Market is the place where customer exchange goods and services against money and market bring the full circle of concepts, which are generated due to market and closely related to the market or we can say these concept help us to understand the market effectively.
Marketing is a human activities taking place in relation to markets. Marketing help a manufacturer to understand the actual potential of the market, it help to analysis what customer want, which product satisfy their needs, and what could be the possible changes that will improve the product.
Marketer is a person who design marketing activities for the product and company .but marketer doesn’t means someone who is selling goods to the customer. Someone who is in the market to buy something is also known as marketer. So marketer is a person who analysis market either to buy something or to sell something. In a current scenario marketer is a intermediary it could be a company or group of people who play a intermediary role between customer and buyer. But this is not a full definition of the marketer. Marketer is someone who is in the market to analysis the product either to buy or sell.
Marketer helps to achieve the goal of the company by evaluating the actual potential of the market and accordingly design the product for the market.
Marketing Management is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives. Marketing management means a process that involve analysing customer needs and accordingly satisfy the need of the customer.
There are no universal definitions for the marketing management because it differ product to product and market to market. So there are different concepts of marketing:-
Production concept – the production concept prevail from time of industrial revolution until the early 1920’s. The production concept was the idea that a firm should focus on those products that it could produce most efficiently and that the creation of the supply of low cost product would in and it create demand for the product. Key concept is firm should focus on low cost production and only produce goods and it will automatically create its demand.
Product concept - this concept favour the customer. According to this concept company should focus on the product and provide the quality to the customer. These managers assume that buyers admire well-made product and can appraise product quality and performance. These managers are caught
up in a love affair with their product and fail to appreciate that the market may be less “turned on” and may even be moving in different direction.
Selling concept- The selling concept holds that consumers, if left alone, will ordinarily not
buy enough of the organization’s products. The organization must therefore an aggressive selling and promotion effort. This concept focus on only aggressive sale to the customer at any cost.
These concepts hold very importance to understand the marketing management.