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MARKETING (**Types of markets:
Target market
Local market
Global…
MARKETING
**Types of markets:
- Target market
- Local market
- Global market**
Today the Market is Market-oriented: researchers try to find out what consumers want before making the final product
The market can be segmented according to the characteristics of the buyers. This is called MARKET SEGMENTATION
The main Objective is to identify gaps in the market (where there are consumers' needs that are not being met)
A MARKET SEGMENT can be broken into 4 components:
- Where are the customers?
- Who needs the product service: details on gender, age, family, educational level, occupation...
- Why would customers need the product or service
it is useful to gather/collect info on personality and lifestyles in order to identify customers' buying pattern
- How do customers behave when they buy a product
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How do you find the gap in the market?TARGETED MARKETING
One way to identify a business opportunity is a market map: a diagram that identifies all the products in a market using two features:
1 Quality / Price
- Simple / Complex
low tech / high tech
The first time that the term appeared was on 1956 and it was introduced by Wendell Smith in an article on marketing strategies
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Target market: a particular group of consumers which will buy the product
Local Market: includes customers located within the region the product or service is produced or made available
Marketing is everything a company does to gain customers and maintain relationships with them.
It includes:
- Predict the consumers' wants and needs
- develop a suitable product
- set the right price
- ensure the product is sold in the right place
- promote the product in order to capture the market share
the importance of the 4 Ps https://www.mindtools.com/pages/article/newSTR_94.htm
Market Share: A percentage of total sales volume in a market captured by a brand, product, or company.
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