D.P.

R - 2023

Part 2: Market and Marketing

Market is a quite frequent terminology that you will hear in the

industry. In a brief, market can be defined as ‘to whom the goods and
services are sold to’.

Target market refers to a specific group of potential customers at which

a company aims its marketing efforts and resources. It is the
demographic, geographic, psychographic, or behavioral segment that a
business identifies as the primary audience for its products or services.
Understanding and defining the target market is crucial for tailoring
marketing strategies, product development, and communication efforts
to meet the needs and preferences of that specific group, ultimately
increasing the likelihood of successful sales and customer satisfaction.

To be optimal reaching out the target market, a marketing strategy

should be based on Marketing Mix analysis.
Marketing Mix

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Topic 5 |Part 2 : Market and Marketing
 D.P.R - 2023

Marketing mix, also known as the 4Ps of marketing, are a set of key
elements that businesses use to develop and execute marketing
strategies. Each P represents a different aspect of marketing.

 Product
This refers to the tangible goods or
intangible services that a company
offers to meet the needs and wants
of its target market. It involves
product design, features, quality,
branding, and packaging.

 Price
Price is the amount of money
customers are willing to pay for a
product or service. Setting the right
price involves considering factors
such as production costs,
competition, market demand, and
perceived value by customers.

 Place (Distribution)
Place refers to the channels and
methods used to make the product
or service available to the target
market. It involves decisions related
to distribution channels, logistics,
inventory management, and the
location of sales outlets.

 Promotion

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Topic 5 |Part 2 : Market and Marketing
 D.P.R - 2023

Promotion encompasses all the

activities a company undertakes to
communicate the value of its
product or service to the target
market. This includes advertising,
public relations, personal selling,
sales promotions, and other
promotional strategies.

The 4Ps provide a framework for businesses to align their marketing

efforts cohesively. They help in creating a well-rounded marketing
strategy that addresses product development, pricing, distribution, and
promotion to effectively reach and satisfy the needs of the target
market.

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Topic 5 |Part 2 : Market and Marketing