ENVIRONTMENT AND MARKET

ENVIRONMENT AND MARKET

Market environment and business environment are marketing terms that refer to factors and forces that affect a firm's ability to build and maintain successful customer relationships.

COMPETITORS ANALYSIS

Competitive analysis in marketing and strategic management is an assessment of the strengths and weaknesses of current and potential competitors. This analysis provides both an offensive and defensive strategic context to identify opportunities and threats.

NEEDS AND WANTS

Defining needs and wants. A need is something necessary to live and function. A want is something that can improve your quality of life. Using these criteria, a need includes food, clothing, shelter and medical care, while wants include everything else.

MOSLOW'S HIERACHY OF NEEDS

4P'S

Product

- The product is the good or service being marketed to the target audience. Generally, successful products fill a need not currently being met in the marketplace or provide a novel customer experience that creates demand.

Price

- When marketing a product or service, it is important to pick a price that is simultaneously accessible to the target market and meets a business’s goals. Pricing can have a significant impact on the overall success of a product. For example, if you price your product too high for your targeted audience, then very few of them will likely purchase it. Similarly, if you price your product too low, then some might pass it up simply because they are concerned it might be of inferior quality and cut into your potential profit margins.

Place

- Place is where you sell your product and the distribution channels you use to get it to your customer. Much like price, finding the right place to market and sell your product is a key factor in reaching your target audience.

Promotion

- is how you advertise your product or service. Through promotion, you will get the word out about your product with an effective marketing campaign that resonates with your target audience.

DEMAND AND SUPPLY

The term supply refers to how much of a certain product, item, commodity, or service suppliers are willing to make available at a particular price. Demand refers to how much of that product, item, commodity, or service consumers are willing and able to purchase at a particular price.

RAW MATERIALS

A raw material, also known as a feedstock, unprocessed material, or primary commodity, is a basic material that is used to produce goods, finished goods, energy, or intermediate materials that are feedstock for future finished products.

PROCEDURE (MANUFACTURE)

Producers buy goods and services and transform them into a sellable product, which they sell to their customers for the purpose of making a profit.

DISTRIBUTOR

Distribution is the process of making a product or service available for the consumer or business user who needs it. This can be done directly by the producer or service provider or using indirect channels with distributors or intermediaries.

WHOLESELLER

a merchant who sells chiefly to retailers, other merchants, or industrial, institutional, and commercial users mainly for resale or business use.

CUSTOMER

A customer is an individual or business that purchases another company's goods or services. Customers are important because they drive revenues.

CONSUMER

Is someone who buys things for a non-commercial purpose, either for themselves or for others.

DIFFERENRENCE BETWEEN CONSUMER AND COSTUMER

A consumer is always the end user of a product or service, but might not have purchased it. A customer becomes a consumer if they make a purchase and use the product or service themselves.