Understanding the Market

1. Market
   1. Concept of Market
   2. Types of Market
2. Macro and Micro Market Environment
3. Market Research
   1. Concept
   2. Importance
   3. Process
4. Marketing Mix

Market

Concept of Market

Types of Market

Macro and Micro Market Environment

Micro Environment refers to the forces which are internal to the organisation and which affects its operations directly.

Micro Environment includes :

• Producers
• Customers
• Suppliers
• Intermediaries
• Competitors

Macro Environment refers to the external forces which are beyond the control of an individual firm.

Macro Environment includes

• Economic forces
• Cultural forces
• Demographic forces
• Political forces
• Technological forces

Market Research

Concept

Market Research refers to the systematic collection and analysis of factors relating to marketing of products and services.

Importance

• It helps marketers in making a link with the customers and the public.
• It helps in identifying marketing opportunities and problems.
• It helps in generating, refining and evaluating marketing actions.
• It helps in monitoring marketing performance.
• It helps in decision making for a wide range of activities.

Process

• Defining the marketing problem
• Specifying the information requirements
• Developing the research design
• Select the research instrument
• Analyse the information and interpreting
• Summarising the findings
• Preparing the research report

Marketing Mix