STAGES OF MARKETING
In any country the economic life has a history of various stages of economic development. But it is very difficult to say exactly how long each stage of economic development has passed through. The nature ofmarketing in each stage is different depending upon the stage of economic development and technological changes.
However, the following are the important stages of marketing.
1. Selfsufficiency Stage
It is the earliest and primary stage ofeconomic development where the role of marketing is very peripheral and insignificant. In that stage there were small family units pursuing their economic activities to satisfy their wants for food, clothing and shelter. It is an economy and non-monetised. of the concept of modern marketing. It is known for narrow product range sufficiency, devoid
It is the earliest and primary stage ofeconomic development where the role of marketing is very peripheral and insignificant. In that stage there were small family units pursuing their economic activities to satisfy their wants for food, clothing and shelter. It is an economy and non-monetised. of the concept of modern marketing. It is known for narrow product range sufficiency, devoid
2. Primitive Stage
It is characterized by the absence of exchange and as a result there is no basis for a concept of marketing. In this stage of marketing, factors of production are owned in common and the fruits of labour were shared in common
It is characterized by the absence of exchange and as a result there is no basis for a concept of marketing. In this stage of marketing, factors of production are owned in common and the fruits of labour were shared in common
3. Stage of Barter system
A stage of marketing wherein one product is exchanged for another product. There was no medium of exchange for transaction. A person who possesses surplus of what he produces were bartered for other goods which he did not produce.
A stage of marketing wherein one product is exchanged for another product. There was no medium of exchange for transaction. A person who possesses surplus of what he produces were bartered for other goods which he did not produce.
4. stage of Local Market
The concept of personal selling originated and emerged at the time of barter stage of marketing. It is the barter system which was responsible for the emergence of local market. For instance, trade fairs locally organion certain days ofthe week or at times of festival are in the nature of local markets. Later these periodical trade fairs took on more permanent shape such as stalls, shops, bazaars, etc. The features of local markets are specialisation, exchange of goods for money and set up of specialised institutions.
The concept of personal selling originated and emerged at the time of barter stage of marketing. It is the barter system which was responsible for the emergence of local market. For instance, trade fairs locally organion certain days ofthe week or at times of festival are in the nature of local markets. Later these periodical trade fairs took on more permanent shape such as stalls, shops, bazaars, etc. The features of local markets are specialisation, exchange of goods for money and set up of specialised institutions.
5. Money Stage of Economy
The barter system could not quicken the pace of trade. The lack of common medium of exchange was the main reason for economic backwardness. The barter system proved itself ineffective in respect of common measure off value, double coincidence, storage of products and carrying of goods from one place to another place to find persons with whom goods can be exchanged. The introduction of money has brought a tremendous progress in economic development.
The barter system could not quicken the pace of trade. The lack of common medium of exchange was the main reason for economic backwardness. The barter system proved itself ineffective in respect of common measure off value, double coincidence, storage of products and carrying of goods from one place to another place to find persons with whom goods can be exchanged. The introduction of money has brought a tremendous progress in economic development.
6. Capitalism Stage
The capitalists emerged to take advantage of scarcity of goods and began to produce to eam profits. They had talent, money, force and e ploited working class, thereby resulted in the creation of two groups, haves and have nots, capitalist and labour class.
The capitalists emerged to take advantage of scarcity of goods and began to produce to eam profits. They had talent, money, force and e ploited working class, thereby resulted in the creation of two groups, haves and have nots, capitalist and labour class.
7. Stage of Mass Market
Another stage was a stage of mass production. The tertiary sector emerged and as a result the complexity of marketing has changed considerably. This stage is characterised by industrial revolution, heavy machinery, abundance of production, keen competition, improvement in transportation and communication. The mass production has led to storage, insurance, wide network of distribution, etc.
Another stage was a stage of mass production. The tertiary sector emerged and as a result the complexity of marketing has changed considerably. This stage is characterised by industrial revolution, heavy machinery, abundance of production, keen competition, improvement in transportation and communication. The mass production has led to storage, insurance, wide network of distribution, etc.
