What is a Market?

Jun 29th, 2015
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A market exists where buyers and sellers are in contact with each other in order to buy or sell consumer goods, industrial goods, and services.

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MarketingWhat is a Market?A market exists where buyers and sellers are in contact with each other in order to buy orsell consumer goods, industrial goods, and services.Marketing refers to a sellers anticipation, identification, and satisfaction of their marketsbuyers (in a profitable and cost-effective manner) in order to maximise sales and revenue.The main marketing activities are:y Market researchy Market segmentation and targetingy Product developmenty Pricingy Placement and distributiony Promotion and advertising.The Marketing EnvironmentThe marketing environment (i.e. market) is affected by the following factors which willhave to be accounted for if marketing is to be effective.y Market competitiony Economic forcesy Market growthy Market sharey Consumer behavioury Governmenty Technologyy Nature of the good or service.The behaviour of consumers is affected by their:y Agey Locationy Occupationy Marital statusy Taste and fashiony Gendery Incomey Educationy Social statusy Personalityy Motivation and lifestyle. Higher StillNotesHigher Business Management Notes Unit 2 Business Decision AreasPage 2 www.hsn.uk.netHSN82200What is the Marketing Mix?The marketing mix is the specific combination of product, price, place and promotion,which will satisfy the needs of an organisations market or market segment.Why is this Important?y It provides the organisation with competitive advantagesy It improves organisational performanc

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