Definition of terms used in marketing

A market refers to conditions that bring sellers and buyers together. This may be a physical location or any other medium such as electronic or print. A market can also be a group of consumers or an organisation that are interested in a product, have the resources to purchase the product, and is permitted by law and other regulations to acquire the product. The market definition begins with the total population and progressively narrows as shown in the following diagram.

Marketing refers to the performance of business activities that direct the flow of goods and services from the seller to the consumer. It is an integrated process through which businesses create value for customers and build strong customer relationships in order to capture value from customers in return.

Marketing is used to identify the customer, to keep the customer and to satisfy the customer. With the customer as the focus of its activities, it can be concluded that marketing management is one of the major components of business management.

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