Meeting Customer Needs

Meeting Customer Needs

1. The Market

   • Understanding market is important if business succeeds.
     • What happens in market can determine price consumer pays, revenue business earns.
   • Way of determining what gets produced in economy + is signal for businesses to be created or destroyed.
   • Definition: Market
     • A Market is any medium in which buyers and sellers interact and agree to trade at a price.

2. Mass Markets and Niche Markets

   • Size of market is determined by number of buyers that causes business, that want to make profit, to enter market and sell.
   • Definition: Niche Market
     • Is a small part of the overall market that has certain special characteristics; these may include providing specialised or luxury product or service. Niche marketing is also used when a business focuses on a narrow or small market segment.
   • Definition: Mass Market
     • A very large market with a high sales volume. Mass marketing occurs when one standardised product is aimed at the largest groups of consumers for that particular product or service.
     • Broad in nature and not easily categorised by segmentation.