Market And Marketing

By Author: Eric Opong
Total Articles: 2
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We have given different kinds of definitions to the word "market". I refer to it as a specific location where products are bought and sold."Market" is also referred to as the relationship between demand and supply of a specific product.
Markets fall into two categories:-Consumer markets and organisational or industrial markets.These categories are however, based on the characteristics of the individuals and groups that make up a specific market and the pride and ferrrell explain that a consumer market consists of purchasers.
An organisational or industrial market on the other hand, consists of individuals or group of people who purchase a specific kind of product for resale.
A target market is a group of people or organisations for which a company designs, impliments and mentain a marketing mix intended to meet the needs of a group, resulting in mutual, beneficial and satisfying exchanges.It might be understood that there is no company in this competitive world that can be proud of serving all consumers in a broad
market.The compelling reason is that customers are too numerous and diverse in their buying ...
... requirements.As a result of this,every customer-oriented company consciously has to identify it's market segments,which it can effectively serve.To them,segmentation involves identification of groups of individuals or organisations that have significant implications for determination of a marketing strategy.It is about dividing a diverse market into a smaller, more similar sub-markets.
You know the objective?It is aimed at identifying groups of customers with similar requirements,so that they can be served effectively while being of a sufficient size for the product to be supplied efficiently.It is the basis by which marketers understand their markets and develop strategies for serving their chosen customers better than competition.
A very important thing that marketers and marketing students need to understand is that segmentation provides the basis for selection of target markets.We will say that a target market is a chosen segment of the market which a marketer or company has decided to serve.

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