Session

1. What is MARKET?
A place / space in which commercial dealings are conducted.

2. TYPES OF MARKET

Geography: Local; Regional; National & International

Economics
- Perfect competition: Infinite buyers and sellers so difficult influence price
- Monopoly: One seller many buyers, seller determines price
- Oligopoly: Small number of sellers, if they collude can determine price

- Monopolistic competition: Each player can differentiate products / services

thereby determining price

- Monopsony: Single buyer can determine price at which to purchase product /

service

Type of customer: Consumer markets and industrial markets

3. How do marketers differentiate?

- Value and satisfaction

4. How do we understand value?

Benefits Returns - Costs Risks

- Functional - Rent - Monetary - Financial

- Emotional (bonding) - Income (Acquisition; - Time
- Social (Recognition) Possession; - Psychological
- Experiential Usage)
(Design; - Time & Energy
Service; - Psychological
Brand)
- The sum of tangible and intangible benefits and costs to consumer.
- Value entails: Quality, service and price {Customer value Triad}
 - Quality and service improvements improve value perception
- Price improvements decrease value perception

5. How do we understand satisfaction?

- A person’s judgement of a product’s perceived performance in relationship to
expectations

6. What is marketing?
Identification, creation, communication, delivery, and monitoring of customer
value.

7. How to identify whether a product is valued by customers?

- Need: A basic human requirement
- Want: Directed to specific objects to satisfy need.
- Demand: When want is backed by the ability to pay
- Marketers should focus on converting the need to demand

8. How do we understand the customer and the consumer?

- Customer: A person who buys goods or services from a shop or business
- Consumer: A person who uses (buys) the goods or services bought

9. How is marketing different from sales?

- Sales is a sub-set of marketing involving conversion of prospects to customers

10. Company Orientation toward market place

- Production concept
- Product concept
- Selling concept
- Marketing concept