Understanding The Marketplace Definition:
The first step of marketing process can be describe as to understanding the marketplace which includes customer needs and wants. Understanding the marketplace is a place where goods and services are offered. Marketplace based upon your target audience, your marketing strategies and your business line. These marketing strategies can be based upon your goods and service.
If you are going to start a business, first define what are customers needs and want. Afterward, market analysis takes place about these goods and services are offered by someone else. After finalizing what you are going to offer, next step is to define which group of people you are going to target. Your target groups can be based on demographic, geographic, age gender etc. However, Understanding the marketplace and customers needs, marketers must know about the customers needs and wants and the marketplace. Furthermore, marketers should try to satisfy the customers needs and wants with superior value.
Once you have decided your target audience, you will have to develop a marketing strategy to promote your business. Most famous and known strategy is 4 P’s. In this strategy, you define your product, fix a price of your good and service. Define a place of your good and service where you want to position it. In last you, develop an advertising campaign through which you attract your customers. It can be in any of the following:
Print media:
It includes pamphlet, brochures, leaflets, banner and booklets etc
Electronic media:
It includes Television commercials, sponsorship to television programs documentaries etc.
Social media:
It includes Facebook, Twitter, Instagram,Youtube and Google Plus. These are the most popular social media now a days.
Person to person, Email and SMS marketing:
In this technique, target audience is set according to individual basis. (Understanding the Marketplace)