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B.Com PRINCIPLES of MARKETING MANAGEMENT B.com-Principles of marketing management B.Com Second Year Paper No. 7 PRINCIPLES OF MARKETING MANAGEMENT BHARATHIAR UNIVERSITY SCHOOL OF DISTANCE EDUCATION COIMBATORE – 641 046 1 B.com-Principles of marketing management 2 B.com-Principles of marketing management CONTENT Lessons PAGE No. UNIT-I Lesson 1 Market and Marketing 7 Lesson 2 Evolution of Concept of Marketing 15 Lesson 3 Recent Development in Marketing Concept 23 Lesson 4 Functions of Marketing 31 Lesson 5 Market Segmentation 40 UNIT-II Lesson 6 Product and Product Policy 53 Lesson 7 Product Life Cycle 64 Lesson 8 Product Mix 77 Lesson 9 Channels of Distribution 83 Lesson 10 Branding and Packaging 92 UNIT-III Lesson 11 Pricing 103 Lesson 12 Factors Affecting Price Determination 112 Lesson 13 Methods of Setting Prices 119 Lesson 14 Cost-Demand and Competition 132 Lesson 15 Pricing Policies and Strategies 142 UNIT-IV Lesson 16 Sales Promotion 156 Lesson 17 Personal Selling 168 Lesson 18 Advertising 180 Lesson 19 Kinds of Media 189 Lesson 20 Direct Marketing and Multi-Level Marketing 200 UNIT-V Lesson 21 Retail Marketing 211 Lesson 22 Marketing of Services 221 Lesson 23 E-Marketing 232 Lesson 24 Marketing Ethics 240 Lesson 25 Consumerism 247 3 B.com-Principles of marketing management (Syllabus) PRINCIPLES OF MARKETING OBJECTIVE: To endow the students with the knowledge of Marketing UNIT- I Market- marketing- Definition- Object and Importance of Marketing- Evolution of concept of Marketing- recent Developments in Marketing Concept- Marketing functions- Approaches to the Study of Marketing- Market Segmentation- Basis – Criteria- Benefits. UNIT – II Product policy- Product planning and development- Product life-Cycle- Product mix- Distribution Channels- Types of Channels- Factors Affecting Choice of distribution- Branding- Features- Types- Functions- Packaging- Features- Types- Advantages- Brand name and trademark. UNIT - III Pricing- Definition- Objectives- Factors affecting price determination- Methods of setting prices- Cost- demand and competition- pricing policies and strategies. UNIT – IV Sales Promotion- Objectives and Importance of Sales Promotion- Personal Selling- Advertising- Meaning- Objectives- Functions and Importance- Kinds of Media- Direct Marketing- Multi-Level Marketing. UNIT - V Retail marketing- methods- problems- retail marketing in India- marketing of services- Emarketing- marketing ethics- Consumerism- meaning- evolution- types of exploitation- Consumer rights- Laws protecting the consumer interest- consumer protection acts- consumer courts 4 B.com-Principles of marketing management UNIT – I 5 B.com-Principles of marketing management 6 B.com-Principles of marketing management LESSON-1 MARKET AND MARKETING Contents: 1.0 Aims and Objectives 1.1 Meaning of market 1.2 Definition of market 1.3 Classification of markets 1.4 Meaning of Marketing 1.5 Definition of Marketing 1.6 Object of Marketing 1.7 Importance of Marketing 1.8 Let us sum up 1.9 Check your progress 1.0 AIMS AND OBJECTIVES This part views the basic of marketing which will help us to know the srong foundation of marketing and its importance. After going through the unit, you will be able to: i. Know the meaning of market and marketing ii. How and in what basis markets are classified? iii. Object and Importance of marketing 1.1 MEANING OF MARKET A market is any place where the sellers of a particular good or service can meet with the buyers of that goods and service where there is a potential for a transaction to take place. The buyers must have something they can offer in exchange for there to be a potential transaction. The term market is derived from the Latin word “Mercatus”, meaning “to trade”. The common use of the term may imply any of the following: 1. A public gathering held for buying and selling merchandise. 2. A place where goods are offered for sale. 3. A store or shop that sells a particular type of merchandise. 4. The business of buying and selling a specified commodity. 5. A market price. 6. A geographic region considered as a place for sales 7. The act of buying and selling 7 B.com-Principles of marketing management 1.2 DEFINITION OF MARKET Market is defined by different persons as follows • “Market includes both place and region in which buyers and sellers are in free competition with one another”- Pyle. • “The term market refers not to a place, but to a commodity or commodities and buyers and sellers who are in direct competition with one another”- Chapman. • “A market is a centre about which or an area in which the forces leading to exchange of title to a particular product operate and towards which the actual goods tend to travel”- Clark and Clark. 1.3 CLASSIFICATION OF MARKETS Markets can be classified under the following categories (i) On geographic or area basis (a) Family Market: These markets existed during ‘village economy’ and are extinct now. (b) Local Market: These markets existed during ‘town economy’. They are gradually disappearing due to innovations and development in transport and communications. They, however, still exist in villages but are too few in numbers. (c) National Market: The rise and growth of industrialization has widened markets on the national level. Most of the products today have acquired national markets. (d) World Market or International Market: They came onto existence with the growth of international transport and communications. (e) Urban and rural Markets: On the basis of location, markets are also classified into urban and rural markets. Urban markets are those located in cities or towns primarily catering to the needs of elite consumers. On the contrary, rural markets are located in villages. (ii) On economic basis (a) Perfect Market: A perfect market has three essential features. First, there should be a group of buyers and sellers. Secondly, there should be effective competition between buyers and sellers for the purchase and sale of a commodity. Finally, only one price should prevail for the same commodity in the same market. (b) Imperfect Market: This refers to a market where some kind of maladjustment in demand and supply is experienced. Every market is, in a way, imperfect. 8 B.com-Principles of marketing management (iii) On time basis (a) Very short-period Market: It means the existence of the market for a day and at a particular place. It started in a village economy but exists even today. Such markets generally sell perishable goods. (b) Short period Market: This market is otherwise known as a weekly market or a fair. It is a centre for local trade which was very prominent in village economy where perishables and consumables were traded. Such markets are in existence even today in remote villages. (c) Long period Market: This market is meant for selling durables. The above two markets are primarily meant for perishable commodities. It is the long period market which paved the way for present ‘Retail market’. (iv) On the basis of business (a) Wholesale Market: It is a market where a wholesaler is the supplier and retailers are the buyers. Here goods are bought and sold in bulk quantities. (b) Retail Market: This market is the last link in the chain of distribution. It directly deals with consumers and hence sometimes referred to as consumer market. Here goods are sold in small quantities, preferably to the ultimate consumers. (v) On the basis of importance (a) Primary Market: It is a market where agricultural products are sold. Primary markets are mostly found in villages. The products in the market are bought by the producers or trader. This also includes products of mines. (b) Secondary Market: Generally, semi-manufactured or partly manufactured goods are sold in this market. (c) Terminal Market: It is the market where the final product is sold to ultimate consumers either as raw products or in value-added forms (e.g., paddy, rice). These terms are usually used in agricultural marketing. (vi) On the basis of Goods (a) Commodity Market: It is a market in which different kinds of commodities are sold. Commodity market is further divided into • Produce exchange: In such markets only certain commodities are sold and bought. Produce exchanges are set up by buyers and sellers of a particular commodity. They are also known as ‘Commodity Exchange’. • Manufactured goods market: In this market manufactured goods are sold. • Bullion Market: This market deals in valuable metals like gold and silver (b) Capital Market: This is the second type of market classified on the basis of goods. This market is further divided into three types 9 B.com-Principles of marketing management • Money market: Here money is bought and sold, that is, money is lent and borrowed. This market is termed as money market or capital market on the basis of the period for which money is borrowed. Short-term borrowing is undertaken in money market and long term borrowing in capital market. • Foreign exchange market: In these markets, currencies of different countries are purchased and sold. This market plays an important roe in the international trade. It arranges foreign currency for importers to enable them to buy and for exporters in converting foreign currency into local currency. • Stock market or security market: It is also known as stock exchange. This market came into being along with the organization of joint stock companies. The shares of companies and similar types of instruments are dealt in this market. (vii) On the basis of regulation (a) Regulated Markets: These markets are regulated by statutory measures. Produce exchanges, stock exchanges are examples of this. (b) Unregulated or Free Markets: These markets are uncontrolled. They are left free and mostly operate according to demand and supply. (viii) On the basis of nature of transactions (a) Spot Market: It is a part of organized market such as a commodity exchange.
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