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The Market

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The market, its definition

A market consists of all the consumers who purchase a particular type of good or service. The market may be sub-divided into separate segments each of which can be considered to be a separate market in its own right. It is very important for a business to be able to define its market [1]:

1. So that it can estimate the size of the market
2. So that it can forecast the growth of the market
3. To identify the competitors in the market
4. To break the market down into relevant segments
5. To create an appropriate marketing mix to appeal to customers in the market.
There are different types of markets for example:

Business-to-Business (B2B) markets in which a businesses customers are other businesses.

Business to Consumer (B2C) markets in which businesses sell to other customers.

.
Markets are typically structured into segments. Primary segmentation is between customers buying entirely different products. [2].

Contribution of marketing to achievement of its business objectives

The strategic plan therefore is the detailed planning involving marketing research, and then developing a marketing mix to delight customers. Every organisation needs to have clear marketing objectives, and the major route to achieving organisational goals will depend on strategy. It is important, therefore, to be clear about the difference between strategy and tactics [3].

.
Marketing can thus be seen as the process of developing and implementing a strategy to plan and coordinate ways of identifying, anticipating and satisfying consumer demands, in such a way as to make profits. It is this strategic planning process that lies at the heart of marketing.

Marketing is now accepted as a strategic discipline or general management function and in this respect must care for the health of a business in the future - especially

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