Market

Market

Definition
1. A place where buyers and sellers meet to agree prices and trade.
Marketing Mix
1. 4 P's : Product, Place, Price & Promotion
Examples
1. Wholesale markets
2. Online Market (e.g. ebay, amazon)
3. Industrial Markets (Sales of goods between businesses)
4. Services (e.g. hairdressers, car wash)
5. Physical markets (e.g. retail/department stores)
Market Orientation
1. Definition - A business approach that focuses on identifying and meeting the stated needs/wants of consumers
Market Segmentation
1. A technique used to enable a business to target its products at the right customers.
2. Examples - Product Sampling, Questionnaires
3. Advantages
  1. A competitive advantage can be gained in a particular part of a market
  2. More efficient use is made of market resources - less waste
  3. Products can be aimed at exactly what the customer wants
  4. Improves customer satisfaction
4. DIsadvantages
  1. Costly - Research, stock holding, advertising etc
  2. Limits general popularity
Market Mapping
1. Plotting various market conditions on a map to identify trends between consumers and products. It can help businesses locate problem areas and figure out the source of the problems
2. Advantages
  1. A business can see where they are and what type of business they are in the market
  2. They can see how they are different to other businesses in that market
  3. They can identify whether they are a niche in that market
3. Disadvantages
  1. A business may lie about what type of business they are which will affect the market map
  2. Time consuming
Niche Market
1. A small section of a much larger market who sell specialist products which are designed to meet the needs/wants of customers which other business fail to meet
  1. Examples:
    1. Left-handed pen makers
      1. Polish food restaurant

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