2 The Market Concept:the idea that organizations need to satisfy their customers while also trying to reach their organizational goals. Therefore, to be profitable, businesses must focus their efforts on customers’ needs and wants.
4 1. Identify marketMarket: consists of potential customers with shared needs who have the desire and ability to buy a product
5 2. Identify customers needs and wants Needs are a lack of basic necessities such as food, clothing, shelter (ex. you need a drink)Wants are things people desire based on personality, experiences or information about a product (ex. you desire Gatorade)
6 3. Identify target market Target Market: a specific group of consumers that an organization selects as the focus of its marketing plan.Businesses use market research to help them determine their target market.
7 Defining a Target Market Demographics: are statistics that describe a population in terms of personal characteristics such as age, income, occupation, gender, etc.Geography: region of world, climateBehaviours: brand loyalty, value of qualityPsychographic: personality, lifestyle and interests