What is a Market? QCC’s:: 56. Objective Identify and Define Market, Marketing Concept, Industrial Market, Consumer Market, Market Share and Market Growth.

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Presentation transcript:

What is a Market? QCC’s:: 56

Objective Identify and Define Market, Marketing Concept, Industrial Market, Consumer Market, Market Share and Market Growth. Identify and Define Market, Marketing Concept, Industrial Market, Consumer Market, Market Share and Market Growth. Differentiate between a Marketing- Oriented Business and a Product- Oriented Business Differentiate between a Marketing- Oriented Business and a Product- Oriented Business

What is “The Marketing Concept” Satisfying customer’s needs and wants Satisfying customer’s needs and wantsAND Making a profit Making a profit

MARKETING MIX (4 P’s of Marketing) PRODUCT PRODUCT PLACE PLACE PRICE PRICE PROMOTION PROMOTION

PRODUCT Relates to function of product planning Relates to function of product planning What to make or sell What to make or sell When to make it or sell it When to make it or sell it How much to make or sell How much to make or sell Level of quality Level of quality Packaging/Brand/Label Packaging/Brand/Label

PLACE Relates to the marketing function of distribution Relates to the marketing function of distribution Direct or indirect distribution Direct or indirect distribution (use a middleman?) Where to sell? Where to sell? Level of intensity? Level of intensity? Storage? Storage?

PRICE Pricing methods Pricing methods Pricing strategies Pricing strategies Discounts? Discounts? Competition? Competition? Profit margin desired? Profit margin desired?

PROMOTION Advertising Advertising Sales promotion Sales promotion Public relations/publicity Public relations/publicity Personal selling Personal selling Visual merchandising Visual merchandising

Marketing-Oriented Business Primary focus is on directing company resources to produce goods and services to meet customers wants and needs Primary focus is on directing company resources to produce goods and services to meet customers wants and needs Involves the customers in making decisions Involves the customers in making decisions

Product –Oriented Business Produces products with little regard for customers wants and needs Produces products with little regard for customers wants and needs Very little customer input for what is produced Very little customer input for what is produced

What is a Market? All potential customers who share common needs, and wants and have the ability and willing ness to buy the product. Consumer Market Consumer Market Industrial Market Industrial Market

Industrial Market All potential customers buying for business use All potential customers buying for business use Making purchases for the manufacture or resale of goods Making purchases for the manufacture or resale of goods

Consumer Market All potential customers buying for personal use All potential customers buying for personal use The person making the purchase is the end-user The person making the purchase is the end-user

Market Share A business's percentage of total sales volume generated by all competitors in a given market. A business's percentage of total sales volume generated by all competitors in a given market. Market Position: The relative standing a competitor has in a given market compared to its competitors

Market Growth An increase in the overall value of a given market An increase in the overall value of a given market

Review What is a Market What is a Market What is the difference between an Industrial market and a Consumer market? What is the difference between an Industrial market and a Consumer market? What is market share? What is market share? What is market growth? What is market growth?