• Industrial market -this is generally companies who conduct business in hard goods such as plant & machinery, vehicles and materials. 1.2 Explain the nature of interactions between businesses within a market. The interactions between businesses within business markets can include the
P1: Describe customers in four different contexts: A Market: A market is a place where demand and supply operate. Buyers and sellers interact to trade their good and services. (What is a market? , n.d.) When developing a new product or service to sell to the public, it is good for a business to consider whether there is a market. If there is, it could determine if the product or service will be successful.
Capacity saturated market is assessed on the basis of industrial and foreign trade statistics. Statistical data sales of a particular product should be studied in dynamics and in comparison with the dynamics of the factors, which determine them. If the market is not saturated, determination of the circle of potential buyers is important in identifying the market capacity. Prospect analysis of the market specific product or respective economy includes assessing the short term and long term trends, which are the basis for the later development of marketing programs. 2.
In a short word, marketing segmentation strategy are correspond to the target needs to effectively its own branding position relative to the identified market segment. Concept of global market segment The concept of global market segmentation are the most hot issue in the company marketing in the roles of positioning, developing and distribute an unit selling technique to sell product across the specific target national boundaries. The market segment potential customer are in similarity purchase behaviour. Market targeting as a process of evaluating the segment and focusing on the business market efforts on targeted country, nation of consumer which the company seen as potential audience to respond, example as those customer which have most effectiveness, efficiencies and able for profitably. The positioning of the marketing is required to differentiate the current product image of company brand in the target audience minded.
The company's primary goal in the marketing mix is to make it widely known that it carries these product categories and make it easy for customer to locate and purchase them. In Customer-Based Marketing Strategies, it is begin by identifying the company's target customers. Market research finds the customers most likely to purchase the company's existing or planned products, then builds a profile describing how to reach and engage those customers. The company marketing mix , including the features of the product itself, are tailored toward the customer segments chosen. These segments may be broad or as narrow as one individual customers.
When a large number of people settled to agree on one direction, the market would come to a trend where it could sustain itself for years. As Voss (2010) stated, a product market is a dynamic exchange that changes over time. The huge number of competitors, the variety of product offerings, and necessity of customer market are in constant flux. The market is driven by relations between sellers who examine the product and prices to gain market share and customers who have assorted and changing
Promotional mix is the coordination of the marketing activities which includes sales promotion, publicity, advertising, direct marketing and personal selling. It is a coordination of activities that you will perform to directly interact with your customers. Promoting the products is important for any business because of the lasting impact of promoting has on customers. The promotion mix is the essence of what promoting is and how promoting it is done effectively. Advertising, sales promotion, personal selling, public relations, and direct marketing comprise the promotion mix.
As the matter of fact, the definition actually shows that the function of marketing is the art of selling products, and in other words it is about the way companies or producers convincing their customer in a large civilization. There are five basic markets, and each of them is influenced with one another either directly or indirectly, they are: Manufacturer Markets, Consumer Markets, Government Markets, Intermediary Markets, and Resource Markets. As the Kellogg’s Company is the Manufacturer Markets, so the most market they concern about is the Consumer Markets, and between those two main markets lie a connector called the Intermediary Markets, thus, precisely the process of marketing takes place twice. First, it happens in the Manufacturer Markets when the company endeavors to not only accomplish the demand of their customer, both in the quality and the quantity of their products, but also establish the price of the product. Furthermore, as what Neil H. Borden state on his writing “The Concepts of the Marketing Mix” (2001), Manufacturers Market have twelve elements of Marketing Mix, such as: 1.
Marketers, in assessing the market size trends within a market, they conduct research using profiles of the key players in the given industry. An example of an industry a study on the market size trends may be conducted is the baby food and infant formula industry. In analyzing such trends, one would find that vendors are investing heavily in developing eco-friendly, innovative and recyclable alternatives to traditional packaging. Moreover, an analysis would be made based on an in-depth analysis of the baby food and formula market analysis with contribution from the industry experts. The major drivers in the market include; favorable demographic factors, high incidence of malnutrition in babies, increasing demand for formula as a substitute