Market is a set up where two or more parties engage in exchange of goods, services and information. Lets understand the concept of Market and different types of Markets in detail.
Articles on Market Segmentation
Market segmentation divides the complete market set-up into smaller subsets comprising of consumers with a similar taste, demand and preference.
Not all individuals have similar needs. Market Segmentation helps the marketers to devise appropriate marketing strategies and promotional schemes according to the tastes of the individuals.
A market segment consists of individuals who have similar choices, interests and preferences. Lets understand the steps involved in market segmentation process.
A mixture of several ideas and plans followed by a marketing representative to promote a particular product or brand is called marketing mix. The elements of marketing mix are often called the four P's of marketing.
Target Marketing refers to a concept in marketing which helps the marketers to divide the market into small units comprising of like minded people.
It is essential for the organizations to identify the set of people whom they want to target. To select a target market, it is essential for them to consider few factors. Lets study these factors in detail.
The process of creating an image of a product in the minds of the consumers is called as positioning. Marketers with the positioning process try to create a unique identity of a product amongst the customers.
Lets understand the Difference between - Market Segmentation, Targeting and Positioning.
The marketing mix is the combination of elements of the marketing strategy that are needed to actualize a marketing strategy. This article examines the marketing mix of a white goods product such as a microwave by a multinational seeking to enter the emerging markets in China and India. These markets have been chosen because the purchasing power of the consumers in these markets is increasing which offers an untapped opportunity for the multinationals. Further, a microwave has been chosen as the product because this product is yet to capture the hearts and minds of the consumers in these markets in the same manner that refrigerators and televisions have done.
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