Marketing, competition and customers
- 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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