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What is a Market? QCC’s:: 56 Objective Identify and Define Market, Marketing Concept, Industrial Market, Consumer Market, Market Share and Market Growth. Differentiate between a MarketingOriented Business and a ProductOriented Business What is “The Marketing Concept” Satisfying customer’s needs and wants AND Making a profit MARKETING MIX (4 P’s of Marketing) PRODUCT PLACE PRICE PROMOTION PRODUCT Relates to function of product planning What to make or sell When to make it or sell it How much to make or sell Level of quality Packaging/Brand/Label Relates PLACE to the marketing function of distribution Direct or indirect distribution (use a middleman?) Where to sell? Level of intensity? Storage? PRICE Pricing methods Pricing strategies Discounts? Competition? Profit margin desired? PROMOTION Advertising Sales promotion Public relations/publicity Personal selling Visual merchandising Marketing-Oriented Business Primary focus is on directing company resources to produce goods and services to meet customers wants and needs Involves the customers in making decisions Product –Oriented Business Produces products with little regard for customers wants and needs Very little customer input for what is produced What is a Market? All potential customers who share common needs, and wants and have the ability and willing ness to buy the product. Consumer Industrial Market Market Industrial Market All potential customers buying for business use Making purchases for the manufacture or resale of goods Consumer Market All potential customers buying for personal use The person making the purchase is the end-user Market Share A business's percentage of total sales volume generated by all competitors in a given market. Market Position: The relative standing a competitor has in a given market compared to its competitors Market Growth An increase in the overall value of a given market Review What is a Market What is the difference between an Industrial market and a Consumer market? What is market share? What is market growth?