What does the term market mean? This term is often used in our daily lives and has a couple of definitions.
If we view it from a business perspective, a market is where a business purchases and provides goods and services. Commonly market is also used as a verb, which means to advertise or promote a product. We have seen this as a widespread phenomenon in our contemporary world. For example: “The product was marketed under the name Smart heart.”
There are mainly two types of market. One is the Consumer market, and the other being the Business to Business market. Now, let us focus on what these markets represent individually.
When in the Consumer market, individuals purchase goods and services for their use. For example, they buy goods from a company and sell them themselves. Consumer markets consist of products that consumers use on a day-to-day basis.
Business to Business market: In the Business to Business market, there is a circumstance where a company makes commercial trade with another. For Example Batteries, electronics are the types of products that are manufactured by multiple industries. Business to business markets usually consists of raw materials or semi-produced goods passed on numerous places before being entirely fabricated.
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There are a few essential factors to keep in mind when setting up a market. They are:
- The Product
- The product refers to the type of services or goods a business decides to provide. This includes the product packaging and how to make each and individual product more pleasing to the consumers.
- The Price
- The price refers to the pricing strategy used on products and how consumers react to it. For example, many organizations use predatory pricing strategies to drive competitors away from the market.
- The Promotion
- Promotion refers to the advertisement of goods and services to the consumers. Promotion is all about how the business presents itself towards the consumers, for example, using advertisement tools such as radio, television, direct mail, etc. to spread the word and attract more willing customers towards the market.
- The Place
- When we focus on the place, we basically refer to a location where a business is established. This is one of the most important factors a company should consider when setting up its market. Setting up in an area includes considering if there are any service organizations nearby, if the location has less tax and other government restrictions if the labor wages are low, and factors like that.
- The People
- This refers to the people working under a business. For example, many consumers are centered on the behavior and manners of the customer service.
These key points are also known as the 5 Ps. Every business has to keep these in mind to run their business establishments successfully. Times today have been proven to be fast-paced and competitive. Every effort counts, every idea counts. To run our businesses, we need to understand how this market works and how to survive among the countless other companies and shine so that ours isn’t left behind in the race.
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