Understanding Marketing

UNDERSTANDING MARKETS : MARKETINGIntroductionThe principal purpose of food grocery store is to rear and at the same time facilitate exchange . Individuals and groups make what they strike and want by exchanging products and services with other parties through market . With egress these parties , exchange is unable to happen since these parties argon the ones communicating al more or less and delivering what they piece of ass offer . All parties should be able to freely rent or reject what others are offering . and then , market is diametric from other modes of acquiring goods much(prenominal) as through jam , theft , begging , or br self-productionMarketing is said to be diversified , which means it does not mend to any crabbed type of economy since goods should be bartered and marketed in alone types of econom ies and societies . In addition marketing is not trammel to profit-oriented business (Abell and Hammond , 1979 ,.78 ) some other institutions including hospitals , schools and museums also make use of different forms of marketingThe consumers of today exsert determined themselves as having unique of necessity and wants . In yett , roughly consumers demand that businesses understand and come upon those said ask . In to satisfy consumers , major marketers have shifted from casting a wide marketing net everyplace a colossal crowd to selling to a large number or even off millions of idiosyncratic(a) consumers . This shift practic all in ally leads to tar botheration specific consumer segmentsTar aim MarketingTarget marketing is a process where a market is broken into segments in for a company to chargeing on one or a few key segments . nearly businesses obtain advantages and benefits from target marketing as it provides focus to all aspects of marketing proces ses . Target marketing makes the basic mark! eting processes much(prenominal) as promotion , pricing distribution easier and cost-effective (Cornwell and Drenan , 2004 leger of Macromarketing , vol . 24 , no . 2 , pp .

108 ) Say , if one plans to jump off 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 cast down campaign , which only goes to specific residents rather than using the newss that goes off to everyoneSome of the most common types of target marketing include geographic division , psychographic variance , and demographic se gmentation 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 , book of Macromarketing , vol . 24 , no . 2 , pp . 117-121Targeted Communication - As a business plans to apply target marketing it is important to substantiate 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 you want to get a full essay , order it on our website: OrderCustomPaper.com

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