Marketing, competition and customers

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  • Created by: Sangita G
  • Created on: 15-04-19 06:59

Marketing 

to identify, anticipate and satisfy consumer wants and needs

Market 

all consumers and customers who are interested in buying a product and have the financial resources to do so 

Target Market 

Businesses produce products for particular consumers

Customers 

An individual or business that buys goods and services from a business 

Consumers 

final user of a product 

Consumer markets 

markets for goods and services bought by the final consumer 

Industrial markets 

markets for goods and services bought by other businesses to use in their production process 

Business environment 

the combination of internal and external factos that influence the operations of a business 

The role of Marketing 

  • To identify and satisfy consumer needs
  • Building consumer relationships 
  • Helps survival in the business
  • Obtain, maintain and increase market share

Factors affecting demand 

  • Price of product
  • Price of competitor products 
  • change in consumer income 
  • Changes in population size and structure
  • changes in taste and fashion 
  • spending on advertising and other promotional activites 
  • changing customer needs

Why some markets become more competitve 

  • Government intervation in markets by using legal controls over markets and providing financial assistance to new businesses 
  • Development of ecommerce ( trading online and using websites ) and social networks 
  • free trade agreements between governments by removing barriers or reducing them 

Free trade 

no barriers exist that might prevent trade between different countries 

How

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