Market

A market is a place where two or more parties

can gather to facilitate the exchange of goods and
services. The parties involved are usually buyers and
sellers. A market may be physical, like a retail outlet,
where people meet face-to-face, or virtual, like an
online market.
 A market is a place where buyers and sellers
meet to facilitate the exchange or transaction of
goods and services. Markets can be physical, like a
retail outlet, or virtual, like an e-commerce site.
Other examples include the black market, auction
markets, and financial markets.
 KEY CONCEPTS OF MARKET

The Production Concept

The production concept is based on the
assumption that customers will be more attracted to
products that are readily available and can be
purchased for less than competing products of the
same kind. This came about as a result of the rise of
early capitalism in the 1950s, when companies were
focused on efficiency in manufacturing.
The Product Concept
The product concept is the opposite of the
production concept in that it assumes that
availability and price don’t have a role in customer
buying habits and that people generally prefer
quality, innovation, and performance over low cost.
Thus, this marketing strategy focuses on
continuous product improvement and innovation.
The Selling Concept
Focus on getting the consumer to the actual
transaction without regard to the customer's needs
or the product quality-a costly tactic. This concept
frequently exemplifies customer satisfaction efforts
and doesn't usually lead to repeat purchases.
The Marketing Concept
The marketing concept is based on
increasing a company’s ability to compete and
achieve maximum profits by marketing the ways
in which it offers better value to customers than
its competitors. It’s all about knowing the target
market, sensing its needs, and meeting them
most effectively. Many refer to this as the
“customer-first approach.”
The Societal Concept
The societal marketing concept is an
emerging one that emphasizes the welfare of
society. It’s based on the idea that marketers
have a moral responsibility to market
conscientiously to promote what is good for
people over what they may want, regardless of a
company’s sales goals Employees of a company
live in the communities they market to, and they
should advertise with the best interests of their
PLAYERS IN THE MARKET

Customers
Of course the most important organization or people in the
market are your customers. This includes both current and
potential customers.

Major customers
It is very common for most sales to be made to a relatively small
set of big customers These always need careful attention and
may have account/relationship managers assigned to them. A
problem is that big customers may also demand big discounts
and special attention.
Minor customers
Minor customers buy less, but nevertheless
are useful as in aggregate they may buy quite a
lot. The only time minor customers arc
undesirable is when serving them costs more than
the profit gained from them. This can happen
when they are angered or when they try to gain
an unfair attention for their smaller payment.
Suppliers
Suppliers may sell directly into the market, such
as selling spare parts, but they must remain aligned
with your strategy over time.

Complementors
Complementors are those who sell non-
competing products and which generally help
your sales.
Competitors
Competitors are those who have products and services similar
to yours, and where customers who are buying something will
compare your offerings and prices directly, weighing one up
against the other.
Substitutors
Substitutors are like competitors, but their products are not
the same. The classic substitution is replacing butter with
margarine (a battle that is still aging). Other substitutions are
more evolutionary, for example, where typewriters were
substituted by word processors.
Regulators
In any industry, standards are often helpful in many ways, from
ensuring product safety to helping suppliers create plug-compatible
parts that enable economics of scale and hence lower product prices

Influencers
There are also groups and organizations who have no direct control
but who will seek to promote their own agendas by influencing players
within the market place, including regulators and retailers. These often
have an ethical basis, for example ecological or animal rights activists.
 PROCEDURES AND SERVICES
AVAILABLE IN THE MARKET

PROCEDURES
The strategic marketing process is a
deliberate series of steps to help you identify and
reach your goals. Even more, you’ll discover what
your customers want and develop products that
meet those needs. Here are the steps to a
successful strategic marketing process.
Mission: is dedicated to making innovative, high-
quality products.
Situation Analysis: competitive advantage is driven
by its commitment to understanding customer needs,
focusing on the products that are core to its mission,
and fostering a collaborative work culture.
Marketing Strategy: usually is first to the
marketplace with new products and the company relies
on brand loyalty from existing customers as a strategy
when launching new products and services
Marketing Mix: offers a range of products, it
values premium pricing and relies on strict
guidelines for distribution.
Implementation and Control: Each product
complements the others and work within the
same ecosystem, so customers tend to stay
with the brand, creating loyal consumers.
 SERVICES AVAILABLE IN THE
MARKET

1. Convenience Products
These are the types of products that consumers buy repeatedly. They are items
people need regularly, and are usually low priced and widely available. Most people
don't think too hard about buying a convenience product.
2. Shopping Products
Consumers typically spend more time comparing the different options in the
shopping products category. They are less widely available, but typically provide better
customer service or sales support. Because consumers spend so much time and effort
deciding which shopping product is better, they are less frequently purchased.
Specialty Products
These products are usually defined by the
brand that makes them. They require little to no
research or comparison by consumers because
they are already convinced of the value. It may
take more effort to secure one of these products
because they are even less readily available,
which is part of their draw.
Consumer Analysis through:

OBSERVATION
Observation is a market research technique in
which highly trained researchers generally watch
how people or consumers behave and interact in
the market under natural conditions. It is designed
to give precisely detailed and actual information
on what consumers do as they interact in a given
market niche.
 INTERVIEWS
Consumer interviews are one of the most
effective tools used in market research. Interviews
provide insightful information about consumers and
their buying patterns. Consumer interviews provide
the company with useful data for its marketing
tactics; however, before rushing out to conduct
interviews, Company X must spend some time
preparing their questions and overall research
FOCUS GROUP DISCUSSION
The focus group is a research technique used to
collect data through group interaction on a topic
determined by the researcher. Thus the Client
determines the focus of the group and the data
comes from the group. Essentially, it is a group
experience. It comprises a small number of carefully
selected people who are recruited to a group
discussion based on their commonality of experience.
 • They actively
Focus Group involve people
• The people have a
Discussions have commonality of
Four Key experience
Characteristics: • They provide in
depth qualitative
data
• Discussion is
focused to help us
understand what
is going on
 SURVEY
Customer surveys are a method of collecting
consumer feedback. They help companies assess
customer satisfaction, measure customer
engagement, perform market research, and
gauge expectations.The responses you receive
will provide valuable insights into what motivates,
excites, and frustrates your customers.
Thanks for
!Listening

Prepared by: Rodiza C. Baylon

Ashiel M. Cabias