Marketing

It is a business activity that directs the flow of goods and services from the producer to the consumer.

Principles of Marketing

Basic principles of marketing are:

1. It must study business problems and provide method for solving them.

2. It must provide a means to classify assets and integrate all information relevant to business.

3. It must be able to explain the process it uses.

4. It must use analytical methods to solve marketing problems.

5. It must follow processes that are adaptable to any kind of business.

Markets Classification

Markets can be classified as:

1. Product Market: Market where products are sold. E.g.: cloth market, toys market, vegetable market, grain market, etc.

2. Whole sale Market: Based on the volume of selling.

Market can be classified as wholesale or retail market. Wholesale market is one where goods are sold in large quantities to dealers. Retail market is one where goods are sold in small quantities to customers.

3. Spot market: It is a market where goods are bought and sold immediately.

4. Regulated market/municipal market: A regulated market is one which is controlled by an association if municipality owns and controls a market, it is called municipality market.

5. Home or local market/national market: Based on the area covered, it can be classified as local or national market.

6. Short period market/long period market: Based on the time interval of their existence, they can be classified as short term market or long term markets.