I
A market is any place where buyers and sellers meet to trade products; it could be a high street shop or a website. Any business in a marketplace is likely to be in competition with other firms offering similar products. Successful products are the ones which meet customer needs better than rival offerings. Here before the going in a market you should know very well about the market so after that you can decide the type of marketing activity you will do for your business.
* Geographic environment
* Demographic environment
In the Geographic environment, you should know about the geographic condition around your business. Where you want to launch or sell your product for it, you should divide your market in the geographic segment like Nation, State, regions, cities, neighborhoods or postal codes.
The geo-cluster approach combines demographic data with geographic to create a more accurate or specific target or profile.
Let’s take an example With respect to region, in rainy regions merchants can sell things like raincoats, umbrellas, and gumboots. In hot regions, one can sell summer clothing. A small business commodity store may target only customers from the local neighborhood while a larger department store can target its marketing towards several neighborhoods in a larger city or area while ignoring customers in other continents. Geographic Environment is important and may be considered the first step to international marketing or Local Marketing.
In the Demographic environment according to demography is based on variables such as age, sex, generation, religion, occupation and education level or according to perceived benefits which a product or service may provide. Benefits may be perceived differently depending on a consumer's stage in the life cycle. Demographic segmentation divides markets into different life stage groups and allows for messages to be tailored accordingly
A variant of this approach known as feature based segmentation is commonly used in business-to-business markets (it’s estimated that 81% of B2B marketers use this technique). Under this approach, the target market is segmented based on features such as company size (either in terms of revenue or number of employees), industry sector or location (country and/or region).
For Example, a company can’t sell or advertise the baby product for youth and also company should decide the product according to target market size. If a product is related to male or female, so company think about it what market strategy, will apply for it. These are the Most Important things you should know before going to Market or selling your product.
