Consider the following two sentences;
- I am going to the market
- I need a market for my products
A market is there for:
- The customer who needs or wants what you are selling
- The customer who is able to buy what you are selling
- The customer who is willing to buy what you are selling
Market information refers to the evidence obtained from or about the market. It involves getting important information on the goods or services, ancillary services, market prices, retail transaction data, load profiles, different settlements, aggregated market data etc. in order to continue meeting the needs of customers.
A successful business continuously collects and analyses market information to enhance its decision making process.
Market information can only be obtained through conducting a market research. There are 4 Cs in the market research process which as follows:
To properly conduct market research, a series of questions must be answered under each item.
- Customers are the target market which can be a person or organization that buys goods or services from a seller or business.
- Who are these people? What is it that they do? How many are they? Where do they live? How much are they willing to spend on our products?
2. Costs are the monies that have to be paid or spent to buy or obtain something. They may refer to actions to be done before something is done or acquired.
- Admin costs, manufacturing costs, selling costs, operational costs, research and development costs
3. Commodity refers to what you offer or make that people come to buy.
- What are the products you are offering? What are the gaps in the market (opportunities for new products)? What are the customer product tastes and preferences? What are the market forces like? What benefits does the product bring to the community and the environment?
4. Competition is the act of competing, as for profit or a prize i.e. rivalry.
- Who are the other people or businesses targeting the same market? Where are they located? What are their fees and or prices? How do they promote their products or services?
It is the means of communication between the seller and the customer audience with the purpose to adapt or induce behavioral change. It is the procedure which is used to get customers to buy your product or services.
- Finding out the customer needs and wants
- Producing for sale the things that are wanted on the market
- Advertising and or reminding on what is readily available
- To inform consumers on the new products or services
- Making distinguished products which are more appealing than those of competitors
- Selling at the right place and at the right price
In order to get the market for your goods and services, you need to market your products. The marketing mix criterion is used in this approach. It can be summarized through the 4Cs which can be traced back to the 4 Ps of marketing product, price, place and promotion.