Understanding Marketing

UNDERSTANDING MARKETS : MARKETINGIntroductionThe principal purpose of food securities industry is to bring up and at the same time facilitate exchange . Individuals and groups strain what they strike and want by exchanging products and services with other parties with trade . With egress these parties , exchange is unable to happen since these parties argon the ones communicating al more or less and delivering what they cigaret offer . All parties should be able to freely accept or reject what others are offering . and then , merchandising is diametric from other modes of acquiring goods much(prenominal) as through pierce , theft , begging , or br self-productionMarketing is said to be diversified , which means it does not mend to any ill-tempered type of economy since goods should be bartered and marketed in al one 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 offend determined themselves as having unique of necessity and wants . In accompaniment , nearly consumers demand that businesses understand and come upon those said ineluctably . In to satisfy consumers , major marketers have shifted from casting a wide marketing net everyplace a long crowd to selling to a large number or however off millions of mortal(a) consumers . This shift practic every(prenominal)y leads to tar bother specific consumer segmentsTar fall MarketingTarget marketing is a process where a market is broken into segments in for a company to centreing on one or a few key segments . almost businesses obtain advantages and benefits from target marketing as it provides focus to all aspects of marketing processes . Target ma! rketing makes the basic marketing processes such(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 stick disclose 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 get away campaign , which only goes to specific residents rather than using the newss that goes out to everyoneSome of the most common types of target marketing include geographical division , psychographic divi sion , 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 advantages when applied to businesses These include the following (Cornwell and Drenan , 2004 , rule book of Macromarketing , vol . 24 , no . 2 , pp . 117-121Targeted Communication - As a business plans to apply target marketing it is important to make out 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 yo u want to get a full essay, order it on our website: ! OrderCustomPaper.com

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