What is a Market?

Industrial Market (B2B)

All potential customers buying for business use

Consumer Market (B2C)

All potential customers buying for personal use

Market

All potential customers who share common needs, and wants and have the ability and willingness to buy the product.

need

Basic requirement for survival

Promotion

How is the product promoted?

Price

Pricing methods/pricing strategies

Product

Relates to function of product planning

Place

Relates to the marketing function of distribution

Consumer

someone who is the end user of the product or service. They "consume" the product or use it for themselves.

customer

someone who pays for goods or services

marketing

The process of planning, pricing, promoting, selling and distributing ideas, goods or services to create exchanges that satisfy customers

product

a physical or tangible thing that is produced and sold by businesses

service

an activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything

want

an item that we desire but that is not essential to survival

Marketing Concept

the idea that an organization should strive to satisfy the wants and needs of consumers while also trying to make a profit