Marketing

• Marketing?


  Selling of products or service and the activities which aids to sell out a product
• Role of marketing?

  1. Identifying the needs and wants of customer
  2. satisfying customer needs
  3. maintaining customer loyalty
  4. building customer relationship
• Why customers spending pattern may change?

  • income level of customer
  • price of product
  • price of competitors
• Reactions of a business towards spending pattern?

  • reduce price
  • increase quality
  • upgrade products
• Niche Market?


  developing products for a small segment of the whole market
• Mass market?


  selling products to the whole market
• Advantages of niche market?

  • small firms are able to survive and earn profit
  • less competition
• Advantages of mass market?

  • changes in customer spending pattern have less effect
  • High profit and High sales
  • achieve large economies of scale
• Disadvantages of mass market?

  • more competitors
  • customers expect unique products
• Disadvantages of niche market?

  • small change in customer spending pattern creates a large effect
  • unlikely to achieve economies of scale
• segmentation?


  dividing the whole market into segments by customer characteristics and then targeting the products to each segment
• Benefits of segmentation?

  • Eliminate competitors
  • meet demand at any time
  • help change price of products