Commercial Applications
Write a short note on 'Position of buyers and sellers market'.
Markets & Marketing
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Answer
On the basis of the position of buyers and sellers in the chain of distribution, markets are classified into three types:
Primary Market: This is a market wherein primary producers (such as farmers) sell their agricultural products to wholesalers or their agents. It is the first stage where goods move from producers to intermediaries.
Secondary Market: This is a market where wholesalers sell their products to retailers. It is the second stage in the chain where goods move from wholesalers to retailers in smaller quantities.
Terminal Market: This is a market where retailers sell their goods to the consumers. It is the final or terminal stage in the distribution chain where goods reach the ultimate consumer in small quantities.
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CASE STUDY
With the advancement in technology and the goal to scale its business, JK Tyre & Industries has been working on a two-pronged strategy to add 'significant relevance' to its overall business. Along with the mainstream tyres, the Delhi based company is also running a fleet operating management business and a mobility business vertical.
"In the fleet management business, from selling a tyre as a commodity, it becomes a kind of service. We have tied up with 1300 of the 1800 large fleets across India. We provide all the services and the customer pays for the tyre's upfront cost." Anuj Kathuria, India President, JK Tyres, said. Any fleet of 100 trucks/buses, or more, is considered a 'large fleet'.
An initiative like the fleet management service also contributes to sustained relationship with customers, leading to repeat purchases of tyres by them. The customer base of 1300 fleet operators hasn't come easily for JK Tyres, an early mover with such a business intervention in the industry. The customer base has been built over the past two decades.
Under the fleet management business, JK Tyres is also offering tyre-as-a-service. It has about 250 pit stops, and close to 100 truck wheel centres, where its services are provided.
The company, which has also developed a tyre with 80% biodegradable materials, says that the 'green tyre' is close to a market launch. The tyre major has a target to achieve net zero emissions by 2050.
Source: auto.economictimes.indiatimes.com, February 9, 2024.
With reference to the above case study answer the following question:
Analyse the above case study and give any five differences between Product and Service.