Market and marketing

Business : THE MARKET AND MARKETING

What is a market?

 MARKET: is where buyers and sellers come together to exchange products for money; this will not usually be a single location
The termmarket is used to describe all the people to whom products are sold and this may not involve face to face selling. To have a market for a product, buyers and sellers have to be borught together toexchange products for money.
The term product includes providing service for a customers.

Product-orientated and market-orientated business

PRODUCT-ORIENTATED: some business produce first and thentry to find a market for it. It often produce basic necessities required for living and are general products that consumers need to buy.
MARKET-ORIENTATED: business whose markets are nationals orinternational cannot afford to produce products and hope that they will sell, without first carrying out market research. It means that the business must have a MARKETING BUDGET. Market- orientatedbusinesses are better able to survive and be succesful because they are usually more prepared for changes in costumer tastes.

What is marketing?

MARKETING: is not just advertising, promotion andselling, actually marketing covers many more activities that are carried out by businesses. It includes the develompent of a product, finding out what sort of costumers might buy the product, whatpackaging should be used, what price should be charged, where it should be sold and the advertising and promotion.

The marketing department

Most businesses will have a Marketing department. Themarketing director will have people responsible for:

THE SALES DEPARTMENT: is the responsible for the sales of the product.
THE RESEARCH AND DEVELOMPENT DEPARTMENT: is usually responsible for marketresearch and testing new products to see if they might be suitable to start selling to consumers
THE PROMOTION DEPARTMENT: deals with organising the advertising for products, it also decides on...