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  • Subject area(s): Marketing
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  • Published on: 14th September 2019
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The concept and importance of the market

Market concept:

The views of scholars, scholars and writers on the concept of the market were mixed, which led to the existence of many

Of the concepts of this market as follows:

- The market is defined as "a group of current and prospective buyers and sellers of a particular product".

- The market is also known as the "total demand for prospective buyers on the product or service".

- A market is "the place where demand and supply are present for a given commodity or group

Integrated goods ".

- The "group of shareholders in exchanges is also known from sellers and buyers

  To affect the level of the existing product.

' The market is where the ownership of the goods is transferred. Where different products are gathered Agricultural or manufactured goods and in which buyers and sellers are combined.

' The market is defined as the place where the limited forces of prices operate, where goods are exchanged In the present goods or contracts.

' Some say: It is a device that collects important resources in society and then distributes them among the various uses that compete for them.

' The American Marketing Association has defined the market as: (the sum of potential consumer demand For a particular product or service).

The researcher tends to define the market as "a group of current and prospective buyers and sellers of a given product."

Marketing men should view the market as a volatile variable for several reasons:

1. Population: Marketing men should follow areas where the population is more visible Calculate the proportion of future increase, areas where the population decreases year after year, and areas where Prove the population.

2. Income: Much of what happens in the market is due to a change in the size of income, saving purchasing power in The consumer's hand is a prerequisite for becoming a potential consumer.

3. Family and changing market: There have been changes in family units in recent years Has caused a lot of change in the market:

- The status of women within the family has changed in recent years, which has had a clear impact on the market Consumer Goods.

- This is in addition to increasing the percentage of working women, which has caused a change in the structure of spending and items

This spending is going to.

- Women's access to work has also changed from purchasing habits where time is the basis for doing Shop around many times a week.

- Collective visits of men and women to commercial centers will inevitably lead to

Increased spending.

4. Society: New phenomena increase the proportion of purchase on account, and many people benefit From these facilities in the purchase of expensive goods such as cars and electric appliances, I have Producers and sellers have been expanding credit grants to promote their sales and facilitate purchase, Many announcements are now being made for these facilities.

Importance of the market

In general it can be said that the good market plays an effective role in marketing products of different Types and forms by facilitating and facilitating exchange between the parties to the marketing process Achieves more prosperity for the people of this market.

In particular, a new market has to bring more benefits to each individual

And companies within the community, the most important of which are the following:

1. To achieve the maximum satisfaction of the needs and desires of consumers by providing different products To the specifications desired by these consumers, at appropriate prices, and appropriate quantities, And the appropriate timing for them as well.

2 - Help individuals and businesses to manage their products and achieve their marketing objectives Desired, making the wheel of production revolve and continue and thus achieve the desired profitability companies

And continue in the business world.

3. For businesses, markets are regarded as laboratories for their work and products, so that they can Identify the appropriateness of their production, financial and marketing policies and estimate the amount of saturation that is

Their products can be achieved by their prospective customers.

4 - The market enables all companies, whether business companies or industrial companies to obtain On all their needs of goods and services with the required specifications, the appropriate quantities, the appropriate prices, and in a timely manner.

The second topic

Market segmentation

Market segmentation concept:

Because the overall markets differ in terms of the needs and desires of customers and consumers, they may resort Marketers to divide these markets into homogeneous sectors so that each sector represents a marketing opportunity   

Different and independent.     

In this light, market fragmentation is based primarily on a major philosophy of differences Is significant among the total number of consumers in the market, and therefore the targeted marketing mix must differ Depending on these consumers.

Market segmentation is an important marketing planning and control tool and contributes in increasing the efficiency and effectiveness of the company, thereby increasing its profitability.

Through the fragmentation of their markets, companies seek to achieve many objectives, the most important of which are the following:

' Identify market segments with the best profitability to focus on.

' Formulate appropriate marketing policies and plans for each segment of the market.

' Seek to reduce marketing costs.

' Disclosure of the nature and dimensions of competition in each of the multiple market segments and a statement How to use the best ways and methods to cope with them.

' Identify market segments that can best accommodate the company's products.

' Study and analyze the factors that influence and the changes that occur in each market sector better.

The markets are fragmented using several foundations, the most important of which are summarized as follows:

(1) Geographical basis:

The geographic basis is based on market fragmentation, where according to the area area is divided To the north and south, and according to the type of this region are divided into cities and villages, and according to the size of the region, it is divided into a region with high population density, second with medium density, and a third area of low density. Depending on weather conditions, there are markets for hot spots, markets for cold weather areas, and markets for temperate areas.

(2) Demographic factors:

There are many factors and demographic variables that can be fragmented and divide the total market according to homogeneous sectors or markets. The most important factors are variables in age, sex, family size, income, occupation, level of education, religion and nationality.

3) Personal factors:

The market segmentation can be divided into homogeneous segments using factors and personal variables such as Tendencies and directions of the person and whether he is ambitious or authoritarian.

4 (Product usage rate:

The market is divided into segments according to a specific rate of use, such as the sector of individuals who use it The product at a low rate, those who use it at an average rate, as well as those who use it at a high rate.

5) Product loyalty range:

The market segmentation is divided according to the degree of the buyer's loyalty to a particular product or brand, where it exists Market for those who prefer to buy a certain brand or brand name, and may also be divided into Individuals have a strong loyalty to the product, and individuals have a weak loyalty to him, and others have an average loyalty towards it the product.

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