KEY WORDS:
1. Market: Market refers to a place where goods are purchased and sold. Example cotton market, fruit market, cloth market etc. It is a place where buyers and sellers meet to effect purchases and sales.
2. Marketing: Marketing in a process which carries goods from original producer to ultimate consumer. It bridges gap between producer and consumer. Marketing is concerned with handling and transportation of goods from the point of production to the point of consumption.
3. Selling: Selling refers to transfer of goods services to the consumers. It is mainly concerned with the plans to get the customers to exchange their money to goods and service.
4. Marketing Functions: The activities or operations which are mainly concerned with taking the goods from producer to ultimate consumer are called marketing functions. These are necessary to make the goods and services available to the consumers.
5. Marketing concept: It refers to an idea philosophy or attitude of an organization in relation to marketing of a product or service. It influences the management of marketing efforts.
6. Self-Sufficient stage: Under this stage each family produces as per its requirements i.e. there cannot be any surplus for exchange.
7. Exchange oriented stage: In this stage the families produce more than requirements. There will be some surplus meant for exchange.
8. Product oriented stage: Here producers give more emphasis to production than consumption.
9. Sales Oriented stage: According to this concept products cannot be sold automatically immediately after production. High pressure salesmanship and heavy doses of advertisement are essential to sell the goods in the market.
10. Consumer Oriented stage: The main task of any business unit is to know the needs, wants, desires and fashions of the people and produce goods accordingly.
11. Social Oriented stage: It is bases on the assumption that a business unit should offer long run public welfare. It should discharge its social responsibilities.
