Marketing — Part 1: Market, Marketing and its Concepts: visual lesson, ISC Class 12 Commerce

Lesson

Marketing: Concept and Functions

Part 1: what a market is, its types, what marketing means, and how the concepts of marketing changed.

In this lesson you will

Classify markets by area, time and nature of goods
Explain the meaning and features of marketing
Contrast the traditional and modern concepts of marketing and distinguish marketing from selling

Part 1 at a glance

Concept

In marketing, a market is the set of actual and potential buyers of a product. It need not be a place.

Table contrasting the old meaning of market as a place with the marketing meaning as actual and potential buyers
Old meaning	Marketing meaning
A place where buyers and sellers meet	All the people who buy, or may buy, a product
A weekly bazaar	Buyers reached in shops, by phone and online

Diagram

Three ways of classifying markets.