Management

In mart place placeing, the term market refers to the group of consumers or organizations that is implicated in the increase, has the resources to purchase the product, and is permitted by law and other regulations to embrace the product. The market definition begins with the entire population and progressively narrows as shown in the following diagram.
Market Definition
Conceptual Diagram

Beginning with the total population, various terms are used to describe the market based on the level of narrowing:
* Total population
* emf market - those in the total population who have spare-time activity in acquiring the product.
* Available market - those in the potency market who have enough money to buy the product.
* suitable available market - those in the available market who licitly are permitted to buy the product.
* Target market - the segment of the equal available market that the firm has decided to serve (the served market).
* Penetrated market - those in the target market who have purchased the product.
In the higher up listing, product refers to both physical products and services.
The size of it of the market is not necessarily fixed.



For example, the size of the available market for a product can be increase by decreasing the products price, and the size of the qualified available market can be increased through changes in legislation that result in few restrictions on who can buy the product.
Defining the market is the firstborn step in analyzing it. Since the market is likely to be unruffled of consumers whose needs differ, market segmentation is useful in differentiate to come apart understand those needs and to select the groups within the market that the firm will serve.
The Marketing Concept

The marketing concept is the philosophical system that firms should analyze the needs of their customers and then make decisions to satisfy those needs, better than the competition. Today most firms have adopted the marketing concept, entirely this has not always been the...If you want to get a estimable essay, order it on our website: Orderessay



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