The Rent Review Specialist
Market
Marketing
Marketing is a function of business management: a means to an end. A generic term, embracing all forms of communication and promotion - for example, advertising, selling, direct mail, public relations - a market, together with the art and science of marketing, is anywhere business is done. An actual place - e.g., shop, auction room, car boot sale, via telephone, email, mail-order, TV, the Internet.
Marketing happens when we want to satisfy a need and are willing to exchange something with someone able to help us satisfy that need. The process exists to bring buyers and sellers into a market. In business, the transaction is reciprocal. Transaction is the carrying out or performance of an action. Transactions are usually for money, but may involve bartering goods and are conducted between sellers and buyers, or through agents, wholesalers, manufacturers, brokers, etc.
A market is a catalyst for connecting the subjective and the objective. A catalyst is something that remains inert or permanently unchanged during the process of increasing the rate of a reaction. Although people talk about a market changing, actually a market is 'inert' - a place where, or a means by which, people transact. It is not the market itself that changes, but the participants and attitudes. People come and go, everyone is different and different people have different ways about going about getting what they want.
A need is a state of 'felt deprivation' and arises through a lack of synchronicity in the relationship between one's physical, psychological and spiritual states, and the flow of energy for maintaining balance and harmony that enables us to function as human beings. In common parlance, a need arises whenever we should change but for whatever reason do not. Not changing when we should is a consequence of our ability to think "mind over matter": to carry on with whatever we are saying or doing regardless of how we might be feeling at the time: thinking mind over matter can lead to a disconnection from reality. Since change is a natural progression for maintaining balance and harmony in our relationship with ourselves and the outside world (reality), everyone has the same basic needs:
Physical and Physiological - for example: hunger, thirst, health, warmth, shelter
Safety and Security - for example: protection, belonging, social, affection
Individual - for example: knowledge, self-expression, recognition, status
Self-development - for example: self-actualisation, realisation, spirituality
People satisfy their needs through what they want, and to what they aspire. Wants are shaped by culture, individual personality, image and life-style. When we want to say or do something, we are aiming to satisfy a need of some sort. If a need is unsatisfied, then people will do one of two things:
i) look for an object or service that will satisfy it, or
ii) try to reduce the need
Whereas people have almost unlimited wants, they have limited resources, so they want products and services that provide the most satisfaction: value for money.
The total market is everyone who ever buys anything. A market sector is a segment of the total market. A monopoly serves the total market, but most businesses serve a market sector: individuals, or groups of people or other businesses, whose needs can be satisfied by their particular service(s). A target market is a specific group whom the business believes would benefit from the services and products. All markets are to a large extent specialised, so as to attract the sort of buyers and sellers for a particular category of product or service.
It is vital to appreciate that marketing is essentially about satisfying needs. The satisfaction of a need is a benefit. With a benefit, we gain or profit from the experience. Whereas, to a business, profit is about making more money than it costs the business to provide the product or service, to the recipient of the product or service profit is about overall satisfaction.
In practice, maintaining and reinforcing the connection offers three advantages: firstly, it engenders loyalty: the recipient is likely to use the same product or service and buy it from the same place as before; secondly, it is a measure of the success of the business's mode of business; and thirdly it enables the business to plan ahead with some certainty.
Marketing happens when we want to satisfy a need and are willing to exchange something with someone able to help us satisfy that need. The process exists to bring buyers and sellers into a market. In business, the transaction is reciprocal. Transaction is the carrying out or performance of an action. Transactions are usually for money, but may involve bartering goods and are conducted between sellers and buyers, or through agents, wholesalers, manufacturers, brokers, etc.
A market is a catalyst for connecting the subjective and the objective. A catalyst is something that remains inert or permanently unchanged during the process of increasing the rate of a reaction. Although people talk about a market changing, actually a market is 'inert' - a place where, or a means by which, people transact. It is not the market itself that changes, but the participants and attitudes. People come and go, everyone is different and different people have different ways about going about getting what they want.
A need is a state of 'felt deprivation' and arises through a lack of synchronicity in the relationship between one's physical, psychological and spiritual states, and the flow of energy for maintaining balance and harmony that enables us to function as human beings. In common parlance, a need arises whenever we should change but for whatever reason do not. Not changing when we should is a consequence of our ability to think "mind over matter": to carry on with whatever we are saying or doing regardless of how we might be feeling at the time: thinking mind over matter can lead to a disconnection from reality. Since change is a natural progression for maintaining balance and harmony in our relationship with ourselves and the outside world (reality), everyone has the same basic needs:
Physical and Physiological - for example: hunger, thirst, health, warmth, shelter
Safety and Security - for example: protection, belonging, social, affection
Individual - for example: knowledge, self-expression, recognition, status
Self-development - for example: self-actualisation, realisation, spirituality
People satisfy their needs through what they want, and to what they aspire. Wants are shaped by culture, individual personality, image and life-style. When we want to say or do something, we are aiming to satisfy a need of some sort. If a need is unsatisfied, then people will do one of two things:
i) look for an object or service that will satisfy it, or
ii) try to reduce the need
Whereas people have almost unlimited wants, they have limited resources, so they want products and services that provide the most satisfaction: value for money.
The total market is everyone who ever buys anything. A market sector is a segment of the total market. A monopoly serves the total market, but most businesses serve a market sector: individuals, or groups of people or other businesses, whose needs can be satisfied by their particular service(s). A target market is a specific group whom the business believes would benefit from the services and products. All markets are to a large extent specialised, so as to attract the sort of buyers and sellers for a particular category of product or service.
It is vital to appreciate that marketing is essentially about satisfying needs. The satisfaction of a need is a benefit. With a benefit, we gain or profit from the experience. Whereas, to a business, profit is about making more money than it costs the business to provide the product or service, to the recipient of the product or service profit is about overall satisfaction.
In practice, maintaining and reinforcing the connection offers three advantages: firstly, it engenders loyalty: the recipient is likely to use the same product or service and buy it from the same place as before; secondly, it is a measure of the success of the business's mode of business; and thirdly it enables the business to plan ahead with some certainty.