A market is a group of consumers, who could beindividuals, businesses or governments whomight buy this type of product – for example, themarket for running shoes or the market for freshflowers.And marketing is often defined as:“The process of identifying, anticipating(predicting) and satisfying customer needsprofitably”
Concentrating all marketing efforts on a small but specific and welldefined segment of the population. Niches do not exist but are created byidentifying needs, wants, and requirements that are being addressed poorly ornot at all by other firms, and developing and delivering goods or services tosatisfy them. As a strategy, niche marketing is aimed at being a big fish in asmall pond instead of being a small fish in a big pond. Alsocalled micromarketing..Un-segmented market in which products with mass appeal products(aspirin, orange juice, soft drinks, paperback romances, etc.) are offeredto every customer through mass retailers or independent stores, andpromoted through mass media.Niche and mass market
While the market for a particular good or service is the total number ofcustomers for that good or service ,some business need to identify aparticular section of a market – known as a market segment.Age-older people look different things in a product than youngerpeople so will spend their money in different waysSocio-economic grouping –people can be grouped according to their job orincome . People with a higher income or career position are likely to buymore luxury items than those with lower income or job positionLocation-people in different areas also tend to spend their money ondifferent products .Gender- man and woman will buy different things . It is commonly thoughtthat woman will spend more money on clothes and beauty treatments thanmen , while men are more interested in buying cars and gadgets.
A product orientated approach means the businessdevelops products based on what it is good at makingor doing, rather than what a customer wants. Thisapproach is usually criticised because it often leads tounsuccessful products - particularly in well-establishedmarkets.A marketing orientated approach means a businessreacts to what customers want. The decisions takenare based around information about customers’needs and wants, rather than what the businessthinks isright for the customer. Most successful businessestake a market-orientated approach.
What makes someone buy a product? Or more importantly, whatmakes them buy the product you are trying to sell? Inbusiness, you need to persuade a customer to part with money inexchange for a good or a service. You have to decide on what theproduct is going to be like (e.g. shape, colour , size , features); atwhat price are you going to sell it; where you are going to sell it(e.g. in a shop, over the Internet, by mail order); and how yougoing to help the customer find out about the product (e.g.advertise in the local newspaper or on the radio). Marketing is allof these things.
Consumers-people or businesses who use goods and servicesCustomers-people or businesses who buy and pay for goods and servicesMarket-orientated- describes a businesses that carries out market researchto find out exactly what customers want, and then designs its product tomeet these requirementsMarket segment –an identifiable section of a market that consist ofcostumers with similar characteristics and specific product needsMass market-a market consisting of large number of customers for a standart productNiche market-a comparatively small segment of a market for aspecialised productProduct-orientated –describes a business that makes the product and then tries tofind someone to buy it
1. A market is a system for bringing buyers and sellers together2. Markets can be split into segments with different customercharacteristics and product needs3. Based upon knowledge of their market , businesses can identifythe appropriate marketing mix , including what product to supply,the price to charge ,hoe to promote the product and the mostappropriate method of distributing it to customers