Components of Marketing

Concepts and Types, Characteristics of the Nepalese Market. Concept and Classification of Customers.  Buying Motives and Buying Process of Individual Consumers and Institutional Buyers. Concepts of Needs, Wants, and Creation of Demand. Marketing Process

Notes

Concepts, Types and Characteristics of Market

The word 'market' was derived in English from the latin word "Mercatus" which means trading or place of transactions. As the word "Marketing" has been formed from the word market. There are various concepts of the market and they are - Place Concept -Commodity Concept -Exchange Concept -Area Concept -Demand Concept -Space Concept The market can be classified into various types and they are -on the basis of geographical area -on the basis of subject matter of sales -on the basis of volume of business -on the basis of competition - on the basis of sellers ownership

Customers-Concept and Classification of buyers

Buyers are the central point in the market whatever the activities are performed they are performed for their satisfaction. It is very important aspects of the market. A person or an institution that purchase goods or service is called buyer. The buyers can be basically classified into two types and they are -Individual or Non-Institutional Buyers -Institutional Buyers

Buying Process of Individual Buyers and Institutional Buyers

The customers who buy goods or services for their daily domestic use are called non-Institutional buyers. Such customers buy goods or services for ultimate use. They buy the goods for daily needs such as food grains, clothes, books, copies, kitchen utensils and materials, medicines, ornaments, cosmetics etc.The individual and the consumer buying process passes through the several stages and they are -Need Recognition -Information Search -Evaluation -Purchase -Post -Purchase Evaluation

Factors affecting Individuals Buying Decisions

There are several factors affecting the individual buying decisions and they are : -Economic Factors -Personal Factors -Cultural Factors -Psychological Factors -Social Factors These all factors have great influences on the behavior of the consumer .

Factors affecting Institutional Buyers Decision

The institutional buyer's decisions are affected by the several factors and they are Environmental factors Organizational factors Interpersonal factors Personal factors

Concept of Needs, Wants and Demands in Marketing

Needs are a state of self-deprivation in an individual. The starting point of marketing is human needs. Human needs can be physiological, social, cultural and individual. There are unlimited human needs. All new inventions try to satisfy the human needs. We cannot imagine marketing activities or existence of the market in the absence of human needs. Wants Wants are desires for specific satisfiers of needs. The needs of the human are unlimited. So, to satisfy unlimited needs a person desire for different products, services and methods. Such desire to satisfy the needs is called wants. Wants depend on the culture, social class, and individual personality. A marketer can influence human wants by providing a variety of need-satisfying objects. Demands Demands are human wants backed by ability and willingness to buy. The person wants only those goods which provide them maximum satisfaction. Marketers can also influence demand by offering products at different price and quality.There are generally two types of demands and they are primary and secondary demand .

The Marketing Process

The various steps in the marketing process are described below and they are : -Locating marketing opportunities -identification of the target market -Developing marketing mix -Select competitive advantage factors and achieve growth Structure of the marketing process -Suppliers and processes -Firm -Competitors -Marketing Intermediaries -Customers -Facilitating Institutions