How do We Describe Markets?
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All right so as marketers
we need to be able to talk about
and know really what we're talking about.
In other words we need to be able to
markets in a meaningful way how do we do
Well a lot of times we align the markets
the goods or the services that we expect
to consume or purchase. So
the good or service that we plan to sell
or provide is often one way that we
describe a market.
The other way or another way that we
might describe a market
is which need are we meeting in other
words what need is met
by our good or service and this can be
we can sell different people the same
to meet different needs that happens all
the time so that's another key way
that we can describe a market is by what
need are we meeting.
Next we can also describe markets by the
among the customers in that market so it
could be demographics it could be all
sorts of different things that describe
really the customer in that market more
so than just the market itself
so that's a third way we can describe a
market and then lastly
location is a very common way to
describe a market because
for one thing a lot of times being in
different places geographically
will make some kind of meaningful
in the consumer or in the way they use
So these are the four different ways
that we can describe a market.