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TOPIC: – INTRODUCTION TO MARKETING
CONTENT:
- Meaning of marketing
- Importance and functions of marketing in the economy
- Marketing concept and marketing mix—( product price place , promotion)
SUB-TOPIC 1: Meaning of marketing:
Marketing is the business activities that direct the flow of goods from the producers to the final consumer in order to satisfy consumers and leads to accomplishment of the company’s business.
Marketing creates time, place, possession and form utility. It arranges for production and making goods available at the right time, in the right place and form,
MARKET:
A market is any arrangement personal or impersonal, former or informer which facilitates with the exchange of goods and services whereby buyers and sellers are contact with one another and agree on price.
TYPES OF MARKET.
- Consumer market: This is the market where goods and services are sold to the final consumers. Examples of market are Balogun market, Onitsha main market. Consumer market is a market for final end users of the product who buy goods not for the purpose of making profit.
- Industrial market: This is a market that is not for the final consumption but for the production of goods and services to be sold to the consumers market e.g. a market where industrial machines and automobile spare parts are sold.
- Producer market: It consists of individual or business that purchase product for the purpose of making profit by using them to produce other product.
MARKET SEGMENTATION:
This is the process of dividing a total market into market groups consisting of people who have relatively similar product need. In other word, market segmentation is the division of a market into identifiable sub markets for the purpose of reaching target customers with most appropriate set of product mix, quality, price, advertisement etc.
Usually, there are two segmentation of market strategies employed by market professionals. These are:
- Concentration segmentation: This is when an organization directs its marketing efforts towards a single market through one marketing mix
- Multi-segment strategy: This is when the organization directs its efforts at two or more segments by developing a mix for each selected segment.
FACTORS THAT INFLUENCE MARKET SEGMENTATION
- Demographic factor: This is a situation where a market is sub-divided based on demographic variable such as age, sex, family size, income, religion and occupation.
- Geographical factor: some market may be wide and large to operate to operate as a single market therefore there is need to divide such markets into different locations eg local areas, state, country and so on.
- Psychographic factor: This is a situation where the consumers are divided into various segments or groups using their psychographic variable such lifestyle, personality, perception, motivation, belief and so on.
- Behavioral factor : This is a situation where buyers are divided into various groups based on their knowledge, user, rate, attitude, response to marketing activities and purchase behaviors
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