Understanding Marketing

UNDERSTANDING MARKETS : MARKETINGIntroductionThe principal purpose of food market place is to drive and at the same time facilitate exchange . Individuals and groups win what they strike and want by exchanging products and services with other parties through with(predicate) merchandising . With egress these parties , exchange is unable to happen since these parties be the ones communicating al more or less and delivering what they fag end offer . All parties should be able to freely play or reject what others are offering . and then , marketing is diametric from other modes of acquiring goods much(prenominal) as through crush , theft , begging , or br self-productionMarketing is said to be diversified , which means it does not mend to any contingent type of economy since goods should be bartered and marketed in alone types of economies and societies . In addition marketing is not trammel to profit-oriented business (Abell and Hammond , 1979 ,.78 ) different institutions including hospitals , schools and museums also make use of different forms of marketingThe consumers of today go bad determined themselves as having unique of necessity and wants . In fact , more or less consumers demand that businesses understand and come upon those said needs . In to satisfy consumers , major marketers have shifted from casting a wide marketing net everyplace a extensive crowd to selling to a large number or so far off millions of unmarried(a) consumers . This shift practicall(a)y leads to tar pain in the ass specific consumer segmentsTar start out MarketingTarget marketing is a process where a market is broken into segments in for a company to contracting on one or a few key segments . around businesses obtain advantages and benefits from target marketing as it provides focus to all aspects of marketing processes . Tar! get marketing makes the basic marketing processes much(prenominal) as promotion , pricing distribution easier and cost-effective (Cornwell and Drenan , 2004 script of Macromarketing , vol . 24 , no . 2 , pp .

108 ) Say , if one plans to jumpstart a small business much(prenominal) as a catering business , instead of doing advertisements with a news , the individual could start targeting a market with a direct start campaign , which only goes to specific residents rather than using the newss that goes discover to everyoneSome of the most common types of target marketing include geographical division , psychographic cleavage , and demographic segmentation Geographic segmentation pertains to locations such as home addresses psychographic segmentation pertains to lifestyle preferences such as pet lovers , health buffs , or urban dwellers and demographic segmentation pertains to statistics that are measured such as income or ageTarget marketing has several advantages when applied to businesses These include the following (Cornwell and Drenan , 2004 , script of Macromarketing , vol . 24 , no . 2 , pp . 117-121Targeted Communication - As a business plans to apply target marketing it is important to agnize how to communicate in a segment-specific way This is true even if the product or service being offered is identical in all market segments . Target marketing stimulates targeted communication to focus the features of a product or service that are most relevant to a particular segmentHigher Market Shares - Target marketing allows marketing activities to be targeted at attractive market...If yo u want to get a full essay, order it on our website: ! OrderCustomPaper.com

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