market

There are different concepts of needs, wants and demand below. All these words may have same meaning in ordinary sense. Here, their meaning, uses and concepts are discussed below which make us to understand more during the learning of market and marketing. In economics and marketing viewpoints they have different meanings. They are being discussed below clearly.
Needs: Needs are a state of felt deprivation. The necessity of something is need. For marketing, human need is the starting point which is complex in nature. When one want is satisfied another want is felt. Human needs can be physical, social and individual. Physical needs are food, clothing shelter. Social needs are love and affection, friendship etc. and individual needs for knowledge and self expression. These needs are not created by marketers but they are a basic part of the human life.
Wants: The term wants means something desired or needed. It is said that man is a bundle of desires and the nature of human beings is to desire many things for the betterment living standard and for the satisfaction by consuming different goods and services. Human wants are unlimited but resources are very limited. Limited resources should be implemented wants. For this purpose, economists suggested to rank the problem and study about the alternatives use of resources. The cube is that wants expands with the civilization. The most important nature of want is that it differs from person to person, it depends upon society, civilization and various other factors like living status, wealth, age, gender and so on. Some important features of wants are wants are unlimited, complementary, competitive, vary with time, place and person, all wants are not equally important, wants multiply with civilization. Thus, in the marketing wants should be properly identified and evaluated to meet their unfulfilled wants.
Demand: In ordinary sense demand and want mean same thing, but in economics, there words give different meaning. Demand is not the same as desire or need or want. Demand for a commodity means effective desire, willingness and ability to pay. So, demand means the combination of effective desire, price, quantity and time. Demand is the quantity that will be purchased from particular commodity at various prices at a given time and place. By demand we we mean the various quantities of a given commodity which consumers would buy in one market in a given period of time at various prices, or at various incomes at various prices of related goods.
In demand, two things should be noted.
i. Demand always means demand per unit of time.
ii. The condition on which the thing is demanded should be specified.

There are different types of non-institutional customers. They are as follows:
1. Impulsive customers
2. Nervous customers
3. Silent customers
4. Talkative customers
5. Argumentative customers
6. Deliberate customers
7. Women customers
8. Suspicious customers
9. Price minded customers
10. Ill mannered customers
11. Undecided customers
12. Decided customers
13. Truthful customers
14. Untruthful customers
15. Favoured treatment customers
1. Impulsive customers: Customers those who take quick decision on emotion is known as impulsive customers. They purchase the goods not on the basis of requirements but purchase on emotion. They have been impressed by the behaviour of the salesman. So, the salesman should have brief talk and minimize conversation to handle such customers.
2. Nervous customers: Nervous customers are those who are nervous and have lack of self confidence in decision making.Decision taken by those nervous customers may be wrong. The salesman win the confidence of such type of customers through providing proper suggestion and guidance about the product. Similarly,the salesman should give the detail description and relative advantages about the products to the customers.
3. Silent customers: Inactive and do not express own views and opinions about the products is known as silent customers. It becomes very difficult to know the internal feelings of such customers as they do not express their opinions. The salesman must friendly demonstrate maximum number of products so that they would be able to win the confidence of such customers.
4. Talkative customers: Talkative and do not want to hear others without caring about salesman is known as talkative customers. The salesman must behave in polite and courteous manner for such type of customers. They should have patience hearing, tactful handling and should never come into emotion. They should give more emphasis to such customers to complete sales.
5. Argumentative customers: Argumentative customers are interested in making arguments with salesman. They challenge the salesman and introduce themselves knowledgeable and superior.The salesman should motivate them by providing evidential proof and should give guarantee to the customers about the product.
6. Deliberate customers: Those customers who are more practical and matured in taking decision to purchase the goods are known as deliberate customers. They purchase the goods after the detail study about the product from different angles. Such customers do not want to buy substitute products. The salesman should demonstrate fact and actual products with detail information to motivate such customers.
7. Women customers: These customers have been playing important role to buy different goods. They have sharper sense and keener taste than the men and attracted with colourful and fashionable items. They want quality products in lower price. They are slow in decision making and have better bargaining power. The salesman should motivate them by respect and courteous manner. Similarly, they should talk politely and behave them like a queen.
8. Suspicious customers: Those customers who are more critical and unfriendly in nature, are known as suspicious customers. Such customers never believe to the salesman and always doubt in every explanation and statement of salesman about the product. The salesman should provide actual proof by demonstration of goods and give guarantee of the products. The salesman should not come into the emotion and should have adequate patience. Similarly, they should assure them to replace the products if such product does not maintain quality.
9. Price minded customers: Those customers who give more priority to the price rather than the quality of the product is known as price minded customers. They are attracted by the lower price of the product and try to reduce the price as much as possible. The salesman should convince tactfully that price should be considered in relation to quality and durability. They must force that low price goods may be inferior in quality, durability and may not be cheaper in long run.
10. Ill mannered customers: These customers are negative and crude in nature. They always try to dominate or condemn the salesman or may speak roughly relating the price, quality, service etc.Such customers may be motivated with polite and courteous behaviour. So, salesman should not come into the emotion and deal with tactful manner by using own knowledge and ideas which can inspire them to purchase the goods.
11. Undecided customers: These customers cannot easily decide to purchase the goods at right time. They consume more time to take decision and always postpone their decision for next visit. The salesman should suggest and encourage them about the quality and utility of the product. Similarly,salesman should show fear about changing price, latest design, fashion etc. As as result, customers can take the decision easily.
12. Decided customers: Those customers who have more knowledge and confidence in their decisions are known as decided customers. They are confident over whatever they buy and that are the best and meet their requirements. The salesman have to support and tactfully divert them towards the product. They should be able to understand about their needs and display the product accordingly.
13. Truthful customers: These types of customers listen and support the salesman but do not purchase the goods. They never oppose the expression of salesman and do not purchase the goods. Similarly, they do not tell the reason for not purchasing the goods which is very difficult to deal. That is why the salesman should find out the reason for not purchasing the goods. The salesman must convince and provide all kinds of incentives and preferences according to the provision of sales.
14. Untruthful customers: These customers want to create confusion by unnecessary dealings. They try to trick the seller from the wrong information. They may mention wrong price of competitors goods and may say unless the price is lowered, they may go another store to purchase the goods. So, salesman should be very careful to such customers. They should provide actual price and quality of products and should explain that it is not possible to sell the products at the lowest price.
15. Favoured treatment customers: Those customers who are expecting special incentives from salesman are known as favoured treatment customers. They want to get special facilities like price, discount, credit facilities etc. So, the salesman should motivate them by providing reduction in price, credit and other additional facilities etc.

There are different features of institutional customers but only some of them are discussed below.
1. Few in number 2. Purpose of buying 3. Complex buying structure 4. Budgetary constraint 5. well informed 6. Derived Demand 7. Direct purchase from producers
Institutional customers are few in number but they buy large quantities to supply the goods to the large number of customers of different localities. They purchase the goods for the processing, for the further production, fro organizational use and for reselling purpose, etc. The requirements may vary, for example producers purchase the raw materials for productions or processing. Similarly, offices purchase the goods for official uses while for relatives, to sell the goods to the ultimate consumers. Buying structure of the customer is more complex than non-institutional customers. They should take the permission from the top level management and also discuss in different level purchase under the certain terms and conditions. Intitutional customers have budgetary constraints. Budget is allocated to each product and amount can be spent under the provisions of budget. There is no authority to purchase the excess goods. They should take the permission to purchase such excess goods. Institutional customers are well informed about the product feature, quality, durability, price etc. Before purchasing the goods, they compare and access the relative merits and demerits of goods from different angles and finally they purchase the goods.
The demand of institutional customers depend on the demand of ultimate consumers. It is known as derived demand. In accordance with the demand of different customers, their demand will be created. So, the demand of these customers is derived from the demand of ultimate consumers. Institutional customers do not buy directly from the producers. They are the institutional customers who purchase the goods to supply the different customers. They need large quantities of products which are possible only from the producers.

Buying process of non-institutional customers are discussed below in point wise clearly:
1. Need Recognition: All of the customers must identify their needs. The needs can be activated by internal stimulus such as thirst, home, hunger, sex and external stimulus such as advertisement and display. The customers should study and analyze them to find out their needs and problems. Then, they can make the purchase for satisfying their needs.
2. information searching: After the recognition of needs, the customers should try to find the information about the products which can purchase by them. The information may be about features, advantages and benefits of the products. The information about the products can be collected from the personal sources, public sources, commercial sources and experimental sources. Personal sources includes family, friends, neighbours, relatives, etc where as public sources includes mass media like television, radio, newspapers, internet, magazine etc. then commercial sources includes advertisements, salespersons, packaging, display, etc. and experimental sources includes handling and examining etc. of products.
3. Evaluation of Alternatives: This is third stage of buying process. After searching the information from different sources, these should be properly evaluated from different angles. While evaluating goods and services, different bases can be used such as product attribute, brand belief, their utility etc. That alternative should be selected which can provide maximum satisfaction to the consumers. Similarly, they should consider the opinion of family, friends and relatives etc to evaluate the alternatives.
4. Purchase Decision: After evaluation of alternatives, the consumers should take teh decision to purchase or not to purchase the goods. While taking purchase decision they should select the product on the basis of name, mode of payments, delivery, warranties and after sales services etc.
5. Post Purchase Evaluation: This is last stage of buying process of non-institutional customers. The customers continue to evaluate the goods after making purchase. The customers may or may not be satisfied with the goods. If the satisfaction is more than expectation, they will continue to consume and purchase the same goods from same suppliers but if the satisfaction, they become unsatisfied and will not consume and purchase the goods from same suppliers.

Buying process of institutional customers
There are different process of buying goods and services by the customers. Some of the process of buying are discussed below.
1. Problem recognition: The buying process of institutional customers begin when problems or needs are recognized. The customers must recognize their needs which may be caused by internal or external stimuli. The needs or problems such as to participate in trade and exhibitions, purchase new machines and equipments, purchase raw materials etc.
2. Product specifications: The buyers must prepare detail specifications about the products or services. It is generally done by technical personnel by which the value of goods is analyzed.
3. Supplier search: The buyers must search the potential suppliers and list out the suppliers who can supply the goods according to their requirements. The list of suppliers can be prepared from the internal and external sources. The internal sources may be company, files catalog and purchase department where as external sources may be from the public notice.
4. Inviting proposals: Invitation can be done publically through different media such as television, magazines, newspapers and radio etc. All the interested suppliers will submit the proposals along with samples as per the needs of the buyers in order to supply the goods.
5. Evaluation of Alternatives: Several criterias may be adopted such as performances of the suppliers, regularity, quality, terms of delivery, price, reliability and its evaluation. After evaluating all the alternatives, customers must take the decision to purchase or not to purchase the goods.
6. Purchase Decision: The supplier is selected and purchase step is taken. Before taking the decision to purchase, negotiation is made such as terms of sale, method of payment, warranty and credit arrangement etc.
7. Post purchase evaluation: It is the last process of institutional buyers. In this stage,performance of product and supplier is evaluated. Actual performance is compared with specification. It helps to determine whether to continue the supplier or change or end the situation. It the customer is satisfied, the purchase can continue otherwise the relation may get broken.

There are mainly two types of customer.They are institutional customers and non-institutional customers. Those customers who purchase the goods for further processing, selling, production or office use is known as institutional customer. The examples of institutional customers are middlemen, producers and office.
The customers who purchase the goods for own or family is known as non-institutional customers. Ultimate customers and family members are included under this category.

1. Product mix: Any thing that satisfies the needs and demands of the people is known as product. It is primary elements under the marketing mix as all the marketing activities are related to the product. If the product fails to meet the requirements of the customers, it can't face the competition and no other activities will support it. Thus product plays vital role in the marketing.
The organization must considered the following components about the product mix.
a. Product, planning and development
b. Standardization and grading
c. Branding
d. Packaging
e. Labeling
f. After sales services and
g. Warranties etc.
2. Price mix: Price mix is the amount of money which is paid by the people to get the product. The manager of the organization determine teh reasonable price that influence to the customers to purchase the goods and services. Similarly, the price must satisfy both the suppliers and buyers. High or low of the price will effect the demand adn supply of the product. So, teh components like (a) price list, (b) Discounts and allowances (c) competitors price (d) Pricing objectives (e) Terms of sale (f) Government policy and (g) cost of production etc. should be considered by the manager to determine the price.
3. Place(distribution) mix: It supports to delivery the product from origin of production to place of consumptions. By focusing to provide the right to product, right to quantity, right time to right place. Thus, the producers must consider and manage the components like proper selection of distribution channel, dealer motivation physical distributions like order processing, material handling, warehousing inventory management, proper transportation to make the product accessible and available.
4. Promotion: The activities like communication and promotion of products to the target market is included in the promotion. It's very essential to the organization because organization can't be succeed without the promotional tools. Promotion will make fruitful to all others elements of marketing mix. It helps the customers to stimulate and create the demand of the products. Advertising, sales promotion, personal selling, direct marketing, publicity and public relation etc come under the promotion mix.

Marketing mix means the set of marketing tools which is used by the organization to meet the customers' needs and achieve the goals in a target market. Product, price, place and promotion are the marketing tools. The tools are also known as 4Ps or components or elements of marketing. The tools will influence the customers towards the product. So, the organization must create and manage the effective marketing mix to fulfill the unsatisfied wants and demands. Therefore, the components or elements play vital role in the marketing which were developed by Mc-Carthy.
According to Mc. Carthy- Marketing is the controllable variables which the company puts together to satisfy its target market.
So, we can say that marketing mix is the combination of product, price, place (distribution) and promotion which should be properly done by producers to satisfy the needs of the customers and goals of the organization as well.
The four elements of marketing are product mix, price mix, place mix and promotion mix.

Importance of marketing can be discussed in three different headings as consumers, firms and society.
1. Importance of marketing to the consumers:
Marketing provides different information about the product and services to the consumers. It helps them to know and understand the different benefits and techniques of products through advertising, publicity and public relation. Marketing also provides satisfaction to the consumer by providing different products to meet their demand and tastes when they need.It provides different varieties, designs, colors sizes and quality of products, which facilitate customers to select the best one according to their demand and capability. Marketing develop the living standard as it provides such types of products which completely change the way of living style of the customers in the society. It also creates values of the products to the customers through the creation of place, time, quantity, utility and images.
So, the customers can get required products according to their time and place. Marketing creates the value of place through providing the goods at the required place and creates the value of the time by offering the goods and services at the time when customers required them.
2. Importance of marketing to the firms:
Marketing is also very important to the different firms. It can easily distribute the products because it suggests in applying proper and effective channels of distribution. It also suggests to manage the transportation and wire-housing systems which help the firm to delivery the product from origin of production to the site of consumption. It provides valuable information which helps them to make effective plan for future and right decision. Firm can maximize the profit through the marketing. It suggests to reduce unnecessary costs and utilize the revenue in proper way. Information of exchange among consumers and firms is important for the business organization. Exchanging information is possible only from the marketing because it accumulates the opinion and ideas of different customers and supplies to the management.
3. Importance of marketing to the society:
There is a very great importance of market and marketing in the society. It is an important source for the creation of employment opportunities in the society. Many people may involved in different activities of marketing such as production, distribution, promotion and selling. Marketing helps in developing the living standard of the customers in the society. It provides goods and services according to the demand and preferences of the customers. Such goods or services provide satisfaction to the customers. Marketing helps to utilize the different resources such as natural, financial, physical and human resources in the society. These resources help the economic development of the country.