Hello my readers.Today I am feeling sick. I thought I will not write today.Again I remembered that my readers are waiting for my special article.So the topic I will write for you today is Marketing.The thought of marketing came to my mind because marketing is the most important topic of the present time.However,read the article completely and if you have any questions,feel free to ask.

What is marketing?

We think of a place or a product as a market.Actually it is not a market.In the language of economics,the condition between buyers and sellers for buying and selling a product is called market.Such as tea market,jute market,gold market,rice market,share market,furniture market etc.

The characteristics required for something to be marketable are:

• Consider a specific time

• One or more products for sale

• A group of buyers and sellers

• One or more regions or environments for buying and selling products

• Price determination through negotiation between buyer and seller

Classification of Market

There are different classifications of markets based on time, place and competition.

• Firstly,there are four types of markets based on time.They are:

1.Very short term market.

2.Short term market.

3.Long term market.

4.Very long term market.

Very short term market

The duration of the market is so short that no change in the supply of goods is possible during this period.For example: vegetables,fish market.

Short term markemarket

A market in which a slight change in supply is possible to match changing demand is called a short term market.For example:saree,dress market etc.

Long term market

A market in which supply and demand are perfectly matched is called a long term market.Such as the furniture market.

Very long term market

The market which has a very long period of time and there are far reaching changes is called a long term market. During this time,people's tastes and habits may change.For example: gold market.

• Secondly,there are 3 types of market based on place.They are:

1.Local Market

2.National Market

3.International Market

• Thirdly,on the basis of competition the market is mainly divided into two segments.They are:

1.Perfect Competitive MarketPerfect Competitive MarketPerfect Competitive MarketPerfect Competitive Market

2.Imperfectly Competitive Market

Again,Imperfectly competitive markets are divided into nine categories.They are:

• 1.Monopoly Market

• 2.Monoposony Market

• 3.Duopoly Market

• 4.Duopsony Market

• 5.Oligopoly Market

• 6.Oligopsony Market

• 7.Bilateral Monopoly Market

• 8.Monopolistic Competitive Market

• 9.Price Discriminating Monopoly Market

Perfect Competitive Market

A perfectly competitive market is one in which numerous buyers and sellers buy and sell identical goods at fixed prices.

You can take a showroom as an example of a perfectly competitive market.Because the product is sold at a fixed price.

Monopoly Market

A market in which there is a single seller and many buyers of non-substitutable goods is called a monopolistic market.Natural gas, electricity companies, and other utility companies are examples of natural monopolies.

Monoposony Market

A market in which there is one buyer but many sellers is called Monoposony Market.

Duopoly Market

When only two sellers control the supply of a product in a market, but there are many buyers, it is called a duopoly market.For example, railway companies and pass companies in the transport system

Duopsony Market

When a market has only two buyers but many sellers, it is called duopsony market. For example: If there are two sugar mills in a region,the iksu producers will sell iksu to those two sugar mills.

Oligopoly Market

A market in which a handful of sellers or a few firms produce and sell homogeneous or differentiated products is called an oligopoly market.

In this case the number of firms is considered to be more than 2 but less than 10. For example: mobile phone company, steel manufacturing plant.

Oligopsony Market

A market where the number of buyers is more than two is called an oligopsony market.

Bilateral Monopoly Market

A market in which there is one buyer and one seller and trade between them is called a bilateral monopoly.

Monopolistic Competitive Market

A market in which a large number of sellers sell almost identical but not exactly the same products is called a monopolistically competitive market.eg: toothpaste, soap etc.

Price Discriminating Monopoly Market

A market in which different buyers are charged different prices for the same good or service is called a price discriminating monopoly.Example as a book of newsprint and a book of white print,Household Electricity Bill and Factory Electricity Bill.