In marketing, a market is generally defined as a group of consumers and producers who are involved in the manufacture, purchase and use of the product. As such, it involves all customers with the resources and ability to purchase the product, any distributors or middle men involved, and any competing or collaborating firms involved in the manufacture. From the firm’s point of view, it defines its market as those customers who are interested in the product and have the ability and legal means to purchase it, and its target market as the segment of the market the firm has decided to serve based on its capabilities.
Need help with your MBA?
- Struggling with MBA coursework?
- Worried about a forthcoming MBA exam?
- Need to produce a SWOT analysis?
You need help from an experienced, MBA-qualified, expert.
We can provide you with your own expert, right now, for a fraction of their usual professional fees.
Our MBA-qualified experts can provide you with whatever you need - an essay, plan, outline, model answer, or even a complete SWOT analysis - in as little as 3 hours.
All of our experts are MBA qualified, and all currently practice in a business administration role. You already know how good they are - they wrote this revision guide for you!
Click here to let us know your requirements or give us a call on 0115 966 7955.
It is important to note that a product in this case can be a physical product, a service, or information. Also, the size of the market for a product does not tend to be fixed, and will respond to changes in the product and other comparable products. For example, as MP3 players become less expensive and able to store more songs, so the size of the market increases. However, as the size of the market increases, so the size of the personal CD player market falls. The size of the market can also be increased or decreased through legislation which restricts people from buying the product; allows a greater number of people to buy it; or makes buying it a legal requirement. For example, when the UK government made home information packs a required part of selling a house, the market for the provision of these packs grew significantly.