Essay on Defining The Market Of Tucson Textile

1750 Words Dec 14th, 2014 7 Pages
1.1 Elements of marketing

There are various elements which is used in Tucson textile
“Marketing is defined as the activity, set of institution and processes for creating, communicating, delivering and exchanging offerings that have value for customers and society at large” (Termpaperwarehouse.com)
First you should analyze the market by doing researches of the consumer needs and wants and define the market of Tucson textile
Needs are the basic requirements of human and the state of felt deprivation including social, physical and individual needs. E.g. Food, Clothing, Shelter.
Wants are the ways and means of satisfying these needs and which is formed by the culture and individual personality. Different approaches could be adopted to select the markets which the Tucson textile targets.

The approaches can be first defining the market, segmenting, target market, positioning. The market can be successfully defined as by industry classification, by product category and by country.
Segmentation
Segmentation means dividing the market place into segments and it facilitates companies to target different groups of consumers who see the full value of certain products differently one another and these segments are definable, accessible, actionable and profitable.
Segmentation allows a seller to closely tailor his product to the needs, desires and paying ability of customers and allows the seller to concentrate on their resources, money and time. (Segmentation:Netmba.com)
(See Appendix…

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