Explain the concept of market and market identification

Competition is between the whole network for market share and NOT between companies alone. Marketing mix usually refers to the set of 4Ps viz.

Is the subset of the market on which a specific product is focused.

Explain the concept of market and market identification. MARKET MARKET IDENTIFICATION PROCESS. Refers to a group of consumers who share similar needs and wants and are capable of buying products. Is a group of customers that a business has decided to aim its marketing efforts and ultimately its merchandise.

Is the subset of the market on which a specific product is focused. Explain the concept of market segmentation. Market segmentation uses the division of a total market into smaller more specific groups.

The needs and concerns of each market segment can be met more directly and carefully. Mass marketing can be used to communicate a broad message to as many customers as possible. Explain the concept of marketing and identify the five forces that constitute the external marketing environment.

2Explain the purpose of a marketing plan and identify its main components. 3Explain market segmentation and how it is used in target marketing. 4Discuss the purpose of marketing research and compare the four marketing research methods.

The marketing concept involves identifying consumer needs and wants and then producing products which can be goods services or ideas that will satisfy them while making a profit. Relationship marketing entails forging long-term relationships with customers which can lead to repeat sales reduced costs and stable relationships. The idea of the marketing concept is to anticipate and satisfy the needs and wants of customers better than the competitors.

The marketing concepts were originally derived from the book of Adam Smith Wealth of Nation. It remained unknown to the world until the 21st century. Definition and Concept of Market Segmentation.

A market consists of all such people who have the willingness to buy and the capacity to buy a product or service. The market for a product or service is generally heterogeneous father than the homogeneous mass of customers. A set up where two or more parties engage in exchange of goods services and information is called a market.

Ideally a market is a place where two or more parties are involved in buying and selling. The two parties involved in a transaction are called seller and buyer. Explain the concept of marketing and identify the five forces that constitute the external marketing environment.

Explain the purpose of a marketing plan and identify its main components. Explain market segmentation and how it is used in target marketing. Discuss the purpose of marketing research and compare the four marketing research methods.

Describe the consumer buying process and the. Identify niche market opportunities. Niche marketing is the process of identifying segments of industries and verticals that have a large audience that can be served in new ways.

When you segment your target market you can find underserved niche markets that you can develop new products and services for. Marketing is defined by the American Marketing Association as the activity set of institutions and processes for creating communicating delivering and exchanging offerings that have value for customers clients partners and society at large 1If you read the definition closely you see that there are four activities or components of marketing. Marketing mix usually refers to the set of 4Ps viz.

Product price Promotion Place. But theoretically the marketing mix is a much broader term. Often the three additional Ps- process people physical evidence is also added and called 7 Ps of Marketing.

The role of the marketing mix is to synthesize the visible and invisible qualities of a product with the aspirations of the targeted clients. Marketing concept is a set of strategies that the firms adopt where they analyse the needs of their customers and implement strategies to fulfil those needs which will result in an increase in sales profit maximisation and also beat the existing competition. The marketing concept has been widely used by companies all over the world in the.

Market research is defined as the process of evaluating the feasibility of a new product or service through research conducted directly with potential consumers. This method allows organizations or businesses to discover their target market collect. It is made up of the company and its customers employees suppliers distributors advertisement agencies retailers research development with whom it has built a mutually profitable business relationship.

Competition is between the whole network for market share and NOT between companies alone. The market potential for any new brand is a function of at least 4 things as shown in Figure 11. Figure 11 The components of market potential.

It was possible to test customer reaction to the concept of the new tree-lifter by showing pictures line drawings and by. The marketing concept considers marketing as an integrated process of identification assessment and satisfaction of human needs and wants. It regards creation of customer and satisfaction of his wants as the justification of business.

Core Marketing Concepts source. Needs Wants and Demands Needs Marketing is a continuous process. Our marketers are individuals who enter in the market and have understanding of the activities of the marketing.

Advertising personal selling and sales promotion. Profit through maximum sales. Profit through consumer satisfaction.

Market segmentation is a marketing technique that involves segmenting a target market into smaller more defined segments enabling a business to conduct strong market research into customers. By participating in market segmentation researchers can reveal consumer experience insights product development innovation approaches suggestions for boosting customer loyalty and.