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Unit 3. The market - Coggle Diagram
Unit 3. The market
3.1. Market analysis. Potential, target and objective market.
Market Concept:
By market we mean the place where the forces of supply and demand come together to transact goods and services at a given price.
It comprises all persons, households, companies and institutions that have needs to be satisfied with the products of the suppliers.
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Potential Market:
It is made up of all the entities of the total market that besides desiring a service, a good, are in a position to acquire them.
Target Market:
The market segment to which a particular product is targeted. Generally, it is defined in terms of age, gender or socioeconomic variables.
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Target market setting can be selective (e.j., concentration strategy, market specialization) or extensive (e.j., total coverage, mass marketing or product specialization).
Target Market
A target market is a group of customers to which the organization intends to direct its marketing efforts.
It is important because good marketing planning starts with the organization deciding its market goals. Once the goals are established, the next step in the strategic planning process is to select and analyze the organization's target markets, which guides customers in matching market opportunities with the company's resources.
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3.3. Market research
Marketing research is an indispensable ingredient in the modern marketing concept, in which companies can serve their customer market well by researching their needs and wants, their location, their buying practices and so on.
The purpose of the research is to gather meaningful and continuous information about the marketing environment The firm's microenvironment consists of all the factors that have some effect on the firm's ability to produce and sell.
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