Marketing is Anticipating, and satisfying, customers wants and needs, efficiency and profitability, Marketing includes
- Market Research
- The Marketing Mix
What is the purpose of Marketing?
- To make profit, essentially by improving sales
- To remind the customer of your product through promotion
- To see what the customer wants by offering their product
- To link the product to the brand and create a brand association
- To communicate and offer competition to other businesses (to compete)
There are two types of business orientations, Business to Business where businesses sell products to other businesses, such as tools, office equipment and building supplies. Business to Customer is more noticeable to individuals as it is more prominent and most common.
Marketing begins by setting a goal or objective that defines what the company wants to achieve, and when it hopes to reach these goals.
They then create a marketing strategy, to outline how they will bring in what they wanted to reach their objective.
What defines a Market?
A market is anywhere that brings together buyers and sellers with a view of exchanging goods and services. The location can be physical, national global, physical or electronic.
A niche market is a small or select group of a larger market. Niche markets generally have a smaller cohort of customers interested in the product, however some businesses sell their products at a high price to compensate for lost sales.
Market size is the total volume or value of all sales of a particular group of products. Market growth is the percentage change in market size over a period of time. Market share is the percentage of the market achieved by one firm, or brand, or product.
Markets can be dynamic, which means they change quickly or stable, where any change is fairly small. Dynamic markets are becoming more and more common as technology advances to new greats, incorporating new techniques mean a business can become obsolete.