The market is the arena for potential exchange . A market is the physical size of buyers and sellers who have some need or want have resources and are also willing to participate in the transaction . There are various types of markets such as the resource markets (raw materials market, labour market,and money market ) the manufacturer market , the intermediary market (wholesale and retail market) the consumer market ,and the government market.
The market place is physical . In the modern world where online marketing and e-commerce is gaining popularity the marketspace has become relevent . The marketspace is the digital presentation of offerings buying and selling activities through the Internet so it must useful and important.
Marketers are cluster of related products and services offered by a variety of firms. For example , the housing meta market consists of landowners housing companies construction companies , manufactures of construction materials , banks and many others . Such meta-markets can be found in other areas such as automobile market, and books market.
An organisation can not operate in every market and satisfy every category of needs . The marketer has to define the area in which it performs the marketing activities . The defined market is the target market for the business organisation.
The target market is located by the process of market segmentation. Market segmentation involves dividing the total market into smaller market segments. The target market segments are identified by examining demographic , psychographic, and behavioral differences among the buyers.
The firm develops product or service offers according to the needs of the market segments . The marketer creates certain position (images) about the product or service . The image is established in the mind of the buyers through a positioning strategy . If we are going to start our own business than we have to get knowledge about the market . And if we are going to invest our money , than we have to follow this rules, do not put all the egg in a bucket . If bucket fall down all egg will be broken. So invest our money in different business and get profit and reach to business goal.
Geographic segmentation is the most primary form of market segmentation. The Following geographical variables can used for market segmentation purpose.
1) Area: most organisations decide the geographic area of their operation in terms of countries , districts and cities . The purpose of area segmentation is to determine the location of consumers in a particular geographical area .
2) Topography and climate: Topography and climate , to a large extent affect the product needs of the market as well as the variation in the packaging and distribution systems. An organisation selling in the Nepalese market may segment the total market into Tarai, mid mountain and the himalayan markets.
3) Population: The population density determines the size of demand for the product. When population density variable is used in the market is normally segmented into urban ,sub urban and rural markets.
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The company 's objectives and policies , organization structure and resources and strong influences on the marketing activities. The marketing manager needs to persuade the top management to change the organisational goals and policy, increase the resources and modify the organisation structure according to the need of the market.
The organisation's objectives and policy provide a framework within which the marketing activities need to be conducted . Organisation with profit maximization objective does not normally allow freedom to marketing to introduce an after sales program at the cost of profitability . An organisation that targets at creation and retention of satisfied customers will allow marketing to operate with the greatest degree of operational freedom.
Resources available to the organisation set a limit as how far the marketing program can go . Financial resource available with the company affects the size of the marketing budget . Human resources often limit production and marketing of new product . Technological resources affect innovations.
Competition is a major environment variable in marketing . The organisation to be successful in the market should be able to deliver greater customer value and satisfaction than its competitor . In evaluation of the competitive environment , the organisation should determine the type , extent and level of competition in the business market.
Competition can come from domestic products as well as imported products. Competition can be generic ,form , industry and brand.
The industry competition results out of similar products satisfying the needs . For example , the first need can be satisfied by a variety of soft drinks in which the soft drink companies compete among themselves at the industry level. This type of competition affects the marketing activity of the organisation to a large extent and should be evaluated by the organization while designing marketing program for its products.
Distribution is often termed as the other half marketing in the business indicating towards the high weight it receives in the marketing program of an organisation . Distribution is a major element in marketing of goods although its role in marketing of service is not so important .
Producers often treat their distribution system as an asset . They often make large investments to build a distribution system and make regular expenses to maintain and enhance their efficiency for the business.
Distribution plays very important role in marketing in the areas of delivering satisfaction to the society value addition on the product providing production means and channels of communication and employment to large number of people directly and indirectly involved in distribution of products.
So distribution plays main role to get success in business and reach to goal .
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Firms today launch hundreds of products in the market . Some products become successful and many others fail to gain market acceptance. Marketers are forced to work in an uncertain environment. They often develop and launch products without knowing how consumers will react to the new products Even with the support of market research new product failures have haunted companies ranging from large multinationals reasons for product failures, the common ones are as follows.
The must common reasons for product failures have been technical problems resulting in less than satisfactory performance of the product in actual use situation . The solar powered vehicle, wind based power generation , and many drugs failed mainly because they could not perform as expected by the buyers.
firms often overestimate the market demand for new products. When the products are launched in the market firms find the demand to be very slow . The slow demand often forces financially weak companies to withdraw the new product from the market.
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