Concept of Marketing

The area concept of market is related to exchange concept.

The term ‘market’ may be understood in which of the following contexts?

Select the correct option and complete the table.

(Mercatus, Industrial goods, Oligopoly, E. Jerome McCarthy, Booms & Bitner)

What is marketing? State two features of the modern concept of marketing? 

Explain the following term/concept.

Digital Concept of Market

Ginika, Tanish and Rohit were friends from college days and now they are doing different kinds of business. They regularly meet and discuss their business ideas and exchange notes on customer satisfaction, marketing efforts, product designing, selling techniques, social concerns etc.
In one of such meetings, Ginika drew the attention of Tanish and Rohit towards the exploitation of consumers. She told that most of the sellers were exploiting the consumers in various ways and were not paying attention towards the social, ethical and ecological aspects of marketing, whereas she was not doing so.

Tanish told that they were under pressure to satisfy the consumers, but stated that the consumers would not buy or not buy enough unless they were adequately convinced and motivated for the same.

Rohit stressed that a company cannot achieve its objectives without understanding the needs of the customers. It was the duty of the businessmen to keep consumer satisfaction in mind because business is run by the resources made available to them by the society. He further stated that he himself was taking into consideration the needs of the customers.

Identify the various types of thinking that guided Ginika, Tanish and Rohit in the making efforts of their business. Also. state one more feature of the various types of thinking identified that is not given in the above para.

Write short notes on: Marketing research.

Find the odd one: