Definition of Market An actual or nominal place where forces of demand and supply operate, and where buyers and sellers interact (directly or through intermediaries) to trade goods, services, or contracts or instruments, for money or barter. Market is the accumulation of buyers and sellers where competition between buying and selling is established. Traditionally, we think that market is a place where buying and selling is occurred. But in economics market is not denoted by place. According to economic theory, market means a commodity market. As for example- Jute market, gold marker, fish market etc.

Condition of market 2. Buyers and sellers 1. Commodity 2. Buyers and sellers 3. Competition between Buyers and sellers regarding buying and selling.

Marketing Definition According to Philip Kotler, “marketing is a human activity directed at satisfying needs and wants through exchange process.” Marketing means working with markets, which in turn means attempting to actualize potential exchanges for the satisfying human needs and wants. Thus we return to our definition of marketing as human activity directed at satisfying needs and wants through exchange processes.

Marketing is not just selling Marketing is not just selling. It is about knowing and understanding your customer. Marketing is the management process through which goods and services move from concept to the customer. It includes the coordination of four elements called the 4 P's of marketing:

1) Identification, selection and development of a product, (2) Determination of its price, (3) Selection of a distribution channel to reach the customer's place, and (4) Development and implementation of a promotional strategy

The Marketing Mix Promotion Place Price Product

Scope of Marketing Marketing Research Product Planning & Development Pricing Advertising & Publicity Sales Promotion Packaging Branding & Labeling After Sales Service

Difference between Market and Marketing

Importance of marketing There are several important reasons to study marketing; marketing plays an important role in society, marketing is important to business, marketing offers outstanding career opportunities and marketing affects our life every day.

1. Marketing plays an important role in society The total population of Bangladesh exceeds 16 crore people. Think about how many transactions are needed each day to feed, cloth, and shelter a population of this size. The number is huge and yet it all works quite well, partly because the well-developed Bangladeshis economic system efficiently distributes the output of farms and factories. Marketing makes food available when we want it, in desired quantities, at accessible locations and in sanitary and convenient packages and forms (such as instant and frozen foods).

2. Marketing is important to business The fundamental objectives of most business are survival, profits, and growth. Marketing contributes directly to achieving these objectives. Marketing includes the following activities, which are vital to business organizations: assessing the wants and satisfactions of present and potential customers, designing and managing product offerings, determining prices and pricing policies, developing distribution strategies, and communicating with present and potential customers.

3. Marketing offers outstanding career opportunities Marketing offers great career opportunities in such areas as professional selling, marketing research, advertising, retail buying, distribution management, product management, product development, and wholesaling. Marketing career opportunities also exist in a variety of non-business organizations, including hospitals, museums, universities, the armed forces, and various government and social service agencies.

4. Marketing affects our life every day Marketing plays a major role in our everyday life. We participate in the marketing process as a consumer of goods and services. About every taka we spend pays for marketing costs, such as marketing research, product development, packaging, transportation, storage, advertising, and sales expenses. By developing a better understanding of marketing, we will become a better-informed consumer. We will better understand the buying process and be able to negotiate more effectively with sellers.  

Five Marketing Philosophies The five marketing philosophies help determine the management of marketing. Companies approach and conduct business in different ways in order to achieve their organizational goals.  The five competing concepts by which companies are guided in their marketing efforts are: 

The Production Concept Kotler (1996) has defined the production concept as a philosophy that holds consumers who will favor those products that are available and highly affordable and therefore management should concentrate on improving production and distribution efficiency. The Product Concept The product concept as defined by Kotler (1996) holds that the consumer will favor those products that offer the most quality, performance and features and therefore the organization should devote its strategy to making continuous product improvement.

The Selling Concept  Kotler (1996) has defined the selling concept, which says that the consumer will not buy enough of the organization’s product unless the organization undertakes substantial selling and promotion efforts. The Marketing Concept (1950’s – 1960’s)  The marketing concept as defined by Kotler (1996) is that the key to achieving organizational goal is for the organization to determine the needs and wants of the target market and to adapt itself to delivering the desired satisfaction more effectively than its competitors. The product concept and the selling concept have given way in many successful firms to the marketing concept.

The Societal Marketing Concept (1960’s present) Kotler (1996) has defined that the societal marketing concept holds that the organization’s task is to determine the needs, wants, and interest of target markets and to deliver the desired satisfaction more effectively and efficiently than competitors in a way that preserves or enhances the consumer’s and society’s well-being.

Marketing utility Form utility Time utility Utility will refers to the value of marketing which adds to goods and services. The marketing function will allow to create utility. There are five types of utilities, namely;  Form utility To change the raw materials to a finished products. Example, palm oil bunch to edible cooking oil. Time utility Making the products is available during the convenient hours.

Place utility Possession utility Information utility Making the products and services available in convenience location and place.   Possession utility Making the exchange of goods and services between the buyers and sellers. Information utility To inform the buyers that the products exist, how to use it, the price and other related information of the products availability.