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Unit 2.0 Components of Marketing Learning objectives:
Understand the concepts of Marketing Classify markets and understand their buying behavior Critically analyze the Nepali Market Understand and explain the characteristics of institutional and non-institutional customers Understand the concepts of needs, drive, wants and demands Explain the structure of marketing process
2.1 Introduction to MarketsKAUSHAL RAJ SAPKOTA
FACULTY, MARKETING (HSEB 10+2), ULLENS SCHOOL
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Market From the Latin: ‘Marcatus’ place where business is conducted Concepts of Market (Elementary Marketing, Grade XII, K. D. Koirala, Buddha Publication, pg. 38)
Place Concept Demand Concept Cyber Concept
Contemporary: Market Customers/Consumers
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Concepts of Market (Elementary Marketing, Grade XII, K. D. Koirala, Buddha Publication, pg. 38) Place Concept
Market Place where buyers and sellers meet E.g. NEPSE Nepal Stock Exchange Market, New Road Computer Products
Demand Concept Market Category of Demand E.g. Education Market, Fine Dining Market, Construction Market, Film Market
Cyber Concept Not necessarily a physical place e-Commerce: www.amazon.com
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Classification of Market Categorizing Markets Why?
Market Segmentation and Target Marketing Customization Identify Market Gaps and Market Extension Strategizing
How? Area Volume Competition Customer Types Others
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Classification by Area Local Domestic/National International
Regional Transnational Global
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Classification by Volume Retail
Small quantity usually to final customer
Wholesale Sold usually to institutional buyers and retailers Generally large quantity
Case in Point: www.alibaba.com
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Market Spectrum (Types of Competition) Monopoly Duopoly Oligopoly Monopolistic Perfect
Classification Criteria: Number of buyers and seller Buyer and seller power Information to customers Firm as price taker or price setter
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Classification by Competition Monopoly
No competition and consumer choices, firm as price setter, comes with government interventions Nepal Electricity Authority, Nepal Oil Corporation Welfare Vs. Profit Oriented Firms
Monopsony Single buyer
Oligopoly Few sellers
Buyers’ Market Supply > Demand
Sellers’ Market Demand > Supply
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Classification by Customer Consumer Market
Selling to the final consumer
Industrial Market Producer of some other product
Case in point: Your school buying a vehicle vs. you buying it for personal use.
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Other types of Market Financial Market: securities like bonds and stocks. Foreign Exchange Market: foreign currencies Stock Exchange Market: shares of public limited company
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End of the lecture Lecture Review:
Market Concepts of Market Classification of Market
Assignment 15: Find an example for each of the market category discussed in the class.
Thought of the day:
“A brand is no longer what we tell the consumer it is – it is what consumers tell each other it is.” - Scott Cook, co-founder Intuit