Market Essay

8045 Words Aug 16th, 2011 33 Pages
After reading this module, students should:
Know why marketing is important
Know what is the scope of marketing
Know some of the fundamental marketing concepts
Know how marketing management has changed
Know what are the necessary tasks for successful marketing management
Know scope and importance of marketing
Know what are the recent trends of marketing
Know what are the different levels of market segmentation
Know how a company can divide a market into segments
Know how a company should choose the most attractive target markets
Know what marketing mixes are.

From a managerial point of
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There are five competing concepts under which organizations can choose to conduct their business: the production concept, the product concept, the selling concept and the marketing concept.
Target marketing includes three activities: market segmentation, market targeting, and market positioning. We can target markets at four levels: segments, niches, local areas, and individuals. Market segments are large, identifiable groups within a market. A niche is a more narrowly defined group. Globalization and the Internet have made niche marketing more feasible to many. Marketers appeal to local markets through grassroots marketing for trading areas, neighborhoods, and even individual stores.

More companies now practice individual and mass customization. The future is likely to see more self-marketing, a form of marketing in which individual consumers take the initiative in designing products and brands. There are two bases for segmenting consumer markets: consumer characteristics and consumer responses. The major segmentation variables for consumer markets are geographic, demographic, psychographic, and behavioral. Marketers use them singly or in combination.

Business marketers use all these variables along with operating variables, purchasing approaches, and situational factors. To be useful, market

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