Short Notes on Marketing

SHORT NOTES ON MARKETING WHAT IS MARKET DEFINATION? A public place where buyers and sellers make transactions, directly or via intermediaries. Also sometimes means the stock market. TYPES OF MARKETS:Financial markets Financial markets facilitate the exchange of liquid assets. Most investors prefer  investing in two markets, the stock markets and the bond markets. NYSE, AMEX, and the NASDAQ are the most common stock markets in the US. Futures markets, where contracts are exchanged regarding the future delivery of goods are often often an outgrowth of general commodity markets. markets . Currency markets are used to trade one currency for another, and are often used for speculation on currency exchange rates. The money market is the name for the global market for lending and  borrowing.

Prediction markets Prediction markets are a type of speculative market in which the goods exchanged are futures on the o ccurrence of certain events. They apply the market dynamics to facilitate information aggregation.

Organization of markets A market can be organized as an auction, as a private electronic market , as a commodity wholesale market, as a shopping center, as a complex institution such as a stock market, and as an informal discussion between two individuals. Markets of varying types can spontaneously arise whenever a party has interest in a good or service that some other party can provide. Hence there can be a market for cigarettes in correctional facilities, another for chewing gum in a  playground, and yet another for contracts for the future delivery of a commodity. There can be black markets, where a good is exchanged illegally and virtual markets, such as eBay, in which buyers and sellers do not  physically interact during negotiation. There can also be markets for goods under a command economy despite pressure pressur e to repress them.

Mechanisms of markets In economics, a market that runs under laissez-faire policies is a free market. It is "free" in the sense that t he government government makes no attempt to intervene through taxes, subsidies, minimum wages, price ceilings, etc. Market prices may be distorted by a seller or sellers with monopoly power, or a buyer with monophony power. Such price distortions can have an adverse effect on market participant's welfare and reduce the efficiency of market outcomes. Also, the relative level of orga nization and negotiating power of buyers buyers and sellers markedly affects the t he functioning functioning of the market. Markets Markets where price negotiations meet equilibrium though still do not arrive at desir ed outcomes for both sides are said t o experience market failure. Study

of Markets

The study of actual existing markets made up of persons interacting in space and place in diverse ways is widely seen as an antidote a ntidote to abstract and all a ll-encompassing -encompassing concepts of ³the market´ and has historical precedent in the works of Fernand Braudel and Karl Polanyi.

WHAT IS 4P OF MARKETING? y

Product - A tangible object or an intangible service that is mass  produced or manufactured on a large scale with a specific volume of  units. Intangible products are service based like the tourism industry & the hotel industry or codes-based products like cellphone load and credits. Typical examples of a mass produced tangible object are the motor car and the disposable razor. A less obvious but ubiquitous mass  produced service is a computer operating system. Packaging also needs to be taken into considerati consideration. on. However, product has its life-cycle which result the growth will be stopped and started declin ed when market saturated.. To retain its competitive in the market, saturated market, product differentiation is required and is one of the strategy to differentiate from its competitors .

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Price   The price is the amount a customer pays for the product. It is determined by a number of factors including market share, competition, material costs, product identity and the customer's perceived value of the  product. The business may increase or decrease the price of product if  other stores have the same product. Place   Place represents the location where a product can be purchased. It is often referred to as the distribution channel. It can include any  physical store as well as virtual stores on the Internet. Place is not exactly a physical store where it is available Place is nothing but how the  product takes place or create image in the mind of customers. It depends upon the perception of customers .

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representts all all of  of tt e communi communica cati tions ons t at a market marketer may Promotion: represen use in t e market market pl  place. Promoti Promotion on has four di disti tinc nctt elemen ementts: adver tis tising, publi publicc rel re lati tions, ons, personal persona l se selli lling ng and sal sa les promoti promotion. on. A cer tain amount amount of crossover occurs when promoti promo tion on uses the four   pr inc ncii pal  pal e lemen ementts toge ogetther, whi which is common in f ilm ilm promoti promotion. on. Adver tis tising covers any communi communica cati tion on tha hatt is pai pa id for, from ci c inema commerciials, radi commerc radio and Int Interne ernett adver ts through pr int med mediia and  bill  b ill boards.   boards. Publi Publicc rel re lati tions ons are where the communi communica cati tion on is not no t direc rectl tly y  paiid for and inc  pa nclludes press rel releases, sponsorshi sponsorshi p  p deal deals, exhi exhi biti  bitions, ons, conferences, semi seminars or t or trade fai fairs and event events. Word of mout mou th is any apparentl apparen tly y informa nformall commun communiica cati tion on about about the product produc t by ordi ordinary ind ndiividua dualls, sati satisf  sf ied cust customers or peopl people speci specif ica call lly y engaged to creat create word of mout mou th moment momentum. Sal Sa les st s taff of ten pl p lays an impor tan antt ro rolle in word of mout mou th and Publi Publicc R elati tions ons

The four mai ma in f ields of t of  the Marketi arketing ng mi mix.

WHAT IS MARKETING RE RES SEARCH

research is the systematic gathering, recording, and analysis of  data about issues relating to marketing products and services. The goal of  marketing research is to identify and assess how changing elements of the marketing mix impacts customer behavior. The term is commonly interchanged with market research ; however, expert practitioners may wish to draw a distinction, in that market  research is concerned specifically with markets, while marketing  research is concerned specifically about marketing  processes.[1] Marketing

Marketing research research is often partitioned into into t wo sets of categorical pairs, either   by target market: y

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marketing research, and Business-to-business (B2B) marketing research Consumer

Or, alternatively, by methodological approach: y

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Qualitative marketing research, and Quantitative marketing research

esearch Methods Marketing R esearch Methodologically, marketing research uses the following types of  [ research designsBased on questioning: y

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Qualitative marketing research - generally used for exploratory

 purposes - small number of respondents - not generalizable to the whole population - statistical significance and confidence not calculated - examples include focus groups, in-depth interviews, and projective techniques Quantitative marketing research - generally used to draw conclusions - tests a specific hypothesis - uses random sampling techniques so as to infer from the sample to the population involves a large number of respondents - examples include surveys and questionnaires. Techniques include choice modeling, maximum difference preference scaling, and covariance analysis. analysis .

Based on observations:

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Ethnographic studies

-, by nature qualitative, the researcher 

observes social phenomena observes phenomena in their natural settin g - observations can occur  cross-section ally (observations made at one time) or  (observations tions occur over several time -periods) longitudinally (observa examples include product -use analysis and computer cookie traces. See also Ethnography and Observational techniques. Experimental techniques - by nature quantitative, the researcher research er creates a quasi quasi-artificial -artificial environment environment to try to control spurious factors, factors, then manipulates at le ast one of the variables examples include purchase laboratories and test markets

Researchers often use more than one research design. They may start with secondary research to get background ba ckground information, then conduct conduct a focus group (qualitative research design) to explore the issues. Finally they might do a full nation -wide survey (quantitative research design) in order to devise specific recommendations for the client.