the global market.
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B) Classification / types of market according to  size of Buying-Selling

    The size of the market is determined by the buying and selling rate of market income. The classification of markets according to size is as follows.

1) Wholesale market

    A wholesale market is a place in which a single item is sold in bulk or in bulk without buying a single item.

2) Retail Market

    A market in which sellers sell less goods and services to customers / buyers is called a retail market.
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C) Classification / types of market according to period

    When the markets are classified according to the period, it is as follows.

1) Short & Very Short Period Market

    The market depends on a lot of factors, one of which is duration. Many markets are dependent on this period, meaning that some markets are open for a day or a week, such as short-term markets. The duration of these markets is mainly for 2-7 days. E.g., weekly market.

2) Long & Very Long Period Market

    Long-term markets are markets that stay in one place for a certain number of weeks or months. In some rural and urban areas, the market for sale of umbrellas or warm clothes is an example of a long-term market. These markets are seasonal and last for months or years.
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D) Classification / types of market according to Business point of view

    Commercial classification includes basic, intermediary and consumer goods markets.

1) Basic Commodity Market

    The basic commodity market is a market in which the primary income or the sale and purchase of goods takes place. The basic commodity market is completely dependent on the consumer goods market. This is because the consumer goods market needs secondary goods and that goods are supplied entirely from the primary i.e. basic goods market.

2) Intermediate commodity market

    Intermediate commodity market means, for example, if a person โ€˜Aโ€™ is engaged in the manufacture of machinery, then the material required for making the machine will be required to complete the process of making the machine by ordering it from different vendors. Buyers used the intermediary commodity market to make the JJ machine. E.g., sewing machine
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3) Consumer goods market

    Consumer goods market is the final consumer of the consumer goods in this market, that market is called consumer goods market. Countless items are traded in this market. This market is categorized into perishable goods and durable goods.

E) Classification of markets on the basis of purchase and consumption

1) Consumer market

    Consumer market is the process of consuming goods and services by the consumer to meet certain basic needs, for which he buys goods and services from the sellers that are useful to him. This is called consumer market. E.g., vegetables, grains, fruits, household items.

2) Industrial market

    The industrial market is the commercial market. In this market, different groups or groups come together to produce a large quantity of raw material and produce goods and services from it, i.e., the process of producing different kinds of chemicals and producing different goods and services from it is called industrial market. Consumer goods are made from raw materials in this market.
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F) Classification / types of market according to Capital formation

    Marketing is the most important and fundamental factor in the market. Money is the currency of every commodity. Therefore, capital has to be kept working in every market. In order to keep capital working, capital is continuously raised in different ways in the market as follows: –

1. Money Market

    The coin market is an important component of the economy and is referred to as a temporary money supply market. The coin market serves to supply money for short-term loans, but this money can only be used for a limited period of time. There is a definite limit to money transactions in the coin market. Also, special interest has to be paid on that amount. The coin market is also a hub for the exchange of goods and services. It also includes various investors, borrowers, financiers.

2. Foreign Exchange Market

    Markets in which currency transactions take place globally. They are called foreign or international currency markets. This market has facilitated global trade and accelerated the exchange of foreign currency. London, Tokyo, New York, Zurich and Frankfurt are the major currency markets in the world. In India, Mumbai, Kolkata, Chennai, and Delhi are important, while Kochi and Goa are the new hubs of the foreign exchange market. Adequate capital is required for market growth. And the stock market is an option for raising capital that is easy for every trader and investor. Therefore, every trade becomes a part of the market. A share market is a place where bonds and shares are traded. It is a type of collective market, in which many companies become shareholders by registering their shares. The promoter of every business is the share capital component. This is because every business gets adequate financing from the stock market. In India, Mumbai, Kolkata, Chennai and Delhi are important markets.
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G) Classification / types of market according to Product

    Markets are classified on the basis of various factors involved in the production process, namely agricultural products, manufactured goods, gold, silver productivity. The details are as follows:

1. Agricultural markets

    This market includes all agricultural produce. E.g., rice, fruits, vegetables, sorghum, millet, cotton, etc. The agri-products are given by the buyer to the buyer for consumption, and the objective of the secondary business is achieved through agri-products. For example, every agricultural product is recycled by buying rice, processing it and selling Idli, Dosa from it. This is because agricultural commodities are used for processing and trade.
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2. Markets of manufactured goods

    Markets of manufactured goods are markets in which the consumption of goods and services cannot be passed on immediately to the consumer, the end consumer. The process of buying and selling goods and services is called market for manufactured goods. For example, sugar is made from sugarcane. The sale of sugarcane by the consumer is a perfect example of the market for manufactured goods.

3. Gold-silver market

    The gold and silver market is a very important market in which the precious metals such as stones and metals are traded. It is called the gold and silver market. This is the only market that is affected by the economy. This market depends on world events. There are a large number of investors in this market. New York, Tokyo, London, Zurich are the largest gold and silver markets in the world.
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H) Classification / types of market according to competition

    The next two factors are included in the classification of competitive markets.

1. Full market

    A complete market is a market in which there is no shortage of goods and services or all the goods and services are available in that market.

2. Incomplete market

    Incomplete market is a market in which there is a shortage of goods and services, and inadequate availability of goods and services.
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I) Classification / types of market according to transactions

    Every market is working to complete this transaction. And that transaction is done through the currency of money, and there are two sides to the nature of transactions in the market, which are as follows: –

1. Cash transactions market

    This market is called Cash Market in English. In this market, transactions of purchase and sale of goods and services are completed in cash and the goods and services are immediately handed over from the seller to the customer. This is called the cash market.

2. Futures market

    The futures market is also called the Future Market. In this market, transactions of goods and services are done on a futures basis, i.e. the transaction is completed within a specified period of time. And the exchange of goods and services also depends on a certain period of time, this is called futures market. In addition to these classifications, different types of markets are classified. Regulated and organized markets, primary and secondary markets, urban and rural markets are also classified as such.
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