Market

What is a Market? A market is: An aggregate of heap who, as individuals or organizations, have involve for products in a product class and who have the ability, willingness and authority to purchase much(prenominal) products (conditions needed for an exchange). Types of markets: 1. Consumer Intend to consume or benefit, but non to make a profit. 2. Organizational/Business For: o Resale o Direct use in production o or public daily operations. Handout...Catering to Middle-Aged BBs... TM = Baby Boomers...40-60 year olds growth Attributes: High Powered Roomy Safety Features PRODUCTS: Toyota Avalon Oldsmobile Aurora Mercury Mystique Dodge Intrepid Chrysler Concorde Vision DONT necessitate THEIR FATHERS CAR!! conk To Contents Developing a posterior Market Strategy Developing a target market outline has three phases: 1. Analyzing consumer demand 2. Targeting the market(s) o undifferentiated o concentrated o multisegmented 3. Developing the market strategy Return To Contents Selecting Target Markets (Analyzing requisite) Need to aggregate consumers with similar needs.

Demand patterns: Do all potential customers have similar needs/desires or are there clusters? Types of demand patterns are: like Demand-uniform, everyone demands the product for the same reason(s). Very rare in the US, staple fibre foods... Clustered Demand-consumer demand classified in 2 or much identifiable clusters. IE Automobiles: o luxury o cheap o Sporty o Spacious Diffused Demand-Product differentiation more costly and more difficult to communicate IE Cosmetic market, need to stretch hundreds of shades of lipstick. Firms try to modify consumer demand to develop clusters of at least a moderate size. Or uses one MM. Return To Contents Targeting The Market Undifferentiated Approach (Total Market... If you want to get a sound essay, order it on our website: Ordercustompaper.com

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