Almost all industries and markets are considered very competitive. Due to this, it is important for marketers to understand their market opportunities in order to keep up with competitors. The cellular phone manufacturing industry has a huge selling market. The companies involved try to establish a competitive advantage by adding new features to their products. In order for marketers to form these advantages, they look at internal resources, environmental context (social, economic, and technology trends), relative strengths and resources of competitors, as well as needs and wants of customers (Walker and Mullins).
The Market for mobile telephony has become an attractive one. Consumers have become very reliable on their devices that these products have become a “can’t do without.” With a competitive market companies such as Nokia, Samsung, Blackberry, and Apple have brought in countless new features to their products (Walker and Mullins). Examples such as the cellular …show more content…
While the both have some similarities, they make the two terms confusing and are different when you break down both market and industry. Market is a place where buyers and sellers connect; they are then able to create transactions for their own need or want of either a product or service. An industry on the other hand, companies produce a similar item to fill the market, whether it is a substitute item or perhaps just another brand of the same item. An easy way to differ market from industry is simple, you can’t go to an industry and buy a variation of items. For example, A supermarket such as Wal-Mart you can buy multiple types of merchandise from food to technology. An industry can be defined as an entire market such as the cement industry. However, this is where the terms may get confusing to people, while the cement industry is considered an entire market, that is all the cement industry produces,
The Market for mobile telephony has become an attractive one. Consumers have become very reliable on their devices that these products have become a “can’t do without.” With a competitive market companies such as Nokia, Samsung, Blackberry, and Apple have brought in countless new features to their products (Walker and Mullins). Examples such as the cellular …show more content…
While the both have some similarities, they make the two terms confusing and are different when you break down both market and industry. Market is a place where buyers and sellers connect; they are then able to create transactions for their own need or want of either a product or service. An industry on the other hand, companies produce a similar item to fill the market, whether it is a substitute item or perhaps just another brand of the same item. An easy way to differ market from industry is simple, you can’t go to an industry and buy a variation of items. For example, A supermarket such as Wal-Mart you can buy multiple types of merchandise from food to technology. An industry can be defined as an entire market such as the cement industry. However, this is where the terms may get confusing to people, while the cement industry is considered an entire market, that is all the cement industry produces,