2. A market is a group of consumers, who could be
individuals, businesses or governments who
might buy this type of product – for example, the
market for running shoes or the market for fresh
flowers.
And marketing is often defined as:
“The process of identifying, anticipating
(predicting) and satisfying customer needs
profitably”

3. Concentrating all marketing efforts on a small but specific and well
defined segment of the population. Niches do not 'exist' but are 'created' by
identifying needs, wants, and requirements that are being addressed poorly or
not at all by other firms, and developing and delivering goods or services to
satisfy them. As a strategy, niche marketing is aimed at being a big fish in a
small pond instead of being a small fish in a big pond. Also
called micromarketing..
Un-segmented market in which products with mass appeal products
(aspirin, orange juice, soft drinks, paperback romances, etc.) are offered
to every customer through mass retailers or independent stores, and
promoted through mass media.
Niche and mass market

4. While the market for a particular good or service is the total number of
customers for that good or service ,some business need to identify a
particular section of a market – known as a market segment.
Age-older people look different things in a product than younger
people so will spend their money in different ways
Socio-economic grouping –people can be grouped according to their job or
income . People with a higher income or career position are likely to buy
more luxury items than those with lower income or job position
Location-people in different areas also tend to spend their money on
different products .
Gender- man and woman will buy different things . It is commonly thought
that woman will spend more money on clothes and beauty treatments than
men , while men are more interested in buying cars and gadgets.

5. A product orientated approach means the business
develops products based on what it is good at making
or doing, rather than what a customer wants. This
approach is usually criticised because it often leads to
unsuccessful products - particularly in well-established
markets.
A marketing orientated approach means a business
reacts to what customers want. The decisions taken
are based around information about customers’
needs and wants, rather than what the business
thinks is
right for the customer. Most successful businesses
take a market-orientated approach.

6. What makes someone buy a product? Or more importantly, what
makes them buy the product you are trying to sell? In
business, you need to persuade a customer to part with money in
exchange for a good or a service. You have to decide on what the
product is going to be like (e.g. shape, colour , size , features); at
what price are you going to sell it; where you are going to sell it
(e.g. in a shop, over the Internet, by mail order); and how you
going to help the customer find out about the product (e.g.
advertise in the local newspaper or on the radio). Marketing is all
of these things.

7. Consumers-people or businesses who use goods and services
Customers-people or businesses who buy and pay for goods and services
Market-orientated- describes a businesses that carries out market research
to find out exactly what customers want, and then designs its product to
meet these requirements
Market segment –an identifiable section of a market that consist of
costumers with similar characteristics and specific product needs
Mass market-a market consisting of large number of customers for a standart product
Niche market-a comparatively small segment of a market for a
specialised product
Product-orientated –describes a business that makes the product and then tries to
find someone to buy it

8. 1. A market is a system for bringing buyers and sellers together
2. Markets can be split into segments with different customer
characteristics and product needs
3. Based upon knowledge of their market , businesses can identify
the appropriate marketing mix , including what product to supply
,the price to charge ,hoe to promote the product and the most
appropriate method of distributing it to customers