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Topics Covered
- Toddle example
- Broad market
- Narrow market
- Understanding your market
- Defining your market
Talk Citation
Hanlon, A. (2023, June 29). How are markets defined? [Video file]. In The Business & Management Collection, Henry Stewart Talks. Retrieved December 6, 2024, from https://doi.org/10.69645/LHAM8740.Export Citation (RIS)
Publication History
Other Talks in the Series: Key Concepts: Marketing
Transcript
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0:00
Hello, and welcome
to this session
on how markets are defined.
My name is Annmarie Hanlon
and I teach Marketing at
Cranfield University School
of Management in the UK.
Let's get started.
0:15
In this session, we
start by understanding
the market and then we
examine the types of
market which exist.
Then we take a practical
example to show how to
define the market on
a step-by-step basis.
0:30
Before defining your market,
you need to understand
your market as
this enables you to
understand the size
of the market and whether it
represents an opportunity and to
evaluate market share held by
your organization as well
as your competitors.
From this, you can
assess competitors in
the market and then identify
opportunities for growth.
When you understand your market,
you can create a
strategy so that
your customers
understand your offer.
1:01
As an example, Toddle
is an incredible brand.
The founder of Toddle
couldn't find products
that would protect
her baby's skin and developed
a special hand gel for babies.
But the question is whether
this is in the baby care market,
the skincare market,
the healthcare market,
or perhaps all three,
greater clarity about
your market makes
implementation of your
marketing mix, much easier.
1:29
There are many types of markets,
including consumer,
which focuses on personal
purchases by individuals.
Industrial, which
mainly considers
items used to make
other products,
such as buying steel to
manufacture vehicles.
B2B, which has an abbreviation
for business to business.
This involves items used
in the course of
another business,
such as one business
buying computer equipment
from another business.
Not-for-profit,
which is also known as the
charity or third sector,
and is about purchases made by
organizations such as charities,
trade unions, or associations.
Government is also
a market type,
as there are many
purchases made by
government at different levels,
from central and local
governments to health services,
schools, libraries, armed
forces, and police services.
Another market type is
the reseller market,
where goods are
purchased to be sold on.
A computer company may buy
software licenses from
businesses such as Microsoft
to sell on to other businesses.
When we consider a broader
category, overseas
as a market type which covers
all of these categories,
but in other countries.
Finally, many larger
organizations have
an internal market where they
provide goods or services
for other divisions,
subsidiaries
or employees within
their own organization.