Market – a market can be defined as a place where buyers and sellers meet or interact, in order to buy or sell something. A market is not necessarily a physical place, once there is some form of communication between buyer and seller one can say a market exists.
Different types of markets:
• Consumer markets • Money
• Capital markets • Commodity or futures markets
• Foreign exchange markets • Labour market
Marketing – marketing may be defined as all the business activities geared towards correctly identifying and anticipating people’s wants and needs. It’s the process by which a product or service originates and is then priced, promoted, and distributed to consumers. Marketing concentrates primarily on the buyers, or consumers. Marketing includes planning, organizing, directing, and controlling the decision-making regarding product lines, pricing, promotion, and servicing.
Marketing Research and Programs: Marketing research is a pivotal part of the marketing process. By referring to studies of prospective buyers’ needs, wants, and tastes, providers of goods and services can tailor their marketing programs. The results of marketing studies suggest to sellers not only what they should sell or provide but also where to offer particular goods and services, how to advertise them, and how to set prices.
Marketing research helps businesses identify consumer needs and wants so a company can develop and promote products more successfully. Such research also provides the information upon which important advertising and marketing decisions are based.
Two types of research: qualitative and quantitative. To gain a general impression of the market, consumers, or the product, companies generally start with qualitative research. This approach asks open-ended rather than yes or no questions in order to enable people to explain their thoughts, feelings, or beliefs in detail. One of the most common qualitative research techniques is the focus group in which...