Different Markets that exist

markets

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Geo v Non

  • Geographical is where you can purchase fresh.fruit or vegetables for example in a market or a high street. Firms wishing to sell these products can take a stall in market and expect buyers. It brings buyers and sellers together.
  • Non-geographical markets allows increase in range of products bought and sold without buyers and sellers meeting, via internet, phone or credit card.
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MARKET-LED

Market Orientation

If a business is market-led it bases it's decisions on the customer needs. It would constantly monitor its 'environment' see what customers want, what competitors offer and changes in current market. This would ensure  that the product/ service matches the customer's needs.
The benefit of this is customer satisfaction and its directly meeting needs and is not risky.

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product-led

Product orientation

If a business is product-led it focuses more on what it can produce/ hopes it will fit the customers requirements, this is risky as it may make a irrelevant product. However it can work if customer has a limited choice than if lucky will produce product that is wanted.

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asset-led

Asset-led Marketing

(wiser choice) It looks for marketing opportunities --> match to firm's own strengths , it looks at the appropriate opportunities (given firms assets) e.g brand name, expertise, range.

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adding value

Adding value

Depends on benefits offered compared with price. More benefits something offers in relation to price (better value). Doesn't need to be cheap in relation to benefits it provides. To be competitive firm must at least match the value of the competitors (better value and win over customers)

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