Marketing Challenges into the New “Connected” Millennium

Markets & Marketing 

 The concepts of exchange and relationships lead to the concept of a
 market.
 A market is the set of actual and potential buyers of a product.

Originally, a market was a place where buyers and sellers gathered
to exchange goods (such as a village square).

 Economists use the term to designate a collection of buyers and
sellers who transact in a particular product class (as in the housing
market).

 Marketers see buyers as constituting a market; sellers constitute an
industry.

 Modern economies operate on the principle of division of labor,
where each person specializes in producing something, receives
payment, and buys needed things with this money. Thus, modern
economies abound in markets.

Marketing

 The concept of markets brings one full circle to the concept of marketing.

 Sellers must search for buyers, identify their needs, design good
products and services, set prices for them, promote them, and store
and deliver them.

 A modern marketing system includes all of the elements necessary
to bring buyers and sellers together.