Flashcards. Each market may include institutions, infrastructure, systems, policies, procedures, regulations and a set of social conventions. Other examples; cassettes, products with smaller components. Product Marketing vs. The product market is easy enough to understand—it is the marketplace that is predicated entirely on the goods that are bought and sold (products). There are two factors you need to look at when assessing the size of a market: the number of potential customers and the value of the market. Black Market - A black market is a setup where illegal goods like drugs and weapons are sold. Source(s): https://shrinks.im/a9Vtj. A market trend is anything that alters the market your company operates in. They are not data-focused and require research to uncover and … Market Dynamics Definition. Product market research also tells you the lifespan of your product. This change in the communication market is an excellent example of a market trend. The example in the figure provides a good picture of where a company should invest to yield the biggest growth in the upper-right-hand part of the matrix. A financial market is a platform or system of economic exchange. Test. 0 0. Product specificity also allows a business to look for a specific demographic or psychographic group to focus on within the larger product market and direct marketing and advertising at that subgroup. An example of a free market would be the retail market, where few regulations are imposed and market players are free to interact between each other. McDonald’s targets students, employees, and professionals in the age group of 8 to 45 years belonging to low & middle-income groups and having an easy-going and careless personality.. Target Market Analysis. Among the specific factors that a marketing analysis will look into includes opportunities, risks, customer profitability, and competition. Just like in multiplying. The framework looks at your portfolio based on the strengths of each product or service and its market attractiveness. The total value of goods exchanged in product markets each year is measured by gross domestic product. Your Geographic Market. Market Development strategy identifies and develops new market segments for existing products. Spell. Psychographic Market Segmentation Examples Personality traits; Values; Attitudes; Interests; Lifestyles; Psychological influences; Subconscious and conscious beliefs; Motivations; Priorities; Psychographic segmentation factors are slightly more difficult to identify than demographics because they are subjective. Now since it depends on the fact that various factors would determine the extent of the market attractiveness one must consider these factors on a serious note. Match. On the other hand, an example of a restricted market would be the nuclear energy market which, due to the dangerous nature of the product, must be heavily regulated to avoid negative outcomes that might put society at risk. A thing or place that brings together buyers and sellers (where goods and services are sold to consumers that want to buy goods) Consumers . Income decides the … Hence, by segmenting the market according to the target age group, marketers create better marketing and communication strategies and get better conversion rates. Segmenting market according to the age group of the audience is a great strategy for personalized marketing. Other examples are the depth of the market; the numbers of potential customers that are associated … The best example of this is cameras, they have evolved over the years to meet the changing needs of the user. Risk: Risk is high in industries where there are a number of competitors that offer similar products. Asset Market Value vs Asset Book Value Efficient Market Theory Market Positioning Marking-to-Market Business Cycle Market Segmentation Brand Equity. The factor market refers to the market for the buying and selling of factors of production like land, capital, labor, etc. Target Market Of McDonald’s. How much that is worth, is a completely different, and perhaps more important figure. Key Concepts: Terms in this set (10) Market. Knowledge Market - Knowledge market is a set up which deals in the exchange of information and knowledge based products. Premium=is the price added to the cost of the product if the product is a differentiated one. adjust your product and service to meet your market’s changing needs; target new demographic or geographic markets that can add to or replace your current one ; Here are four market factors you should be monitoring. That is, more or less, also what the market analysis definition is all about. 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