It is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services.”
A market consists of all the consumers who purchase a particular type of good or service. The market may be sub-divided into separate segments each of which can be considered to be a separate market in its own right. It is very important for a business to be able to define its market:
- So that it can estimate the size of the market
- So that it can forecast the growth of the market
- To identify the competitors in the market
- To break the market down into relevant segments
- To create an appropriate marketing mix to appeal to customers in the market.
Different Types of Markets
1. Business-to-Business (B2B) markets in which a businesses customers are other businesses.
2.Business to Consumer (B2C) markets in which businesses sell to other customers.