A market is a group of customers, with similar needs, willing to buy a product in order to meet those needs (Perrault, Cannon, & McCarthy, 2015, p. 93).
A generic market is a non specific market, offering many ways to satisfy multiple consumer needs (Perrault, Cannon, & McCarthy, 2015, p. 94). According to Eric Dontigney, grocery stores and restaurants can all meet everyones need for food. Daunting explains how the need is met is less important as long as the need is met. The generic market are all people that eat. Contrary to this, the product market according the Perrault, Cannon and McCarthy (2015), is a market of people with close needs who are offered very close limited ways of satisfying those needs (p. 94). The example Dontigney uses
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The internal or direct marketing environment involves a company, its competitors, and its customers. In contrast, the external marketing environment is influenced by the economic, technological, legal/political, and cultural/social environments (Perrault, Cannon, & McCarthy, 2015, p. 62).
Perrault, Cannon, and McCarthy (2015), defines the gross domestic product (GDP) as a way to get the total market value of a good every year by residents or non residents of the country (p. 79). In addition, they explain the gross national income (GNI), is very similar to GDP, however GNI does not include foreign income (p. 79).
3. In an article written by Shane Jones, the consumer buying process is discussed. Before the consumer buys a product, they must have a problem causing them to need or want your product. Next, the consumer will begin to research the brand they are looking for. Customers will evaluate all of their alternatives even if know which particular product they want. The purchase decision is where the profit is either made or lost. The customer will finally decide to buy something, therefore the marketers need to make sure they make this process is simple and easy so they do not lose the customer. Finally, after the customers buy a product they will evaluate the decision they have made to deicide whether or not they want to keep or return the product
This report aims to provide a mix review of theories and personal case study. I will apply two consumer behaviour theories in relation to my own purchase decisions.
For instance, convenience offerings are low-priced goods that consumers can effortlessly acquire because they are relatively ubiquitous while shopping offering requires the consumers’ effort in comparing and contrasting various brands and retail outlet to find the best product at a good price. Besides, while convenience products are needed on a daily basis, shopping goods may not be required on a daily basis and it has a higher price compared to convenience goods. (Tanner & Raymond, 2010). Furthermore, specialty products are different from convenience and shopping offering because it is more expensive from the previous offerings and it is also not commonly sold in retail outlets. The consumers are few and the products are purchased less frequently, which give it a high margin profit. Finally, unsought offerings are different from all because they could be acquired even when it may be unnecessary at the moment. It is a product of circumstance by any
Conclusion Companies are better able to market their products to consumers if they have a good Understanding of the consumers and the basic purchase decision process. By understanding the consumer and the type of purchasing behavior associated with different products, marketers are more likely to create a marketing campaign that positively impacts the consumer’s purchasing decision.
Market segmentation allows marketers to easily categorise customers in order to identify target markets and products for certain types of customers. Elaborating on this, Pine, Peppers and Rogers (1995) mention that market segmentation is a set of broad characteristics that focus on a group of customers. Furthermore, Kotler (1988) states that segmentation is the act of separating a specific set of customers, that open up markets, with apparent needs, behaviours and characteristics that require specific products. With this being said, marketers use this foundation in order to build and gain more information to target certain markets.
Markets exist for the vast majority of goods and services. Markets can be defined broadly or narrowly. For example there are the consumer goods, capital goods, commodities, financial and labor markets. Each of these broad categories can be broken down into more specific markets. For example within the financial market there are markets for foreign exchange and for long term loans, within the corn modifies market there are the markets for corn and copper and within the consumer goods market there are the markets for clothes and cars. Prices usually play an important role in these markets.
GDP measures the total value of all goods and services produced within that territory during a specified period. GDP is used to measure a country’s wealth. Basic’s of life, food, etc. shelter and clothing is not likely available to most people in poorer countries. The.
Every company wants to understand why people decide to buy its products or others. Firstly, we have to understand why people buy certain kind of product. People buy products because they need them. A need is activated and felt when there is a sufficient discrepancy between a desired or preferred state of being and the actual state. (Engle£¬Blackwell and Miniard. 1995. p407 ) For example, when you feel hungry, what you needs is some food. It is very important for marketer to understand the needs of consumers. All the consumers may have the same needs, but the ways which they satisfy what they need are different. Here is a example, Chinese people would choose rice when they feel hungry, whilst British people may choose bread to satisfy their needs.
In agricultural markets, farmers sell homogenous products. There are a large number of sellers and buyers, since crops are essential foodstuffs. Farmers and buyers are
In conclusion, it can be said that global marketing has been emerged very rapidly in recent years. It has provided various opportunities for the companies to expand their business to the other regions of the word. However, there remain certain environmental issues that need to be considered before entering in to the desired region. These issues can be resolved with designing the strong global marketing plans and strategies, the data for which can be gathered through conducting global market research. Despite numerous issues, one can easily say that globalisation has reduced the global reach of the organizations as well as customers. It would not be wrong to conclude that
A good definition of marketing is the process of the intermediary function between product development and sales. (Reddy ) The field of marketing entails taking a generic product or generic service (the product or services do not have to be “generic” they may be actually unique to the marketplace) and associating the generic product with a brand name (Petty 2001). Under this generic concept are the activities of advertising, public relations, media planning, sales strategy and so on.
For a marketing orientated business, the findings from any research will be put to use primarily to aid the business in satisfying the needs and wants of its customers; this type of business has become more popular since 1970, where prior to this business’ were production orientated (until the 1950’s) where the business was concerned with improving its distribution methods, and product orientated (until the 1960’s) where the business’ main concern was the product rather than the satisfaction of the customer. The idea of a marketing orientated business has been explored by Fahy and Jobber (2012) who concurred that a market orientated business is one that considers its customers and the external environment to be an intricate part of the business; This type of business will explore the different aspects of the external environment, and take from its observations ways in which it can continue to trade in an effective, profitable way. A marketing orientated business will also use its findings to help it take advantage of any opportunities in a market and to lessen any threats that could be...
According to Kotler (2012), Marketing is about identifying and meeting human social needs, thus it is not only about advertising and promotion it is more than this. It includes setting competitive price, communicating effectively with potential and existing customers and also introduction of new products.
Too often, a marketing function is misunderstood, because many people do not understand what is meant by ‘Marketing’.
Traditionally, marketers were focused mainly on selling a product. They started with production and marketing was done while selling and promoting the product to attain sales at a profit. In this technique, they were of the view that the product should be brought in the market with an aggressive selling strategy and imposed in the market through promotional pressures. Their marketing purview was limited to 4P’s which are product, promotion, price and place for profit maximisation.
Analysis of the external environment is very important for the development strategy of the organization and a very complex process requiring a process tracking and assessment factors and also the establishment of links between those factors and the strengths and weaknesses as well as opportunities and threats. External environment has its complexity and uncertainty. It is obvious that without knowing the environment the organization can not exist. The organization studies the environment in order to secure a successful progress towards its goals.