Important terminologies

Need and Want and DemandNeed – constitute the basic requirements for the existence of life. water, milk, food

Want – arises when the basic needs are satisfied. Wants are shaped by our society car( Mercedes Benz, Audi), bike- (hayabusha, Ducati)

Demand – are wants for specific products backed by an ability to pay.

Marketing myopiaMyopia means short sightedness, industry fails, when company thinks market got saturated because of the failure and short of the management to get upgrade to the new life style and trends of the market.

Marketer

A marketer is someone who seeks a response attention, a purchase, a vote, a donation - One that sells goods or services in or to a market, especially one that markets a specified commodity. If two parties are selling something then both are called the marketers.

Market

Market is a collection of buyers and sellers, who transact over a product.

Markets typesConsumer markets – companies selling mass consumer goods and services such as soft drinks, cosmetics, air travel and athletic shoes and equipment spend a great deal of time trying to establish a superior brand image.

Business market – companies selling business goods and service goods often face well trained and well informed professional buyers who are skilled at evaluating competitive offerings

Global markets

Companies selling goods and services in the global marketplace face additional decisions and challenges. They must decide which countries to enter how to enter and sell each things or services or products.

Non governmental and governmental markets

Companies selling their goods to non profit organizations such as churches, universities, charitable trusts, and government agencies need to price carefully, because these buyers have limited buying power. e.g Rural marketing

Market place & Market space The market place is physical like bazaars, retail markets, kiranas, as a tore we shop inMarket space is digital that you shop in internet.

Target market, positioning, Target markets- the market you have selected as the focus of your marketing program, it covers the potential customers you think are most likely to need or wants your product. Positioning – after the market have been targeted the firm develops market offerings that it positions in the minds of the target buyers.

Segmentation

Segmentation is all about dividing the market to serve it better. Dividing the market by grouping the customers with similar tastes and preferences into one segment is called segmentation.

Marketing channelsCommunication channels – deliver and receive messages from target buyers and include newspapers, magazines, radio, television, mail , telephone, billboards, posters, fliers, CD’s, audio tapes. And the internet. Distribution channels – to display, sell or deliver the physical product or service to the buyer or user. Service channels – to carry out transactions with potential buyers. Service channels include warehouses, transportation companies, banks, and insurance companies.

Tangible and intangible products Tangible goods are merchandise that you can put your hands on. Stuff like jewelry, computers, clothing or even CD's are all tangible products. When you go shopping in a store, everything you place in your shopping cart would be tangible goods.

On the other side of this are Intangible goods which are products that cannot be seen or touched. Things like domain names or computer programs are intangible goods. Even music you download from the web is considered intangible even though if you buy the CD it would be tangible.