Markets around us

• According to the Modern concept of marketing, customer satisfaction is the key to success.
• The modern concept of marketing first tries to identify the needs and then makes efforts to satisfy those. According to it, customer satisfaction is the key to success. The traditional concept of marketing, on the other hand, focuses only on distributing goods and others services and maximising profits.
• Retailers are engaged in retail trade. The read the producers supply goods directly to the retailers who in turn sell them to the customers. No wholesaler is involved. Producers supply goods in bulk to the wholesalers who then directly sell these goods in small quantities.
• Market is a place where the seller and the buyer exchanged goods for money. It establishes a limit between producers and consumers through traders. A market takes care of two important barriers of trade, namely distance between the place of production and the place of consumption and the time lag between production and consumption.
• The benefits of marketing include

  Improving the standard of living of the people, letting the producers focus on the production activity activity

  Generating jobs in the production and distribution sectors
• benefits of marketing include:

  • Improving the standard of living of the people, letting the producers focus on the production activity
  • Generating jobs in the production and distribution sectors
  • Exploring the export market for goods
  • Helping develop the economic resources of the country
  • Trying to satisfy customers needs by designing products according to the demand of the market
  • Generating revenue
  • Adding in the large scale, production of goods in cost-effective manner
• Main channels of distribution

  • Direct
  • Indirect
• Direct channel

  Producers sell goods directly to customers, middlemen have no role
• Indirect channel

  Producers sell goods to customers through middlemen
• Types of indirect channels

  • 4 types
• When the producers sell the goods directly to the customers, it is an example of a direct channel
• In a direct channel, middlemen have no role to play
• When the producers sell their goods to customers through middlemen, it is an indirect channel
• Marketing is not about selling things alone. It involves various other activities as well, such as identifying buyers, finding their preferences, pursuing them to buy, negotiating the terms of sale, mode of delivery, terms of payment and after sales service.