Transcript What is a Market p1

What is a Market?
QCC’s:: 56
Objective

Identify and Define Market,
Marketing Concept, Industrial Market,
Consumer Market, Market Share and
Market Growth.
 Differentiate
between a MarketingOriented Business and a ProductOriented Business
What is “The Marketing Concept”
 Satisfying
customer’s needs
and wants
AND
 Making
a profit
MARKETING MIX
(4 P’s of Marketing)
 PRODUCT
 PLACE
 PRICE
 PROMOTION
PRODUCT
 Relates
to function of product
planning
 What to make or sell
 When to make it or sell it
 How much to make or sell
 Level of quality
 Packaging/Brand/Label
 Relates
PLACE
to the marketing function
of distribution
 Direct or indirect distribution
(use a middleman?)
 Where to sell?
 Level of intensity?
 Storage?
PRICE
Pricing
methods
Pricing strategies
Discounts?
Competition?
Profit margin desired?
PROMOTION
 Advertising
 Sales
promotion
 Public relations/publicity
 Personal selling
 Visual merchandising
Marketing-Oriented Business
 Primary
focus is on directing
company resources to produce
goods and services to meet
customers wants and needs
Involves the customers in
making decisions
Product –Oriented Business
 Produces
products with little
regard for customers wants and
needs
 Very little customer input for what
is produced
What is a Market?
All potential customers who share
common needs, and wants and
have the ability and willing ness to
buy the product.
Consumer
Industrial
Market
Market
Industrial Market
 All
potential customers buying for
business use
 Making
purchases for the manufacture
or resale of goods
Consumer Market
 All
potential customers buying for
personal use
 The person making the purchase
is the end-user
Market Share
 A business's
percentage of total
sales volume generated by all
competitors in a given market.
Market Position: The relative standing
a competitor has in a given market
compared to its competitors
Market Growth
 An
increase in the overall
value of a given market
Review

What is a Market

What is the difference between an
Industrial market and a Consumer market?

What is market share?

What is market growth?