The market and marketing

• A market is where buyers and sellers come together and exchange their products for money
• Product-orientated businesses focus on the quality and price of the product before finding a market to sell in. These types of businesse usually produce basic needs.
• Market-orientated businesses focus on finding a market for their product before developing a product.
• Market-orientated businesses adapt their products based on customer feedback and market trends
• Market-orientated businesses conduct market research before developing a product to find consumer wants
• Marketing is identifying customers wants and satisfying them
• Most businesses have a Marketing department with a Marketing Director who oversees R&D, distribution, and pricing
• The Marketing Director controls departments such as Sales, Research and Development, Promotion, and Distribution
• Sales department is responsible for sale and distribution of products for each region, may include an export department
• Research and Development department finds consumer wants, develops new products, and improves existing products
• Promotion department handles advertising and promotion, operates within a marketing budget
• Distribution department transports products to their markets
• Objectives of marketing for a business include:

  • Increase sales revenue and profitability
  • Increase market share
  • Maintain or improve the image of a product or company
  • Target a new market or market segment
• SWOT analysis 

  This is a method to evaluate the statistics of a product of business. It assess these things: 

  • 

  Strengths (internal) 

  Weaknesses (internal) 

  Opportunities (external) Threats (external) 

  Strengths and weaknesses of a product are its internal factors, while opportunities and threats are external factors. 
• Market segments 

  Market segments are parts of a market which contains people which have 

  similar preferences for their products. The Marketing department should know which segment their product fits the most, so that they can advertise and sell their products to it. 

  There are two ways to segment markets. By the type of product or the attributes of 

  the customers buying it.
• Two types of markets segmented based on the product are:

  • Mass market: Where there is a large number of sales of a product
  • Niche market: A small market for specialised products
• Market segmentation based on people buying the product can include:

  • Income
  • Age
  • Region
  • Gender
  • Use of product
  • Lifestyle
• Targeting the right market segment is crucial as it can significantly increase sales
• By analyzing all market segments, a business may identify a segment whose needs are not being met, leading to a gap in the market
• Identifying a gap in the market presents an opportunity for a business to produce goods that cater to this gap, potentially increasing sales
• The marketing mix is a term that describes how products are marketed. Before marketing could be achieve, market research is needed.
• Marketing mix is the 4p's of marketing: Price, product, place and promotion
• marketing is identifying customers wants and satisfying profitably
• marketing is identifying customers wants and satisfying profitably
• Place - refers to where the product can be purchased from