BUS 203 Lecture 1: MARKET AND MARKETING
Document Summary
Marketing occupies a very significant place in business and is the nerve centre of all human activities. Production of goods has no meaning unless they are exchanged for money or money"s worth. Thus for further production, goods should be moved from the producer"s to the ultimate consumers. This movement of goods involves a series of hurdles which can be solved only through marketing. The term market is derived from the latin word marcats. It means merchandise, ware, traffic, trade or a place where actual buying and selling takes place. It may be defined from the point of view of place, area and demand. Under place concept, market means some place where buyers and sellers operate. Generally higher the demand for a product the greater will be the market. They are: product oriented marketing, consumer oriented marketing. In product oriented marketing concept, emphasis is given to the products. In consumer oriented marketing concept, the consumers are given more importance.
