Understanding Marketing

UNDERSTANDING MARKETS : MARKETINGIntroductionThe principal purpose of food merchandise is to kindle and at the same time facilitate exchange . Individuals and groups succeed what they strike and want by exchanging products and services with other parties through and through selling . With egress these parties , exchange is unable to happen since these parties atomic number 18 the ones communicating al more or less and delivering what they dope offer . All parties should be able to freely use up or reject what others are offering . and then , merchandising is diametric from other modes of acquiring goods much(prenominal) as through durability , theft , begging , or br self-productionMarketing is said to be diversified , which means it does not mend to any peculiar(prenominal) type of economy since goods should be bartered and marketed in alone types of economies and societies . In addition marketing is not trammel to profit-oriented business (Abell and Hammond , 1979 ,.78 ) early(a) institutions including hospitals , schools and museums also make use of different forms of marketingThe consumers of today strike determined themselves as having unique of necessity and wants . In fact , almost consumers demand that businesses understand and come upon those said require . In to satisfy consumers , major marketers have shifted from casting a wide marketing net everyplace a huge crowd to selling to a large number or make up off millions of individual(a)(a) consumers . This shift practic ally leads to tar ache specific consumer segmentsTar give way MarketingTarget marketing is a process where a market is broken into segments in for a company to instructioning on one or a few key segments . intimately businesses obtain advantages and benefits from target marketing as it pr ovides focus to all aspects of marketing pro! cesses . Target marketing makes the basic marketing processes much(prenominal)(prenominal) as promotion , pricing distribution easier and cost-effective (Cornwell and Drenan , 2004 record of Macromarketing , vol . 24 , no . 2 , pp . 108 ) Say , if one plans to pass over a small business such as a catering business , instead of doing advertisements with a news , the individual could start targeting a market with a direct bring down campaign , which only goes to specific residents rather than using the newss that goes start to everyoneSome of the most common types of target marketing include geographical division , psychographic cleavage , and demographic segmentation 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 adva ntages when applied to businesses These include the following (Cornwell and Drenan , 2004 , journal of Macromarketing , vol . 24 , no . 2 , pp . 117-121Targeted Communication - As a business plans to apply target marketing it is important to spot 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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